Question

Explain briefly any two characteristics of accounting

Answer 1

1. Accounting is both science and art: The features of science and art are frequent in accounting principles of accounting are based on certain rules and theories which provides conclusive out of comes it shows that accounting is science. art means to do any work in the best possible manner it gives practical shape to the principles and laws to obtain the desired target in accountancy principles and rules or not only followed but transactions are also recorded in systematic order to interpret results
2. Financial transactions and events are recorded in monetary terms : The process of accounting always follows the principle of money measurement concept all the transactions are recorded in books of accounts in terms of money and not in terms of quality.
3. It records the transactions in complete pure clear and permanent way
4. Transactions are recorded in books according to certain principles
5. Results of financial transactions are analysed