Accounting systems shall be devised and maintained which shall exhibit the condition of the City's assets and liabilities, the value of its several properties, and the state of its several funds. Such system shall be adequate to record in detail all transactions affecting the acquisition, custodianship and disposition of values, including cash receipts and disbursements. The recorded facts shall be presented periodically to officials and to the public in such summaries and analytical schedules as shall be necessary to show the full effect of such transactions for each fiscal year upon the finances of the City and in relation to each department of the City government; and there shall be included distinct summaries and schedules for each public utility owned and operated by the City. In all respects as far as the nature of the City's business permits, the accounting systems maintained shall conform to those employed by progressive business concerns and approved by the best usage.