accounting system

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Noun

accounting system - a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts

method of accounting, accounting

account book, book of account, ledger, leger, book - a record in which commercial accounts are recorded; "they got a subpoena to examine our books"

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

accounting entry, ledger entry, 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

References in periodicals archive ?

In fact, 58% of the surveyed enterprises "fully" or "largely" agree that software was the main determinant in the adoption of their present cost accounting system. An overwhelming majority (85%) agree that their current software has increased the efficiency of cost accounting.

How do German companies run their cost accounting systems? Cost accounting systems in German companies provide a high level of detail for managers, focus on cost centers and cost center accounting, and separate costs into fixed and variable components for easy analysis of profits

First, we have to go back to the basics of accounting--ie, all assets and liabilities must be priced into the accounting system. "Footnote" accounting should cease to exist.

Back to basics

Tunisair, the national airline of Tunisia, has chosen Mercator, a Dubai-based software solutions provider, to supply their RAPID accounting system for the airline, a report said.

Tunisair selects Dubai software firm

Dubai: Mercator, the Dubai-based business technology provider, has been selected by Tunisair, the national airline of Tunisia, to supply their RAPID accounting system ASP (application service provisioning) hosting services to the airline.

Tunisair to buy accounting software from Dubai firm

Normally there are two areas of concern: (1) the contractor's capability to perform the contract; and (2) the adequacy of the accounting system to accumulate the type of cost information required by the contract.

Does your accounting system measure up?

Read about the new accounting system (with illustrations) at the St.

AICPA Library can help members locate information quickly, easily

Representatives of the P & E Policy Office have been working closely with component POCs to identify changes to the program data, which likely will include changes to program funding and updated linkages to the accounting system. P & E Policy Office personnel will be responsible for ensuring that this updated information is considered as the military equipment baseline is developed.

An insider's guide to military equipment audits in fiscal year 2006 and beyond

Thus, continuing with the traditional cost accounting analogy, the Service reasoned that whether a cost is direct must be viewed in the context of a company's cost accounting system and whether a company has determined the economic feasibility of tracing the subject cost directly to a cost objective.

IRS clarifies direct labor costs cannot be MSC

Two Harvard researchers are convinced that ancient Incas tracked inventory and taxes through a three-tiered accounting system using knotted bundles of threads.

An Inca 1040?

has announced the release of the Intervolve Route Accounting System (RAS).

Intervolve releases new route accounting system

Even though you might be starting a very small business, if your business grows, you may at some point want a couple of people to be able to work on the accounting system and it would be nice to have that flexibility."