A complete record of every financial transaction throughout the life of the company, categorized by account.
An effective system relies on several foundational elements: accounting system
Businesses choose systems based on their size, complexity, and reporting needs: A complete record of every financial transaction throughout
Every system tracks five core categories— Assets (what you own), Liabilities (what you owe), Equity (owner's worth), Revenue (income), and Expenses (costs). Liabilities (what you owe)