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The charts of accounts can be picked from a standard chart of accounts, like the BAS in Sweden. In some countries, charts of accounts are defined by the accountant from a standard general layouts or as regulated by law. However, in most countries it is entirely up to each accountant to design the chart of accounts.
In accounting terms an ideal IT platform (or ERP system) would be one which presents the data management need at the press of a button, however, various factors such as legacy systems, complexity, changing information needs and so on usually mean a team is needed on an ongoing basis to ensure the correct format reports are prepared.
In business and project management, a responsibility assignment matrix [1] (RAM), also known as RACI matrix [2] (/ ˈ r eɪ s i /; responsible, accountable, consulted, and informed) [3] [4] or linear responsibility chart [5] (LRC), is a model that describes the participation by various roles in completing tasks or deliverables [4] for a project or business process.
The general ledger contains a page for all accounts in the chart of accounts [5] arranged by account categories. The general ledger is usually divided into at least seven main categories: assets, liabilities, owner's equity, revenue, expenses, gains and losses. [6] It is the system of record for an organization’s financial transactions. [7]
Management accounting is an applied discipline used in various industries. The specific functions and principles followed can vary based on the industry. Management accounting principles in banking are specialized but do have some common fundamental concepts used whether the industry is manufacturing-based or service-oriented.
Management control as an interdisciplinary subject. A management control system (MCS) is a system which gathers and uses information to evaluate the performance of different organizational resources like human, physical, financial and also the organization as a whole in light of the organizational strategies pursued.
An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources. The resulting financial reports can be used internally by management or externally by other interested parties including investors , creditors and tax authorities.
Financial accounting reports the results and position of business to government, creditors, investors, and external parties. Cost Accounting is an internal reporting system for an organisation's own management for decision making.