conventional and modern system of accounting

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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.


Traditional and modern methods of accounting before starting to record business transactions, accountants must decide what to save, and select rules todefine transactionaccounts typical accountingmanagement chart of accounts and accounting documents that are created to achieve these goals.

Record daily transactions in accounting registers called accounting.Accountants, refer to the chart of accounts and accounting guide and, if necessary, allocate business transactions to the correct account.

The graphic on the right looks for traditional and modern methods of accounting (click on image to enlarge it for readability). In traditional paper basedsystems, that is, as a rule, include: