In: Accountancy Explain Financial Accounting. What Are Its Characteristic Features? Explain Financial Accounting. What Are Its Characteristic Features? 1 Answer afaq 76 Questions 64 Answers 3 Best Answers 17 Points View Profile afaq Added an answer on September 3, 2020 at 10:18 am Meaning of Financial Accounting Financial Accounting is the process of recording, summarising, analyzing, and providing financial information to users. This involves the preparation of trading account, profit & loss account, and balance sheet. Characteristic, Features of Financial Accounting Records Financial Transactions. Classify and Summarize Information. Prepares Financial Statements. Interprets Financial Information. Communicates All Outcomes. Determines and Maintains Financial Position. 0 Reply Share Share Share on WhatsApp Share on Facebook Share on Twitter Share on LinkedIn Sorry, you do not have a permission to answer to this question.