Question

What is the nature of accounting?​

Answer 1

Explanation:

accounting is art of recording. classifying summarizing in a singificant manners and in term of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof

Answer 2

Answer:

Accounting is the process of collecting, processing, and communicating financial information. It is an art that involves recording, classifying, summarizing, and finalizing financial data.

Explanation:

Accounting is a systematic method consisting of definite techniques that require applied skill and expertise.

By nature, accounting is both an art and a science. As an art, it involves creativity and skill in performing specific tasks. As a science, it involves obtaining knowledge about a systematic pattern through observation and investigation.

• The scope of accounting is very wide and its use is not confined to the business world alone but spread over all spheres of society and professions.
• The primary objective of accounting is to present the financial position of an entity on which users can rely to make decisions accordingly.
• The branches of accounting include financial accounting, cost accounting, management accounting, tax accounting, auditing, etc.
• Accounting has both quantitative and qualitative attributes. Quantitative attributes explain the nature of accounting by providing numerical information about the financial position of an entity.
• Qualitative attributes simplify and expand on the financial figures to ensure easy understanding and comparability of results. The fundamental nature of financial statements is to provide a true and fair view of the state of affairs and profit or loss for the period.

Learn more about Accounting :

https://brainly.in/question/55723386

#SPJ3