Question

I want full introduction about a comparative study of conventional and modern system of accounting

Answer 1

The systems of recording transactions in the books of account are two namely:
1)Double entry system:- Double entry system of accounting is a system of accounting under which both,debit and credit, aspects of accounting are recorded.A transaction has two aspects Debit and credit and at the time of recording a transaction,it is recorded once on the debit side and again on the credit side.For example, at the time of cash purchases,goods are received and in return cash is paid.In the transaction, two aspects are involved,i.e., receiving goods and paying cash and under the double entry system,both these aspects are recorded.
2)single entry system:-Accounts from incomplete records or single entry system of recording transactions in the books of account may be defined as an incomplete double entry system.In this, system,all transactions are not recorded on double entry basis.In some transactions,both aspects of the transactions are recorded,while in others,either one aspect us recorded or not recorded at all.Instead of maintaining all the accounts, only personal accounts and cash book are maintained under this system.
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