MANAGEMENT CONTROLS Definition

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MANAGEMENT CONTROLS are controls performed by one or more managers.

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IN THE BLACK means making money; the opposite of "in the red."

HISTORICAL COST CONVENTION is that assets are recorded at their initial cost and are not subsequently revalued upwards, and liabilities valued at the amount initially received in exchange for the obligation. The relevance of the convention is that figures remain objectively based on verifiable figures, but in times of high inflation historical cost can become a dubious convention to follow.

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