Define Enterprise Information Systems, and Describe Their Characteristics

question 12

Essay

Define enterprise information systems, and describe their characteristics.

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Definitions:

Credit Account

A Credit Account is a type of financial account that records the amounts that are owed by a business to its suppliers or creditors, which are typically settled at a later date.

General Ledger

A complete record of all financial transactions made over the life of a company.

Asset Accounts

Accounts on a company's balance sheet that represent valuable resources controlled by the company and that have future economic value.

Liability Accounts

Accounts on a company's balance sheet that represent what the company owes to others, such as loans, accounts payable, mortgages, and accrued expenses.