IT Financials Glossary

General Accounting System (GAS)

Posted in Systems by mgentle on August 26, 2010

General Accounting System (GAS): the company’s official system of record from a legal and regulatory perspective. It comprises a collection of accounts or chart of accounts that covers assets, liabilities, equity, revenue and expenses. It is from the GAS that financial statements are prepared for debtors, creditors, lenders and financial markets.

Also known as the financial accounting system or the books or the general ledger.

GASs don’t have the level of detail required to manage IT projects and applications, hence the need for Management Accounting Systems.

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