Question

accounting is the process of recording classifying and summarizing of accounting transacations. explain the various characters of accounting?​

Answer 1

Answer:

The American Institute of Certified Public Accountants (AICPA) defines accounting as: the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of financial character, and interpreting the results thereof.

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Answer 2

Various characters of accounting are;

a) Understandability: This is the property in which the information in the accounts is made clear so that no confusion arises in the transaction.  

b) Relevance: this is the property in which the accounts can be referred each other. This reference is necessary since if a new account transaction is going to be done, it should be relevant with that of the past history and it becomes the transaction process in a more effective way.  

TO KNOW MORE:

Accounting begins with the identification of transactions and ends with the preparation of ________________ Statements.

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Only financial transactions are recorded in Accounting. Explain this statement.

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