INTERNAL CONTROL SYSTEM Definition

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INTERNAL CONTROL SYSTEM is a formalized system intended to provide reasonable assurance that the objectives of a program as a whole are met, e.g. financial control, quality control or process control.

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EQUITY ACCOUNTING is the practice of showing in a companys accounts the share of undistributed profits of another company in which it holds equity ownership (usually below 50%). The share of profit shown is usually equal to its share of the equity in the other company. The profit may not actually be paid over, but the equity holding company has a right to this share of the undistributed profit.

BEARER BOND is a fixed income security that does not have the owner's name registered on it. This type of instrument is now generally available only with maturities of one year or less because of changes in federal law.

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