Help with Business Accounting Assignment
The business accounting assignment help service offered by EduAssignmentHelper.com help students to acquire knowledge and information on finance. It is imperative to understand the critical elements of accounting if you want to know about financial performance and accounting functionalities.
Help with Accounting Assignments
Accounting can be defined as the method used to perform accurate calculations of the transactions carried out by a company. These calculations are reflected in a balance sheet, income statement, and profit and loss account. An organization often publishes the final report to give detailed profitability information of the company to its investors, creditors, debtors, and stakeholders. This information is vital because it provides the market position of the company. As a result, the owners of the business can take prudent decisions on whether to invest more or look for other business prospects.
An accountant is tasked with the primary job of preparing financial documents, analyzing and monitoring the transactions done by the company. Also, they do an analysis of crucial financial ratios to determine the financial health, equity capital, and the proportion of debt of the company. Accounting is divided into two main branches; financial accountancy and management accountancy.
Help with Financial Accounting Assignments
Financial accounting is associated with people who are not involved in the day to day running of the company. Financial accountants publish financial statements in accordance with the accepted accounting principles followed in the respective country. The main aim of financial accounting is to measure the financial position of the firm. As a result, the accountant has to study past figures and records of transactions. Financial accounts can be classified into three parts:
- Profit and loss account
- Forecasting cash flows
- Balance sheet
The reports mentioned above are essential because they provide relevant information. The accountant can analyze the figures in these reports to get clear facts regarding the financial activity of the business. Financial accounting strives to fulfill the following purposes:
- Producing the financial statement of the firm
- Providing critical information related to the company which comes in handy during decision making. For example, performance evaluation and planning to attain a set goal
- It fulfills the regulatory requirement of the company
Help with Management Assignment Help
Management accounting depends on future facts and figures to forecast what lies ahead for the company. It is used to perform the cost-benefit analysis by studying current and past data. To analyze the present state of the business, a comparative study should be done. Management accounting helps the firm achieve its goals and also foresee future objectives.
What is the purpose of accounting?
Accounting provides financial information about an organization, keeps all transaction records and analyze the financial health of the business.
Who views Financial Reports?
The stakeholders are interested in accounts because they want to know the financial performance of the company. They use this information to gauge whether they invested their money properly or not.
The employees of the firm want to know the financial activities of the company.
The owners of the business (Both in Public and Private Limited companies) need financial reports to monitor if the business is running smoothly or not.
- The Government
The government must monitor the financial accounts of any business to ensure it complies with the regulations set.
The key concepts of Business Accounting
The actual price of a truck, let us say $9000 can signify many things in the balance sheet. Is it viable to buy or sell the truck at $9000? Is $9000 the original price of the truck? The questions above are some of the underlying assumptions that contribute to the worth of an asset and a company’s financial decision making. But how do you implement this concept in your assignment? The business accounting assignment help service provided by EduAssignmentHelper.com is the solution to all your worries. We have hired immensely experienced accounting experts to assist you with your assignment. Our team of professionals is well-acquainted with the 12 principles of accounting. If you want to learn the following concepts in detail, do not hesitate to avail our online business accounting assignment help.
To prevent the mixing of assets and liabilities, all transactions of the business are kept separate. This helps when the financial statements are being audited.
- Money Measurement
All the transactions in the accounting records are expressed in monetary terms.
- Going Concern
This concept implies that the financial statement only analyzes the worth of the asset in its future operations. It dictates that the entity of an organization continues for an indefinite period.
It is impossible to get the actual value of a company’s asset. The price recorded in the accounting records is the amount used to purchase it. To calculate operations cost, subtract the depreciation price from the total cost.
- Dual Aspect
This concept is the core of all accounting principles:
Assets = Liabilities + Equity
Assets – These are the properties owned by the company.
Liabilities – The obligation of the company. For example, buying goods on credit
Equity – This is the difference between assets and liabilities. It represents what the investors and owners claim from the company (The capital used to start the business)
According to this accounting concept, all transactions are recorded based on clear evidence like receipts, invoices, bank statements, etc. This means that the information recorded in the accounts are based on facts.
- Time period
Time period is the calendar year or time frame during which accounting transactions are recorded.
This principle states that the financial statement will not exaggerate the expenses and revenue realized by the company. It aims to give the investors a clear picture of the financial health of the company.
Realization refers to the period when the owners of the company record revenues from their business. It is when the seller receives cash after delivering goods or services. This principle of accounting emphasizes a simple condition that income should be recorded when it is received.
- Matching Concept
The matching concept principle states that income and expenses should be calculated and recorded in the same accounting period.
The principle of consistency emphasizes on the application of a consistent method to all subsequent events. This eliminates confusion and guarantees clarity when data is represented.
- Clarity and accuracy
This principle states that only significant events should be recorded. As a result, the information is justified with maximum precision and clarity.
The Basic Practices in Accounting
Assets, Liability, and Equity are the three main components of a balance sheet. These three showcase change in the worth of the company. Assets may include things like the company house, car, or stock while liabilities can be goods bought on credit, bank overdraft, etc.
Income and Expense Accounts
Revenue and expense accounts are the two main components used by auditors to determine the increase or decrease in value of the company. A balance sheet gives a clear picture of the changes in the number of a company’s assets. Income is what the firm receives after selling their goods or services to customers. Revenues earned by a company may include interest earned from banks, commissions, and incentives.
Expenses can be defined as the expenditure carried out by the company to operate the business or purchase goods or services. Buying things on credit enhances liability. Also, expenses depreciate, capital, and assets.
Outstanding or Accrued Expenses
These are the costs incurred by the business in the current financial year but paid in the next fiscal year. Examples of accrued expenses include electricity and water bills, rent, taxes, and advertising costs. These expenses are called accrued because they are still due even though the items have already been consumed in the current financial year.
Prepaid expenses are considered as assets and are recorded in the balance sheet. These are payments made in advance to access goods or services shortly. An excellent example of a prepaid expense in purchasing an insurance premium. The main aim of insurance is to offer protection against unforeseen risks in the future. Prepaid expenses are recorded in the current accounting period. They are included in the final accounts, but their benefits are realized in the future.
Prepaid expenditure is recorded on the assets’ side of the balance sheet in a trial balance. However, they are subtracted from the debit side of a profit and loss account.
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