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What is accounting? Its features? How it working? What is tally? Why the transactions...

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nichu | Student, Grade 11 | eNotes Newbie

Posted June 6, 2009 at 3:09 AM via web

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What is accounting? Its features? How it working? What is tally? Why the transactions posted in to tally?

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rajas | High School Teacher | (Level 1) Honors

Posted July 30, 2009 at 12:35 AM (Answer #1)

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Accounting basically involves identification, anasysis, recording, classifying, summarising, interpreting and communicating information regarding business transactions, interested persons.

Its features are:

1. Identification and recording of business transactions and events.

2. Summarisation and interpretation of accounting information.

3. Communicating the information to the interested persons such as investors, creditors, owners, government, research scholars, tax authorities etc.

Accounting can be done in two ways: 1. Manual Accounting - Done by clerks or accountants with a lot of books and registers. (Without using computers) 2. Computerised Accounting - Doing the accounting work with the help of computers (Accounting softwares such as Tally, Peech Tree etc)

Transactions are posted in Tally software so that we get processed accounting information instantly in the form of statements, graphs, ratios etc.

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mksb | Student | (Level 1) Salutatorian

Posted September 10, 2011 at 6:17 PM (Answer #2)

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Accounting is the art of recording,classifying and summarising in a significat manner and in terms of money,transcation and events which are in part, at least of a financial character.

features of accounting:-

1. identifying transcation of financial character:-   only those transcation are written in books which are in terms of money.

2. Recording:-  Accounting is the art to write all business transcation according to some rule in the books.

3. Classifying:-  After written th transcation in journal or subsidiary books,it can classify. classifying means- same type of transcation are written in same place in the same account.

4. Summarising:-   it is art to represent different account that is understand by manager & other person.

5.interperting of results:- in the accounting, results of bussiness are present in this way that all person owener of business,manager, banker,creditor & workers are releated to business take full information of profit & financial balance.

Accounting can be done in two ways: 1. Manual Accounting - Done by clerks or accountants with a lot of books and registers. (Without using computers) 2. Computerised Accounting - Doing the accounting work with the help of computers (Accounting softwares such as Tally, Peech Tree etc)

Transactions are posted in Tally software so that we get processed accounting information instantly in the form of statements, graphs, ratios etc.

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