11. What is an Accounting? Explain any three features of
Accounting? 4M
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Main objectives of accounting are:
To maintain a systematic record of business transactions.
To ascertain profit and loss.
To determine the financial position.
To provide information to various users.
To assist the management.
(1) Identifying financial transactions and events.
(2) Measuring the transactions.
Following are the characteristics features of Financial Accounting:
Monetary Transactions: In financial accounting only transactions in monetary terms are considered. ...
Historical Nature: ...
Legal Requirement: ...
External Use: ...
Disclosure of Financial Status: ...
Interim Reports: ...
Financial Accounting Process:
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