BNET Business Dictionary
Business Definition for: Accounting System
- the means, including staff and equipment, by which an organization produces its accounting information
Additional Resources
- Basic Terms and Concepts
- There are few things which need to understand in order to make setting up accounting system easier. Debits and Credits are the backbone of any accounting system. Further, all debits must equal all credits. If they don't, the entry is out of balance. Therefore, the accounting system must have...
- White papers 2003-01-01
- Financial Pricing Models for Property-Casualty Insurance Products: Income Recognition and Performance Measurement
- A financial pricing model determines premium rates that provide an adequate return on invested capital. The pricing of the policy depends on cash flows and capital requirements, both of which are external exogenous constraints. They do not depend on the accounting system used for performance measurement. Prospective pricing is not...
- White papers 2004-03-10
- Components of the Accounting System
- Accounting system is mainly considered as a wheel whose hub is the general ledger (G/L). These include Accounts receivable, Accounts payable, Order entry etc. These modules are ledgers themselves. We call them subledgers. Each contains the detailed entries of its specific field, such as accounts receivable. If you are just...
- White papers 2003-01-01
- Portfolio Accounting for Individual Investors
- The number of active investors in the equities market has increased dramatically in the last few decades. Many of these investors have very inadequate portfolio accounting practices and a practical, self-checking portfolio accounting system that individual investors could use to monitor their investing activities and prepare tax information, including quarterly...
- White papers 2003-04-01
- Accounting -The Language of Accounting
- Many of the small-business managers view accounting in a negative way. It's overhead and really doesn't contribute to the bottom line. They have little grasp of the operation that generates the money to pay their salaries. The purpose of the accounting system is to communicate. It produces useful information (not...
- White papers 2003-01-01
- What is an Internal Accounting Control System and How Can We Make Ours Effective?
- This article talks about Internal accounting control which is a series of procedures designed to promote and protect sound management practices, both general and financial. Following internal accounting control procedures will significantly increase the likelihood that have been discussed in this article. As your nonprofit changes and matures, and your...
- White papers 2003-01-01
- Accounting As An Information System
- Typically, there are three types of activities in a business—Financing Activities, Investing Activities and Operating Activities, while there are two types of accounting financial and management. This paper talks about accounting in different types of business organizations—sole proprietorship, partnership, and corporation. Additionally, the paper presents the balance sheet of Shannon...
- Presentations 2003-01-01
- Health And Safety Management, Accounting
- Accounting is defined as a process of identifying, measuring, and communicating economic information to permit informed judgments and decisions. Accounting can be divided into three categories viz. financial, managerial, and cost accounting. The three types of accounting procedures perform different functions at different level of organizations. The paper throws light...
- Presentations 2002-01-23
- Financial Accounting
- Accounting is an essential tool for measuring the economic status of companies and analyzing their worth. There are different types of accounting procedures viz. financial and managerial accounting. The two differ from each other in their functions. Experts suggest that a managerial accounting involves dealing with internal financial condition. On...
- White papers 2003-01-01
- Fuzzy Accounting in Corporate Financial Statements: How to Put the 'Count' Back in Accounting
- Financial statements are designed to tell a story. Correctly written, these stories should fall under the category of nonfiction; however, the uncovering of recent financial shenanigans at numerous U.S. corporations reads more like pure fiction. There is a clear mismatch between today's deal-oriented, high-technology economy and the stodgy accounting system...
- White papers 2002-02-25
- Accounting Clerk Specialist IV Job Description
- The Accounting Clerk Specialist IV job description template includes the following job summary: This is a highly responsible independent accounting position maintaining the fiscal operation of a specific accounting functional area. The incumbent's supervisor sets overall objectives and reviews work for adequacy of the accounting system and periodically audits reports...
- Tools & templates 2007-09-09
- Activity Based Costing (ABC) - A New Form Of Accounting
- This article mainly covers four basic modules of the ABC system accounting system and the types of information each module captures. The modules are as follows: Process Flow/Scheduling (PF/S), TPM Module, AR/C Module, and I/OCP Planning. ABC is meant to
- White papers 2001-01-01
- Study Pursuant To Section 108(D) Of The Sarbanes-Oxley Act Of 2002 On The Adoption By The United States Financial Reporting System Of A Principles-Based Accounting System
- From the executive summary: ‘The Sarbanes-Oxley Act was formulated to improve system of financial reporting by reinforcing checks and balances that were critical to investor confidence. However, certain imperfections were found in the accounting standards. The imperfections are either rules-based or principles-only basis. Principles-only standards presented enforcement difficulties because they...
- Case studies 2003-07-25
- Here Comes IFRS, a Whole New Accounting System
- Here Comes IFRS, a Whole New Accounting SystemHere Comes the IFRSLike it or not we are in a global economy and if US companies are going to compete overseas and file taxes and disclose financial data they are going to have to use IFRS. If the SEC (read also...
- Discussion threads 2008-04-09
- Case Study: General Contractor Has Success With Operations & Systems Process Improvement
- A large general contractor was using a custom job cost accounting system that was running on an antique mainframe. Numerous disparate systems were in place across the organization. How can this company obtain a new job costing system that serves its business purpose and integrates all of the companies various...
- Case studies
- Financial Accounting and Reporting
- The article is about the basic concept that include overall area of financial as well as managerial accounting. It explains from the core concept of accounting definition. The purpose of financial accounting and reporting by state and local governmental entities is to accumulate and provide information to facilitate decision making...
- White papers 2003-01-01
- Business Recordkeeping
- The article talks on the different aspects of business record keeping. The elements under this heading are various – Paper Accounting, Payables Accounting, Receivables Accounting, Property Accounting etc. Recordkeeping is one of those things that most beginning entrepreneurs don't even think about. As the need for recordkeeping dawns -- usually...
- White papers 2003-01-01
- Benchmarks and Best Practices in Accounting, Focus Area: Payroll
- Compare your organization to your peer groups and discover ways to improve your accounting performance. How do centralized accounting operations compare to decentralized ones? Learn the answer to these questions in this excerpt from APQC's new benchmarking and best practices book, By the Numbers: Accounting. It tells...
- White papers
- Auditors Guide to Flowcharting
- A flowchart is a method for documenting and understanding the flow of a system. It is a pictorial description of how transactions flow through a system. Flowcharting help to ensure documentation of important aspects of the accounting system and recognition of system control points. Flow charts conveniently describe complex relationships...
- White papers 2001-01-01
- Managerial Accounting And Cost-Volume-Profit Relationships
- There are two differences between managerial and financial accounting. Managerial accounting supports internal planning decisions made by management. On the other hand, financial accounting involves scorekeeping and historical orientation that provides information to owners and other people outside the organization. The paper discusses the concept of managerial accounting.
- Presentations 2003-01-01
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