Explain the features of accounting.

1.	Explain the features of accounting.
Answer» The features / Natures of accounting are : • Recording of business transaction as and when they occur in single book is the first feature of accounting. • Classify or grouping of entries according to their nature in to appropriate heads of account. • Accounting also involves summarising the transactions, classified in the ledger and financial position presentation. • Accounting also analyse and interpret the recorded transactions.

Answer»

The features / Natures of accounting are :

• Recording of business transaction as and when they occur in single book is the first feature of accounting.

• Classify or grouping of entries according to their nature in to appropriate heads of account.

• Accounting also involves summarising the transactions, classified in the ledger and financial position presentation.

• Accounting also analyse and interpret the recorded transactions.

Discussion