The total structure of records and procedures which discover, record, classify, and report information on the financial position and operations of a governmental unit or any of its funds, balanced account groups, and organizational components.
A set of records and procedures designed to handle in routine fashion the transactions and other events which affect financial statements.
The organization of financial information that tracks and summarizes the business and financial operations of the company in a meaningful format needed as input for decision makers like the shareholders, lenders, investors and management. It possesses a set methodological and procedural operating framework.
The methods and records established to identify, assemble, analyze, classify, record, and report the state’s transactions and to maintain accountability for its assets and liabilities.
The methods and records established to identify, assemble, analyze, classify, record and report a government's transactions and to maintain accountability for the related assets and liabilities.
a management information system that is responsible for the collection and processing of data useful to decision-makers in planning and controlling the activities of a business organization
a set of records, procedures, and equipment that routinely deals with the events affecting the financial performance and position of the entity
1. An organized approach to gathering, recording, analyzing, summarizing, and interpreting financial data to determine a firm's financial condition; 2. The methods and procedures used by a business to record and report financial data for use by management and external users.
The set of accounting procedures, internal mechanisms of control, books of account, and plan and chart of accounts that are used for administering, recording, and reporting on financial transactions. Systems should embody double entry bookkeeping, record all stages of the payments and receipts process needed to recognize accounting transactions, integrate asset and liability accounts with operating accounts, and maintain records in a form that can be audited.
The set of manual and computerized procedures and controls that provide for identifying relevant transactions or events; preparing accurate source documents, entering data into the accounting records accurately, processing transactions accurately, updating master files properly, and generating accurate documents and reports.
A utility that monitors various aspects of system operations; it collects detailed data on each transaction and provides tools for processing the data to produce different kinds of reports.
The methods and records used to accurately report an entity's transactions and to maintain accountability for its accounts.
The total set of records and procedures used to record, classify, and report information on the financial status and operations of an entity.
The sequence of steps followed in the accounting process that gathers data, puts them into useful form, and communicates the results, including analyzing and recording transactions, posting entries, adjusting and closing the accounts, and preparing financial statements. The methods and records established to identify, assemble, analyze, classify, record, and report a company's transactions, and to ensure that the objectives of internal control are being met. Also called accounting cycle.