Fresnel incoherent correlation holography (FINCH) is a well-established incoherent imaging technique. In FINCH, three self-interference holograms are recorded with calculated phase differences between the two interfering, differently modulated object waves and projected into a complex hologram. The object is reconstructed without the twin image and bias terms by a numerical Fresnel back propagation of the complex hologram. A modified approach to implement FINCH by a single camera shot by pre-calibrating the system involving recording of the point spread function library and reconstruction by a non-linear cross correlation has been introduced recently. The expression of the imaging characteristics from the modulation functions in original FINCH and the modified approach by pre-calibration in spatial and polarization multiplexing schemes are reviewed. The study reveals that a reconstructing function completely independent of the function of the phase mask is required for the faithful expression of the characteristics of the modulating function in image reconstruction. In the polarization multiplexing method by non-linear cross correlation, a partial expression was observed, while in the spatial multiplexing method by non-linear cross correlation, the imaging characteristics converged towards a uniform behavior.