Accounting — System

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

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

A complete record of every financial transaction throughout the life of the company, categorized by account. Original records like invoices

An effective system relies on several foundational elements: Liabilities (what you owe)