Archive about 'How to Plan and design Accounting System'

Content Page on Planning, Designing A Proper Accounting system and Chart of accounts

Tweet This Content Page helps you to navigate to all articles relating to the planning, design of Proper Accounting System and what is a Chart of accounts and examples of a simple and complex one.From each topic, you can return to this Content Page. Click to the respective topic: Content Page 1.0 Explain what is […]

Part B: Classification Of Accounts-Advantages Of A Properly Designed Classification of Accounts.

Tweet Earlier in Part A, the basic principles of classification of accounts have been discussed.This article relates to the readers the various advantages of having designed a proper set of classified accounts. Advantages of a properly designed classification of accounts: It facilitates the recording of business transactions by the provision of suitable and self-defined ledger […]

Part A: Classification Of Accounts-Basic Principles

Tweet Classification is a very important step when designing an efficient accounting system. Append below are some basic principles used in the classification of Accounts:- Basic Principles In The Classification Of Accounts The classification should be governed by the form in which financial and operating statements are to be presented   Each ledger account should […]

Features Of An Efficient Accounting System

Tweet Some Good Features of An Efficient Accounting System  1   The accounting system should be in tailor made to the particular business or industry for which it is designed and not vice versa    2   It should provide for the complete integration of costing and financial records. Wherever possible, have an integrated system rather than one […]