Briefly explain the features of accounting?

Salient features of accounting are

• Accounting principles must  be feasible, predictable, and applicable. This must be easy to apply in the accounting system and must be easy enough to be implemented by everyone
• Accounting is special in that it documents all financial transactions. It offers a framework for the accurate recording of the transaction that businesses may make use of. The recording is systematic and is necessary for anyone who is knowledgeable in accounting standards and laws.
• Accounts include the classification into a separate group/category of all financial transactions. These categories are grouped in accordance  to their similarities in one place.
• Accounting has a feature of repeatability because of established procedures and formulae. The steps in accounting are calculated based on fixed formulas.
• The accounting principles are considered to be helpful and provide the individual important information. There are several sections and headings for the multiple transactions to make it easier for the finder to  to locate a particular transaction
• Any specialist will read and understand a description of the financial statement. The definition is identical and does not distinguish between individuals or auditors. It remains constant regardless of the person interpreting it that gives accounting the feature of universality.
• Accounting is known to provide summaries of relevant and complex financial statements. Statements of fund flow, balance sheet, and cash flow, are summarised simply and presented to the investors and the public. These statements are useful for investors to make investing decisions
• The statements made by a qualified auditor or bookkeeper for the financial department may be audited for authenticity and verified. All entries in the accounting system are linked to the company's business operation, and a financial statement offers an overview of the organisation's performance