CHARACTER AND PURPOSE OF A SYSTEM OF ACCOUNTING - 7110-FEB-1965

(Renumbered: 02/1965)

System is defined as the orderly arrangement of parts and elements into a complete whole. An adequate accounting system is concerned with all phases of financial record keeping to the end that there be a complete coordination and that certain objectives be attained.  A system of accounting for governmental finance must furnish the means of:

1. Rendering an accountability of the stewardship of each of the administrative officers of the governmental agencies.
2. Presenting currently and accurately the financial condition of each and all of the agencies and funds of government.
3. Producing comprehensive data relating to governmental finances as a history of past performance and as a guide for future action.
4. Providing effective executive financial control of all agencies.