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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LIABILITY, in accounting, is a loan, expense, or any other form of claim on the assets of an entity that must be paid or otherwise honored by that entity.

TOMBSTONE is a newspaper advertisement that contains the details of a bond issue or major loan, and the investment banks that have underwritten it.

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