An accounting event is a transaction or change, either internal or external, that is recognized by the accounting recording system. It involves recording entries as debits and credits.
An accounting system is designed to record, categorize, and report the financial transactions and events of a business in compliance with its policies and procedures.
A bookkeeper is a professional responsible for recording financial transactions and maintaining accurate financial records for an organization. Bookkeepers use accounting systems to track expenses, income, and other monetary movements, aiding in the financial management of a business.
The assignment of an identification number to each account in the financial statements, enabling organized and efficient tracking and management of financial information.
A correcting entry is an accounting entry made to fix an error in a previously recorded transaction to ensure that the financial statements accurately reflect the financial position and performance of a business.
Private accountants are in-house accountants employed by an organization to maintain financial control and supervise the organization's accounting system.
An audit test that takes a few transactions from the records of a business and follows them through every stage of the accounting system to ensure accuracy and compliance.
