State any five features of new accounting system. |
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Ans : The five features of new accounting system are as follows:
a. Based on double entry system:-New accounting system is based on modern double entry system of book-keeping.
b. Cash basis accounting:-All transactions are measured in terms of money. All receipts are recorded when they received and all payments are recorded when they are paid.
c. Uniformity:-New Accounting System has brought uniformity simplicity and flexibility in government accounting.
d. Banking transaction:-It emphasizes on bank transaction, i.e. all cash transactions are made through the bank.
e. Controlled by budget:-New accounting system facilitates budgetary control. No governmental expenditure can make more than the allocated budget amount.
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