Define flowcharts - documenting the accounting system, Financial Management

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Flowcharts - Documenting the accounting system

Depict in outline the sequence of events in a system showing document flow and department or function responsible for every event.

Advantages:-

Easier to read and understand for larger more complex systems
Highlight key features and controls
Standerdized
Easy to update and little narrative

Disadvantages:-

Requires formal training to understand notation used
time consuming to prepare
may missout crucial detail because of little supporting narrative

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