The development of accounting information systems is much more
than the software for ledger posting and report formation. It also
involves establishing procedures for capturing data and
distribution, as well as analysis of accounting information. In an
accounting information system, there are three basic entities that
need to be considered when specifying a system, namely,
transactions, account and processing period. Outline the
relationship between these three entities.
(Outline a range of considerations
for developing accounting system specifications).