Definition of accounting system Accounting system
We found 2 definitions of accounting system from 2 different sources.
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What does accounting system mean?
WordNet
Noun |
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| accounting system - a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts | ||
| accounting, method of accounting | ||
| register a regulator (as a sliding plate) for regulating the flow of air into a furnace or other heating device | ||
| account book, book of account, ledger, leger, book a record in which commercial accounts are recorded; "they got a subpoena to examine our books" | ||
| control account an account that shows totals of amounts entered in a subsidiary ledger | ||
| accounting entry, ledger entry, entry an item inserted in a written record | ||
| credit side account of payments received; usually the right side of a financial statement | ||
| debit side account of payments owed; usually the left side of a financial statement | ||
| accrual basis a method of accounting in which each item is entered as it is earned or incurred regardless of when actual payments are received or made | ||
| cash basis a method of accounting in which each item is entered as payments are received or made | ||
| pooling of interest an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free | ||
| audited account, audit an inspection of the accounting procedures and records by a trained accountant or CPA | ||
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OmegaWiki DictionaryOmegaWiki Dictionary Ω
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accounting system
The system of setting up, maintaining, and auditing the books of a firm and of analyzing its financial status and operating results.
