Question

Define accounting and explain its characteristics

Answer 1

“the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information.”Characteristics of Accounting:i. Accounting is the art of recording and classifying different business transactions.ii. The business transactions may be completely or partially of financial nature.iii. Generally the business transactions are described in monetary terms.iv. In accounting process, the business transactions are summarized and analyzed so as to arrive at a meaningful interpretation.

Answer 2

hola there Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities.