Commerce Exam > Commerce Questions > features of account ing Related: Qualitative...
Start Learning for Free
features of account ing
?
Verified Answer
features of account ing Related: Qualitative Characteristics of Accou...
Features of Accounting:
1. Recording
Accounting is the art of recording of transactions. Only business relative transactions are recorded in which money is mentioned. All transactions are recorded in detail. Both journal and subsidiary books are used for this.
2. Classifying
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 . This system is also called classification of transaction. This process is completed by opening accounts in books. These books are called ledger.
3. Summarizing
Summarizing is the art of showing business results in summarize form .After this, it can use for all the interested parties. This feature tells about to financial statement. One is Trading and profit and loss account and other is Balance Sheet.
4. Interpreting
By interpreting, we can know whether the position of profitability is good or bad. By knowing this, we can estimate business’s performance.
This question is part of UPSC exam. View all Commerce courses
|
|
Explore Courses for Commerce exam
|
|
Top Courses for CommerceView all
features of account ing Related: Qualitative Characteristics of Accounting Information?
Question Description
features of account ing Related: Qualitative Characteristics of Accounting Information? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about features of account ing Related: Qualitative Characteristics of Accounting Information? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for features of account ing Related: Qualitative Characteristics of Accounting Information?.
features of account ing Related: Qualitative Characteristics of Accounting Information? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about features of account ing Related: Qualitative Characteristics of Accounting Information? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for features of account ing Related: Qualitative Characteristics of Accounting Information?.
Solutions for features of account ing Related: Qualitative Characteristics of Accounting Information? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of features of account ing Related: Qualitative Characteristics of Accounting Information? defined & explained in the simplest way possible. Besides giving the explanation of
features of account ing Related: Qualitative Characteristics of Accounting Information?, a detailed solution for features of account ing Related: Qualitative Characteristics of Accounting Information? has been provided alongside types of features of account ing Related: Qualitative Characteristics of Accounting Information? theory, EduRev gives you an
ample number of questions to practice features of account ing Related: Qualitative Characteristics of Accounting Information? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup