Accounting System Apr 2026

Original records like invoices, receipts, and bank statements that provide evidence of transactions. 2. Types of Accounting Systems

A complete record of every financial transaction throughout the life of the company, categorized by account. accounting system

Every system tracks five core categories— Assets (what you own), Liabilities (what you owe), Equity (owner's worth), Revenue (income), and Expenses (costs). Original records like invoices