Systems of Book-Keeping

Systems of Book-Keeping

Introduction:

     

     There are many ways of classifying the systems of book-keeping.

A). Popular Way of Classification:

     Under the most popular Way of classifying the systems of book-keeping, there are two systems of book-keeping. They are:

     1. Single-entry system of book-keeping.

     2. Double-entry system of book-keeping.

B). Another Way of Classification:

     There is another way of classifying the systems of book-keeping. Under this classification, there are three systems of book-keeping. They are:

     1. Cash system of book-keeping.
     2. Accrual or mercantile system of book-keeping.
     3. Mixed or hybrid system of book-keeping.

C). Yet Another Way of Classification:

     There is yet another way of classifying the systems of book-keeping. Under this classification, the double-entry system of book-keeping is classified into two systems. They are:

     1. Conventional, traditional or theoretical system of book-keeping.
     2. Modern, Practical or English system of book-keeping.