FINANCIAL SYSTEM Definition

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FINANCIAL SYSTEM is an information system, comprised of one or more applications, that is used for any of the following: collecting, processing, maintaining, transmitting, and reporting data about financial events; supporting financial planning or budgeting activities; accumulating and reporting cost information; or supporting the preparation of financial statements.

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MORATORIUM a legally authorized postponement before some obligation must be discharged.

ECONOMIC LIFE is the time period over which an asset(s) may generate economic benefits.

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