Accounting Features

Accounting is the branch of the social sciences that measures everything that makes up the assets and their movements.

It rectifies and manages all economic and even financial transactions of companies and individuals.

By their nature accounting features they can be hierarchical and even divided into different processes or steps.

Basic characteristics of accounting:

1.- Compilation.- Accounting requires gathering and / or compiling information on all commercial transactions of the person, whether physical or moral.

2.- Reports.- Accounting for its functions requires the formulation of reports that are signed by the accountant responsible and sent to the corresponding officials so that the corresponding procedures can be carried out before the secretariat of tax authorities.

3.- Responsibility.- It is one of the main obligations of accounting, since they must respond to the commercial movements of their clients and before the authorities to whom they present because in case of omission there is the possibility of incurring responsibility judicial.

4.- Description.- It is a circumstance of accounting that requires great qualities and powers of the responsible accountant, as well as the use of pre-designed forms that facilitate the procedures and accounting and legal movements of the accounting.

5.- Divisions.- Accounting is divided into some branches such as:

1. Cost accounting
2. Financial Accounting
3. Administrative accounting
4. Flow accounting
5. Fiduciary accounting

Although they are all studied in the same career, they are usually used as specializations where the accountant directs all his attention to the specific point.

6.- Benefits.- Accounting allows you to have a clear control and knowledge of your expenses, whether they are business, private or institutions, who will be able to comply with their fiscal obligations since accounting allows to deliver accounts clear.

7.- Variants in accounting.- Accounting can be divided into two parts.

• Private accounting
• Public accounting

8.- Separations.- Accounting can clearly divide overhead, profit, and amortized capital.

9.- Techniques.- Techniques are the processes used in a systematic way to carry out the activities accountants, and in some tax institutions the accountants manage them by processes or by departments.