Publisher's Synopsis
Excerpt from Towards a Definition of Financial Control Systems
Conceptually, however, one requires a broader definition. Financial measures are dollar-denominated measures and not necessarily accounting based measures.' Economic value is not measured by the accountant, but at the conceptual level is an excellent, potential control variable.
Opportunity costs are not found in an accounting system, but serve as ideal control measures.
This article seeks to define financial control systems independently of the accounting system. In so doing, it attempts to lay a foundation for empirical research into financial control systems. The basic research question is what determines the design of such a system. Is it a trans lation of the goals and objectives of the enterprise into dollar - denominated variables? Or, is the financial control system a function of the accounting system and, more particularly, of the financial accounting system?
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