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English definition of “accounting system”

accounting system

noun     ACCOUNTING
[C] a particular way in which a company or organization records and reports its financial information : Your accounting system needs to be designed to track costs and monitor all company transactions .
[S] the set of principles and methods used by organizations for recording and reporting financial information : The financial accounting system was historically well established before the concept of cost accounts was introduced .
[C] a computer program or set of computer equipment and software that is used for keeping accounts : Management circumvented the company's internal accounting controls by overriding the company's computerized accounting system . You can purchase accounting system software for as little as $ 100 .
(Definition of accounting system noun from the Cambridge Business English Dictionary © Cambridge University Press)
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