Definition

Accounting system

Accounting system is an organized approach to gathering, recording, analyzing, summarizing, and interpreting financial data to determine a firm’s financial condition.

Share it:  Cite

More from this Section

  • Footing & cross-footing
    Totaling the columns of a journal and proving the equality of the totals is called footing ...
  • The partnership agreement
    Ideally, the agreement of two or more individuals to form a partnership should be expressed ...
  • Money market accounts
    Money market accounts mean deposits that earn interest rates very competitive with those ...
  • Raw materials
    Raw materials are the basic goods that will be used in production but have not yet been ...
  • Capital Expenditure
    Capital Expenditure is expenditure which is incurred in purchasing new property which ...