ACCOUNTING PACKAGE/SOFTWARE Definition

Bookmark and Share

ACCOUNTING PACKAGE/SOFTWARE, usually, is a commercially available software program or suite that, with little customization, will satisfy the accounting system needs of the purchasing entity.

Learn new Accounting Terms

STOCKTAKING is the process of counting and evaluating stock-in-trade, usually at an organizations year end in order to value the total stock for preparation of the accounts. In more sophisticated organizations, in which permanent stock records are maintained, stock is counted on a random basis throughout the year to compare quantities counted with the quantities that appear in the, usually, computerized records.

COMPOUND INTEREST PRINCIPLE is where the interest is computed on principal plus interest earned in previous periods.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.