Question

Write any three accounting features?​

Answer 1

Answer:

1) Monetary Transactions: ...

2) Historical Nature: ...

3) Legal Requirement: ...

4) External Use: ...

5) Disclosure of Financial Status: ...

6) Interim Reports: ...

7) Financial Accounting Process:

Explanation:

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Answer 2

it is a practice which records financial transactions. It is an art as well as a science.

• It is an effective method of recording the business transactions of a firm.
• After the recording, an analysis is done which helps to make certain financial decisions.

• The features of accounting are -

1. The practice is classified as both a science and an art
2. It only records the financial terms directly
3. It aids in compiling and categorising transactions and financial data.
4. It results in an overall interpretation and communication.

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