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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EFT see ELECTRONIC FUNDS TRANSFER.

PERPETUAL is a fixed income security with no maturity date, such as a preferred stock with no sinking fund.

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