This study analyzes various systems and methods of accounting that can consequently facilitate the system of tracking, assessing, scrutinizing, controlling and at the same time directing business operations of Carsales.com Ltd as the particular point of reference. The study aims to present investigative findings of different dimensions that can assist in highlighting the necessities of evaluating conformity towards specific set of laws and purposes of conceptual framework. The study also helps in analyzing the degree to which financial statements meet the necessities of recognition criteria from the financial reports of the firm. The subject is Accounting and the course code is not mentioned. The course name and university name are also not mentioned.