An Accounting System is a set of principles, methods and procedures used by organisations for an accurate and timely recording and reporting financial information for management decisions. The Accounting System includes the financial information collecting, interpreting, recording, storing, analysing, and reporting to interested parties including stakeholders, investors, auditors, and tax authorities. A regulatory requires how a particular accounting system is to be maintained. The Accounting System is comprised of manual or computerised records for administering, recording, and reporting on financial transactions.
Related Definitions in the Project: The Project Cost; Commercial Definitions
