The process is best described as the
identifying, measuring, communicating, and
interpreting of financial activity of a
business, together with the theory and
system of setting up and maintaining the
books of an organization including the
analysis of a business operation through the
study of income and expenses.
Accounting
System
Accounting involves the transfer of
information from various journals to the
general ledger for the production of
financial statements. Accounting should not
be confused with bookkeeping which simply
focuses on recording entries, maintaining
journals, issuing cheques, and producing
basic reports usual to the day-to-day
operation of the brokerage. An accounting
system consists of source documents,
journals, and a general ledger that in turn
leads to a trial balance and financial
statements for the applicable business
operation.
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