Question

short note on features of accounting. ​

Answer 1

These financial statements are basically of two types: First is Profitability Statement or Profit and Loss Account and second is Balance Sheet. Following are the characteristics features of Financial Accounting: 1) Monetary Transactions: In financial accounting only transactions in monetary terms are considered.

Answer 2

Explanation:

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.