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Accounting Concept

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  FINANCIAL AND ACCOUNTING SYSTEMS This chapter provides an overview of the concept of Financial and Accounting Systems, Integrated and Nonintegrated Systems and further acquaint the students about Regulatory and Compliance requirements with Financial and Accounting systems.   From a business perspective, a Process is a coordinated and standardized flow of activities performed by people or machines, which can traverse functional or departmental boundaries to achieve a business objective and creates value for internal or external customers.   In accounting language, a Voucher is a documentary evidence of a transaction. There may be different documentary evidences for different types of transactions.   Voucher Types 1 Contra Accounting For recording of four types of transactions as under. • Cash deposit in bank. • Cash withdrawal from bank. • Cash transfer from one location to another. • Fund...