Question

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Q. WHAT ARE THE FEATURES OF ACCOUNTING.

ANSWER ---​

Answer 1

Answer:

1) Monetary Transactions: In financial accounting only transactions in monetary terms are considered. ...

2) Historical Nature: ...

3) Legal Requirement: ...

4) External Use: ...

5) Disclosure of Financial Status: ...

6) Interim Reports: ...

7) Financial Accounting Process:

Answer 2

accounting

Practice and body of knowledge concerned primarily with

methods for recording transactions,

keeping financial records,

performing internal audits,

reporting and analyzing financial information to the management, and

advising on taxation matters.

It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity.

Accounting provides information on the

resources available to a firm,

the means employed to finance those resources, and

the results achieved through their use

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