A comparative study of conventional and modern system of accounting?

Best Answer: Before starting to record business transactions, accountants have to decide what accounts to maintain and also specify the rules on how to allocate ransactions to particular accounts. A Chart of Accounts and an Accounting Manual are the typical accountancy documents that are created to achieve these ends.The recording of day-to-day transactions into books of account is known as book-keeping. Book-keepers refer to the chart of accounts and accounting manual when necessary and allocate business transactions to the correct accounts.The graphic to the right looks at traditional and modern book-keeping practices (click on the graphic to enlarge it for readability). In traditional, paper-based systems, book-keeping typically involved.