What are accounting systems?

Question

Quizplus · Accepted Answer

Accounting systems are formal mechanisms used to gather, organize and communicate information about an organization's activities. They encompass all processes related to financial reporting, such as bookkeeping, financial analysis, and internal controls. The goal of an accounting system is to provide accurate and timely information to stakeholders, including investors, creditors, and management, to assist in decision-making processes and evaluate the organization's performance.

What Are Accounting Systems