information about a comparative study of conventional and modern system of accounting
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Secondary SchoolAccountancy 8 points
Comparative study of conventional and modern system of accounting
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santy2
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Conventional accounting refers to traditional accounting where everything was done manually whereas modern accounting is computerized accounting.
TRADITIONAL ACCOUNTING:
The positive aspects include;applies to any business, easier to set up, it can be more flexible than a modern accounting, it is more secure, needs no source of electricity or power, it is cheaper to carry out.
The negative aspects include;highly prone to human error, it takes long to generate reports, it is more favorable to small businesses, the records kept are susceptible to perils such as fire and water, it takes longer, it is not suitable in environments where there is large volume of transactions.
MODERN ACCOUNTING.
Positive aspects;it provides instant reports which allow faster adjustment in business, it saves time since the accounting software allows faster data entry,compiterized systems which are used to track and record financial transactions, computerized systems have increased functionality by increasing the timeliness of accounting information, An improved accuracy, a faster processing of larger financial information.
Negative aspects; data loss through power failure or viruses, Dangers of hackers stealing data, errors in entering data, computer fraud.
What is your question?
Secondary SchoolAccountancy 8 points
Comparative study of conventional and modern system of accounting
Ask for details Follow Report by Vipul050 03.12.2017
Answers
Me · Beginner
Know the answer? Add it here!
santy2
santy2 Ace
Conventional accounting refers to traditional accounting where everything was done manually whereas modern accounting is computerized accounting.
TRADITIONAL ACCOUNTING:
The positive aspects include;applies to any business, easier to set up, it can be more flexible than a modern accounting, it is more secure, needs no source of electricity or power, it is cheaper to carry out.
The negative aspects include;highly prone to human error, it takes long to generate reports, it is more favorable to small businesses, the records kept are susceptible to perils such as fire and water, it takes longer, it is not suitable in environments where there is large volume of transactions.
MODERN ACCOUNTING.
Positive aspects;it provides instant reports which allow faster adjustment in business, it saves time since the accounting software allows faster data entry,compiterized systems which are used to track and record financial transactions, computerized systems have increased functionality by increasing the timeliness of accounting information, An improved accuracy, a faster processing of larger financial information.
Negative aspects; data loss through power failure or viruses, Dangers of hackers stealing data, errors in entering data, computer fraud.
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