Category: Financial Accounting

Things to Know About Payment Systems

Payment Systems for Banking Definition: According to Bank of International Settlement (BIS), a payment system consists of instruments, banking procedure and typically inter-bank funds transfer that ensures and facilitates the circulation of money. A payment system is any system used to settle financial transactions through the transfer of monetary value and includes the institutions, instruments, people, […]

Introduction to Financial Accounting

Financial Accounting

Financial Accounting Accounting is the language of business. It is an information system that measures business activities, processes information and communicates financial information and results to decision makers. Accounting is a tree while financial accounting is one of its branches. Definitions of Financial Accounting According to American Accounting Association (AAA): “The process of identifying, measuring, and […]

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