Understanding Enterprise Accounting Information Systems
Introduction
Enterprises are organizations that need to account for their trading activities; that is, they obtain inputs for internal processing and then exchange and transfer these more or less transformed inputs for value, usually represented by financial resources such as rights to cash, to an independent entity at arm’s length. These are exchange transactions. Both parties to the exchange are obligated to a certain extent, depending on the applicable jurisdiction, to account for the consumption and acquisition of resources and changes in status of resources resulting from these transactions. As the accounting is deductive (i.e., resources are exhausted or ...
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