Double entry Book Keeping System
Double entry system of book keeping has emerged in process of evolution various accounting techniques. It is the most perfect, scientific and complete system of recording business transaction.
Conventional Accounting System
Conventional Accounting System is a traditional method of recording Accounting information. Indian system of accounting is the example of conventional accounting system.
Double entry system of book keeping has emerged in process of evolution various accounting techniques. It is the most perfect, scientific and complete system of recording business transaction.
Conventional Accounting System
Conventional Accounting System is a traditional method of recording Accounting information. Indian system of accounting is the example of conventional accounting system.
Comparison between Conventional Accounting System and Double
entry Book Keeping System
No
|
Conventional Accounting System
|
Double entry Book Keeping System
|
1)
|
Meaning: This method
records incomplete business transactions.
|
Meaning: This method is Scientific and records complete
business transactions.
|
2)
|
Coverage: It is a method Covering less details of transactions.
|
Coverage: This system covers complete details of business
transactions.
|
3)
|
Accuracy: Arithmetical accuracy is not guaranteed.
|
Accuracy: Arithmetical accuracy is assured.
|
4)
|
Nature: It is a traditional method of recording
|
Nature: It is modern method of recording business
transactions.
|
5)
|
Number of Account Books: in this method only two books are
prepared. 1) Cash Book 2) Ledger.
|
Number of Account Books: in this method all subsidiary
books / Journals and ledgers are prepared.
|
6)
|
Recording: All transactions are basically recorded in only
one book i.e. Cash Book.
|
Recording: All transactions are recorded in Different
Subsidiary Books/ Journal.
|
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