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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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