In modern accounting systems, an accounting code serves as a numerical reference given to each account, facilitating the streamlined recording of voluminous accounting transactions by computer.
The Contingency Theory of Management Accounting posits that there is no single universally acceptable management accounting system suitable for all organizations or consistently effective within an organization across all situations. Instead, accounting systems must adapt to prevailing circumstances, such as shifts in the environment, competition, organizational structures, and technology.
A comprehensive record-keeping system to maintain the transactions associated with a company's cost accounting. It facilitates detailed tracking of costs and aids in financial control and reporting.
Integrated accounts refer to a comprehensive set of accounting records that seamlessly combines both financial accounting and cost accounting into a single coherent system. This integration eliminates the need for reconciling separate financial and cost records, ensuring consistency, accuracy, and efficiency in data management.
A single-capacity system in accounting refers to an accounting structure in which each activity or cost element is identified as serving only one purpose—either serving as a cost center or a revenue generator. Unlike the dual-capacity system, the single-capacity system does not recognize dual roles for cost centers or activities.
A computer file used to record both external and internal transactions, crucial for maintaining accurate and up-to-date financial records. Transaction files are frequently compared to standing data files in accounting systems.
