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The Financial Business System is the accounting and managing of finances realm for the businesses of today. Along with the financial business system there are some sub-systems that fall under the same umbrella as accounting, those are: payroll, general ledger, fixed assets, accounts payable, and accounts receivable. We will be going over each subsystem, defining what they are, giving some examples and relating them to the financial business system as a whole.
The first item that will be covered will be the subsystem of payroll. For those that might not have a clear definition of what payroll is, Webster's (2008) dictionary defines payroll as “an employer's list of those entitled to pay and of the amounts due to each...
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