ACCOUNTING SYSTEM Definition

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ACCOUNTING SYSTEM is 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.

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MARKETABLE SECURITY is a readily tradable equity or debt security with quoted prices; to include commercial paper and Treasury bills. It is a "close to cash" asset which is classified as a current asset.

AUTHORIZATION OF STOCK is the provision in a corporate charter giving permission to issue stock.

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