The system that records, analyzes, and reports all business transactions of a company in a systematic and comprehensive manner in order to provide useful information to users inside and outside the company
Accounting system
Records and stores the stocks and flows of scarce goods and resources that have a value to the company in order to ensure efficient and effective use of these goods and resources
Accounting "family"
Management Accounting
Financial Accounting
Management Accounting
Measures and reports financial as well as other types of information that are intended to support managers in decision making
Financial Accounting
Focuses on external reporting that is directed by authoritative guideline (e.g. IFRS, US GAAP, HGB)
Financial accounting
Provides information on how successful the company is in total in its business
Cost accounting
Provides information on how the company is doing in different parts and aspects of its business
