Question

Write any three accounting features?​

Answer 1

Explanation:

Following are the characteristics features of Financial Accounting:

1) Monetary Transactions: ...

2) Historical Nature: ...

3) Legal Requirement: ...

4) External Use: ...

5) Disclosure of Financial Status: ...

6) Interim Reports: ...

7) Financial Accounting Process:

Answer 2

Answer:

Following are the characteristics features of Financial Accounting:

1) Monetary Transactions:

In financial accounting only transactions in monetary terms are considered. Transactions not expressed in monetary terms do not find any place in financial accounting, howsoever important they may be from business point of view.

2) Historical Nature:

Financial accounting considers only those transactions which are of historical nature i.e the transaction which have already taken place. No futuristic transactions find any place in financial accounting, howsoever important they may be from business point of view.

3) Legal Requirement:

Financial accounting is a legal requirement. It is necessary to maintain the financial accounting and prepare financial statements there from. It is also obligatory to get these financial statements audited.

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