ACCOUNTING SYSTEM
Dictionary entry overview: What does accounting system mean?
• ACCOUNTING SYSTEM (noun)
The noun ACCOUNTING SYSTEM has 1 sense:
1. a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
Familiarity information: ACCOUNTING SYSTEM used as a noun is very rare.
Dictionary entry details
• ACCOUNTING SYSTEM (noun)
Meaning:
A bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
Classified under:
Nouns denoting possession and transfer of possession
Synonyms:
accounting system; method of accounting; accounting
Hypernyms ("accounting system" is a kind of...):
register (a book in which names and transactions are listed)
Hyponyms (each of the following is a kind of "accounting system"):
limited review; review ((accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data)
audit; audited account (an inspection of the accounting procedures and records by a trained accountant or CPA)
pooling of interest (an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free)
cash basis (a method of accounting in which each item is entered as payments are received or made)
accrual basis (a method of accounting in which each item is entered as it is earned or incurred regardless of when actual payments are received or made)
debit side (account of payments owed; usually the left side of a financial statement)
credit side (account of payments received; usually the right side of a financial statement)
accounting entry; entry; ledger entry (a written record of a commercial transaction)
control account (an account that shows totals of amounts entered in a subsidiary ledger)
Holonyms ("accounting system" is a member of...):
account book; book; book of account; ledger; leger (a record in which commercial accounts are recorded)
