GENERAL CONTROLS Definition

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GENERAL CONTROLS, in accounting, are the policies and procedures to assure proper operation of computer systems, including controls over network operations, software acquisition and maintenance, and access security.

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AUTHORIZED CAPITAL STOCK is the maximum number of shares of common stock that can be issued under a companys Articles of Incorporation. Issued shares are normally less than the number of authorized shares.

STABLE MONETARY UNIT CONCEPT allows accountants to ignore the effect of inflation in the accounting records.

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