PROCESSING CONTROL Definition

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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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KEY PERSON DISCOUNT is an amount or percentage deducted from the value of an ownership interest to reflect the reduction in value resulting from the actual or potential loss of a key person in a business enterprise.

MANAGEMENT CONTROL SYSTEM is essentially a strategic tool for holding managers accountable and responsible for their performance. Existence of such a system also provides feedback for managers to know how they perform, in which direction the organization is heading, and what type of course correction may be required to stay on course.

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