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Management Evaluation of Internal Controls What are the steps in management's evaluation of internal control over financial reporting?
Scarce Resources
Resources that are limited in availability and cannot satisfy all wants and needs due to their limited supply.
Economics
The social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants.
Federal Government
The national government of a federated state, which holds the authority to govern at a level above individual states or provinces.
Opportunity Cost
The expense associated with missing out on the second-best choice while deciding among multiple possibilities.
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