United States Government Glossary of Interagency and Associated Terms/accounting functions

by Federal Government of the United States

accounting functions - The methods and procedures used by the Department to record, classify, and report information on its financial position and operations. Encompassed are the various operations related to financing sources and gains, expenses, losses and transfers out, costs, assets, liabilities, and net position activities. This includes the manual and automated procedures and processes from the point a transaction is authorized (initiated) to issuance of financial statements and management information reports containing the data in detail or in summary form.

(SOURCE - DOS/ USAID, FAM, 1 FAM 611.5)