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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ENTITY THEORY is where a legal entity is regarded as having a separate existence from the owners. The financial statements are prepared from the perspective of the entity, not its owners. See PROPRIETARY THEORY.

PROCESSING CONTROL, in accounting, is an internal control included in computer software designed to assure that all transactions are handled as authorized and none omitted or added.

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