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.

Learn new Accounting Terms

ARREARS is an unpaid overdue debt, or the state of being behind in payments, e.g. an account in arrears.

SCHILLING is a currency of Austria.

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