Definitions[]
An accounting system is
| “ | any series of operations, manual or automated, which control assets, liabilities, revenues or expenditures [of an entity] or any system which discovers, records, classifies or reports the assets, liabilities, revenues or expenditures of [an entity]. A system involving data collection, data processing and information dissemination.[1] | ” |
| “ | [t]he system for recording, classifying, and summarizing information on financial position and operations.[2] | ” |