Definition:
Accounting records are records of a firm's financial position that reflect any changes in that position. Examples include such things as source documents, accounting journals, general ledgers, along with the financial statements like the income statement, balance sheet, statement of retained earnings, and statement of cash flows.
Accounting records are kept over time to provide an audit trail for the company if necessary.
Also Known As: None
Alternate Spellings: None
Examples:
XYZ Corporation's accounting records provide a clear audit trail for their accountant in case an error is made.
