Are There Two Main Accounting Systems?
Hi, As far as I know, although I might be wrong, there are two main accounting systems in the world: 1. The French accounting system (more complex). 2. The British accounting system (pretty much straight-forward at a basic level). If I am not mistaking and there are these two systems, could anyone knowledgeable explain a few differences between these two systems? Thanks, Robin
Other - Business & Finance - 3 Answers
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Answer 1 :
I always thought there was double-entry (that we use, where every entry has an opposite, or balancing, entry) and presumably there is single-entry! I mean, you could have your own system if it was only for you. The whole point of double entry is that if it has been done correctly it will balance.
Answer 2 :
Accounting in the USA is a lot different than in Europe - differences are probably mainly with what is presented on Financial Statements
Answer 3 :
Two systems, world wide, are the Cash and Accrual methods.
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