accounting system

Other forms: accounting systems

Definitions of accounting system

1. noun

   a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
   synonyms: accounting, method of accounting

   types:

   control account

   an account that shows totals of amounts entered in a subsidiary ledger

   accounting entry, entry, ledger entry

   a written record of a commercial transaction

   credit side

   account of payments received; usually the right side of a financial statement

   debit side

   account of payments owed; usually the left side of a financial statement

   accrual basis

   a method of accounting in which each item is entered as it is earned or incurred regardless of when actual payments are received or made

   cash basis

   a method of accounting in which each item is entered as payments are received or made

   pooling of interest

   an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free

   audit, audited account

   an inspection of the accounting procedures and records by a trained accountant or CPA

   limited review, review

   (accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data

   financial audit

   an attestation that the client's financial statement is accurate

   adjusting entry

   an accounting entry made at the end of an accounting period to allocate items between accounting periods

   credit, credit entry

   an accounting entry acknowledging income or capital items

   debit, debit entry

   an accounting entry acknowledging sums that are owing

   limited audit

   an audit of limited scope (limited in time span or confined to particular accounts etc.)

   analytical review

   an auditing procedure based on ratios among accounts and tries to identify significant changes

   type of:

   register

   a book in which names and transactions are listed