What are the main characterestics of accounting ?

Question: What are the main characterestics of accounting !?
Best Answer - Chosen by Asker:

Understandability

This implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge of business and economic activities

Relevance

This implies that, to be useful, accounting information must assist a user to form, confirm or maybe revise a view - usually in the context of making a decision (e!.g!. should I invest, should I lend money to this business!? Should I work for this business!?)

Consistency

This implies consistent treatment of similar items and application of accounting policies

Comparability

This implies the ability for users to be able to compare similar companies in the same industry group and to make comparisons of performance over time!. Much of the work that goes into setting accounting standards is based around the need for comparability!.

Reliability

This implies that the accounting information that is presented is truthful, accurate, complete (nothing significant missed out) and capable of being verified (e!.g!. by a potential investor)!.

Objectivity

This implies that accounting information is prepared and reported in a "neutral" way!. In other words, it is not biased towards a particular user group or vested interest

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I failed to understand under stand as to why this question is categorised under "history" category !?
Further, the question is very much confusing!. Similarly, the big answer(no-1) posted has confused me as well!.
What is the question !? 'characteristics of accounting' or accountancy or accountability !?
If you want to know the accounting theories , you are to specify the questionReceipt & payment account, Income& Exp!. account or avanced accounting etc!.
Broadly the term 'Accounting' means the "methodical keeping records of receipt and payments of an individual or a firm/company and deriving therefrom the balance in hand or profit"!. From this definition the characteristics as you wanted to know is amply clear!.Www@QuestionHome@Com

Act + Counting=Accounting
means the whole activities of your business which can count in cur ency
every act of this world has touble effect ,also accounting have doublle effect , this effect also includes in defination Www@QuestionHome@Com

Act + Counting=Accounting
means the whole activities of your business which can count in curency
every act of this world has touble effect ,also accounting have doublle effect , this effect also includes in deffinationWww@QuestionHome@Com