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  3. briefly explain each of the following: an account

Briefly explain each of the following: an accounting system a bank reconciliation accrual accounting cash accounting 250–300 words

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Finance

Briefly explain each of the following:

  • an accounting system
  • a bank reconciliation
  • accrual accounting
  • cash accounting

250–300 words

Answer & Explanation Solved by verified expert
3.8 Ratings (726 Votes)
Ans An accounting system An accounting system is a system used by business entities to record and manage various financial and business activities like income expenses invoices funding etc An accounting system can be considered as a language of business where the business entities record all its financial transactions The transactions which are recorded by the business entities are used to make a comprehensive statistical report by business analysts which are used by the managers to analyze the companys financial health and helps which helps them in    See Answer
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Briefly explain each of the following:an accounting systema bank reconciliationaccrual accountingcash accounting250–300 words

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