Final answer:
Good accounting system documentation includes data flow, data validation, process logic, and data storage, ensuring effective operation and satisfying client needs. Along with these functional elements, the system's design choices and underlying science should also be documented, with context from economic measures like GDP and price indexes.
Step-by-step explanation:
Good accounting system documentation should certainly capture the conceptual representation of the system's operation, including:
- Data flow
- Data validation
- Process logic
- Data storage
These elements ensure clarity on how the system processes, validates and stores information, reflecting the mathematical model of the operation. It is critical for the system to effectively meet the client's requirements. Additionally, the science connection in the documentation process involves detailing each step and providing justification for the decisions made, which supports the system's design.
The National Accounts and related economic indicators like the Gross Domestic Product (GDP), Business Cycles, and measures of Prices & Inflation, including various indexes, are part of the broader financial context in which accounting systems operate. Understanding and documenting these elements can aid in creating an accounting system that is robust and attuned to external economic conditions.