Accounting System

Basic Definition

a system that records information for analysis and presents the information in a specific format

Main types of Accounting Systems

Financial Accounting The administrative task of recording, classifying, summarizing, and interpreting in a significant manner and in terms of money, transactions, and events of a financial character.

Network Accounting Systems

Financial Accounting Systems

• Written and manual Accounting Systems usually compliant with Generally Accepted Accounting Principles (GAAP)
• Electronic Financial Accounting systems example Cubit Accounting,Accpac that are both GAAP, IFRS and compliant with many other standards, rules and regulations. Generally Electronic Financial Accounting Systems would also comply with ICT best Practise, governance, CAAT and

many other standards, guidelines and regulations. As Electronic systems are gaining complexity and users rely more on such systems it is very important that Electronic Financial Accounting systems are audited by system accountants on a regular basis. Very few countries have adequate legislation regarding Electronic systems in general.

The act of collecting information on resource usage for the purpose of capacity and trend analysis, cost allocation, auditing and billing. Accounting management requires that resource consumption be measured, rated, assigned, and communicated between appropriate parties. Typical information that is gathered in accounting is the identity of the user, the nature of the service delivered, when the service began, and when it ended.

The recording, classifying, summarizing, and interpreting in a significant manner and in terms of money, transactions, and events of a financial character.

In information technology, accounting is the process of keeping track of a user's activity while accessing a network's resources, including the amount of time spent in the network, the services accessed while there and the amount of data transferred during the session. Accounting data is used for trend analysis, capacity planning, billing, auditing and cost allocation.

The process of gathering and preparing of financial information about a business or other organization in a form that provides accurate and useful records and enables decisions to be made.

The administrative task of recording actual costs and expenditures so that comparisons may be made to budgets (planned costs and expenditures) for the sake of financial control.

The function of compiling and providing financial information primarily by reports referred to as financial statements. Accounting includes bookkeeping, systems design, analysis and interpretation of accounting information.

The process of recording, summarising, and allocating all items of income and expense of the company and analysing, verifying, and reporting the results