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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VALUATION METHOD, within approaches, is a specific way to determine value.

PENDING usually refers to either: 1. Not yet decided; or, 2. Being in continuance.

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