Word of the Day – April 11, 2026
accounting system
Acronyms
- None
Preferred Term
- None
Non-standard Terms
- None
Definitions
| Type | Definition | Sources |
|---|---|---|
| Noun | The methods and records established to identify, assemble, analyze, classify, record, and report an entity’s transactions and to maintain accountability for the related assets and liabilities. (used 0 times in citations and controls) |
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| Noun | In auditing, the entity’s design of : • procedures by which transactions are initiated, authorized, recorded, processed, summarized, and reported in the financial statements; • nature and type of related records, journals, ledgers, feeder systems, and source documents, and the accounts involved; • processing involved from the initiation of transactions to their inclusion in the financial statements, including the nature of computer files and the manner in which they are accessed, updated, and deleted; • process for resolving the incorrect processing of transactions, for example, such an understanding might include how the entity determines whether suspense items are cleared out of an automated suspense file on a timely basis, and how system overrides or bypasses to controls are processed and accounted for; • processes for reconciling transaction detail to the general ledger and correcting reconciling items as needed; • processes by which the information systems capture events and conditions, other than classes of transactions, that are significant to the financial statements; and • processes used to prepare the entity’s financial statements and budget information, including significant accounting estimates, disclosures, and information system processing. These processes include: • procedures used to enter transaction totals into the general ledger; • procedures used to initiate, authorize, record, and process journal entries in the general ledger; • procedures used to record recurring and nonrecurring adjustments to the financial statements; • procedures used to combine and consolidate general ledger data; and • closing process, including manual and automated procedures, for preparing the financial statements and related disclosures. (used 0 times in citations and controls) |
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| Record Example | A bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts. (used 40 times in citations and controls) |
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Other Forms
| Type | Other Form |
|---|---|
| Plural | accounting systems |
| Plural Possessive | accounting systems' |
| Possessive | accounting system's |
Relationships
Common Controls
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Citations
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