Question

Define accounting. Explain its main feature

Answer 1

Accounting is defined as a process of record keeping of all financial transactions in a business. In business, every transaction is expected to be recorded. ... Sometimes accounting is also defined as the process of collecting, recording, studying, and reporting the financial transactions of an organization.

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Answer 2

Answer:

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.

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Accounting’s main feature is also classifying all business transactions. Accounting makes group of all similar accounting entries in one place. For example all receipt and payment will be shown in cash book. So, all transactions are collected under one common head . This system is also called classification of transaction. This process is completed by opening accounts in books. These books are called ledger.

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