The-definition.com

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

  • Three-column of account
    Three-column of account is a form with columns for debit, credit, and balance amounts ...
  • Trading Securities
    Companies hold trading securities with the intention of selling them in a short period ...
  • Allowance method
    The allowance method of accounting for bad debts involves estimating uncollectible accounts ...
  • Economic entity assumption
    Economic entity assumption is an assumption that requires that the activities of the entity ...
  • Retail Inventory Method
    Retail inventory method is a method for estimating inventories where companies compute ...