Question

what are the modern methods in accounting

Answer 1

Modern Approach to Accounting

Under the Modern Approach, the accounts are not debited and credited. Hence, the Accounting Equation is used to debit or credit an account. Thus, it is also known as the Accounting Equation Approach. The Accounting Equation should remain balanced every time.

Modern approach. According to modern approach, the accounts are classified as asset accounts, liability accounts, capital or owner's equity accounts, withdrawal accounts, revenue/income accounts and expense accounts.

Answer 2

Answer:

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Explanation:

Modern Approach to Accounting

Under the Modern Approach, the accounts are not debited and credited. Hence, the Accounting Equation is used to debit or credit an account. Thus, it is also known as the Accounting Equation Approach. The Accounting Equation should remain balanced every time.