Accounting system is the series of tasks and records of an entity by which the transactions are processed as a means of maintaining financial records. A good accounting system should provide managerial reports, financial statements, reports prepared for outsiders and adequate information. For example, accounting system for Manufacturers who make and assemble products would entail the followings. ? information on inventory such as list of inventory, ? card lists for suppliers ? credit purchase & cash purchase ? purchase order, back order, returns of damaged products ? credit sales & cash sales ? labor hours, employee’s pay details to process payroll, sales commissions ? overhead expenses Describe Accounting Systems for First Hair Dressing Salon, a Retail business. First Hair Dressing Salon uses MYOB, Computerized accounting system yet their data is not stored in the cloud system. Describe what Cloud accounting system is and reasons to have Cloud-based accounting system. Write in your own words (Min 150 words and Max 300 words)

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