Question

A planned process for providing financial information that will be useful to management.

Answer 1

Accounting System is a planned process for providing financial information that will be useful to management.

What is meant by Accounting System?

• A system used in a business to arrange financial data is called an accounting system. Both manual and electronic methods are possible. The major purpose of employing an accounting system is to monitor costs, earnings, and other activities.
• Two accounting systems exist: In the first, a small business uses a single entry system to log each transaction as a line item in a ledger. The alternative is a double entry system, in which each transaction is entered into two different accounts debit and credit.
• In 1992, the Basic Accounting System (BAS), a fundamental accounting framework that is also cash-based, was created to meet the basic accounting requirements of the government. The architecture is judged to be more contemporary than the other systems and approximately in the middle of its type system life-cycle.
• Accounting is essential to running a business because it makes it easier to keep track of income and expenses, ensures legal compliance, and gives investors, management, and the government access to quantitative financial data that can be used to make decisions.

Accounting System is a planned process for providing financial information that will be useful to management.

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