What is a good definition of an accounting system?

Answer by  jackson (75)

An accounting system is a system of operation in any accounting office to ensure that financial books and books of account are kept in accordance to the law and also prevents frauds and stealing in an organization.Also it promotes the issue of accountability and transparency within an organization thus ensuring smooth operation of a given entity

Answer by  voltagekid (6)

Accounting system is one of the vital components of business and financial industries. Through accounting, the two major concerns of business can be monitored, the assets and liabilities.

Answer by  ringneck (394)

For individuals and businesses it is a good way to keep track of income and expenses. By keeping track of financial transactions, one can determine whether an endeavor is profitable or not.