INTERNAL CONTROL SYSTEM Definition

Bookmark and Share

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.

Learn new Accounting Terms

MARGINAL COST is a calculation showing the change in total cost as a result of a change in volume, e.g. if one more item of output increases the total cost by $25, the marginal cost is $25. It is usually useful to determine marginal cost because it can aid in determining if the rate of production should be altered.

IRC is Internal Revenue Code of 1986 (formerly 1954).

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.