Discuss what is meant by the statement, “The accounting system is a conceptual flow ..

Discuss what is meant by the statement, “The accounting system is a conceptual flow of information that represents physical personnel, machinery, and flows of raw materials and cash through the organization.”

Expert Solution

This statement means that the accounting system is a representation of the operations of a firm. As machines operate, workers perform their duties, raw materials are transferred into finished goods and cash flows are exchanged between suppliers and customers, the accounting system must be continuously updated to accurately reflect these actions. This conceptual flow is crucial because it allows management to view in summary and in detail the financial effects of these operations on the firm.

Junaid answered 10 months ago

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