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Accounting, also referred to as Accountancy, is the process of systematic recordation of the financial and non-financial transactions of a business entity over the accounting period and summarizing all the business activities, cash flow, and financial position of the company in the form of a financial statement. The processes that come under accounting includes tracking, summarizing, interpreting, and communicating the financial and non-financial transactions and results of business activities to regulators, tax collectors, and oversight agencies.
This financial information is consolidated and communicated to enhance the clarity and understandability of the information, hence allowing shareholders and stakeholders to access the companys performance easily. It is the key function of almost all the business organizations for cost planning, decision making, and also for measuring the economic performance management. In small firms, accounting is handled by either an accountant or bookkeeper, but a special sizable finance department is established with dozens of employees in large firms.
In order to ensure the consistency and reliability of financial documents across the organization and while reviewing documents from other organizations, accounting principles come to be very vital. A set of standards referred to as Generally Accepted Accounting Principles (GAAP) is utilized by professional accountants while preparing the financial statements.
Financial Accounting Homework Help: Financial accounting deals with recording the transactions made by a business and further categorizing them and making financial statements. All the financial statements such as income statements and balance sheets must follow generally accepting accounting principles. Financial accounting is all about external regulations but does not deal with the financial statements and analyses made by internal employees. Contact us for financial accounting homework help.
Cost Accounting Homework Help: Cost accounting is a type of managerial accounting and is generally employed in the manufacturing industry. This type of accounting basically deals with evaluating all the different operations of a company including, analyzing the manufacturing costs, recording and managing the fixed and variable costs of a company, and the effect of these costs on business. Contact us for cost accounting (managerial accounting) homework help.
Forensic Accounting Homework Help: Forensic accounting deals with several legal affairs, including fraud inquiry, inquiry of other legal cases and disputes, as well as claims resolution. In forensic accounting, if the records are not complete, the entire financial data is reconstructed in order to change a cash accounting system to accrual accounting or to decode the fraudulent data. Contact us for forensic accounting homework help
Management Accounting Homework Help: Management accounting avails the managers with sufficient data about the operations of a company; these data are required by the managers to formulate decisions regarding the companys operations. Managerial accounting includes cost analysis, reviewing the previous business decisions, budgeting, financial analysis, and forecasting. Contact us for management accounting homework help.
Government Accounting Homework Help: Government accounting deals with the allocation as well as utilization of the budget of the central and state government. Contact us for government accounting homework help.
Tax Accounting Homework Help: Tax accounting (ACCT 208) deals with planning the tax time, figuring out the income tax and how to mine their tax owing, and also preparing the tax returns. This particular branch checks whether the business aligns with the registrations formulated by the IRS. Tax-related business decisions are also analyzed. Contact us for tax accounting homework help.
Fiduciary Accounting Homework Help: Fiduciary accounting manages the assets and properties of other individuals or businesses. Fiduciary accounting includes trust accounting, estate accounting, and receivership. Contact us for fiduciary accounting homework help.
Auditing Homework Help: Auditing is of two types, internal and external. In external auditing, the financial statements of a company are reviewed by a third party to ensure that the statements comply with GAAP. Internal auditing refers to evaluating the division of duties by the business. Contact us for financial auditing homework help.
Assets: The term "Asset" refers to all the resources that are owned by a business entity, and they are using it to carry forward all their activities with proper right to use it.
Liabilities: Liabilities refer to a group of items that tends to be the obligations to any business. These obligations take place when either a purchase is made, or a loan is taken by the business entity. Assets need to be settled to settle the liabilities.
Expenses: These are the unavoidable events in the business that are required to carry forward the business operations. Expenses tend to increase the liabilities and decrease the assets.
Revenues: Revenue is also referred to as the income of a business. This is the earnings of the company when a product is sold or a service is delivered; it increases the assets and reduces the liabilities.
Owners equity: Owners equity refers to the capital that is employed by the owner to carry out the business activities, all the ways through which the business is made to run by the available resources. Owners equity = Assets – Liabilities.
Basic accounting principles are generally referred to as Generally Accepted Accounting Principles or GAAP. GAAP delves into various topics, including equity, assets, presentation, expenses, liabilities, revenue, and broad transactions
Accruals Principle Homework Help: The Accruals Principle tends to be one of the fundamental principles of accounting that deals with recording revenues when someone earns it, not when someone receives it in cash. On the other hand, expenses must be recorded when it occurs, not when someone pays it. Therefore, according to the accrual concept, revenue and expenses must be recorded at the exact moment.
Conservatism Principle Homework Help: According to the Conservatism Principle, in cases of uncertainties of the outcome, the expenses and revenues must be recognized as soon as possible rather than recognizing the assets and revenues only when someone is assured of it. All the losses must be recorded when they are discovered, and gains must be recorded when they are realized.
Consistency Principle Homework Help: According to the Consistency Principle, the accounting method which is adopted once must be applied to all the similar situations consistently in future. Accounting policies and methods must not be changed too often, and change should take place only with accurate reasons.
Economic Entity Principle Homework Help: The Economic Entity Principle states that all the financial transactions of every business entity must be assigned separately and must be kept separate from the finances of the owner, shareholders, partners, or related business entities. According to this principle, accounting records, assets, liabilities, and bank accounts of different business entities should not be mixed.
Going Concern Principle Homework Help:The principle of Going Concern indicates that a business entity will never discontinue or liquidate its operations due to any reason and will continue operating in the future. A company is known to be adopting this concept if there is no such evidence available that indicates that the company will have to cease its operations in the future.
Matching Principle Homework Help: According to the Matching Principle, all expenses incurred must be reported in the same time duration when someone earns the corresponding revenue.
Materiality Principle Homework Help: The Materiality Principle of accounting states that there is a high possibility of accounting standards being ignored when ignoring the accounting standards can have an exceedingly small net impact on the financial statements. The accounting standards might not be termed important only when ignoring them might not lead to misleading the user of the statements.
Money Measurement Principle Homework Help: According to the Money Measurement Principle of accounting, an accounting transaction can only be recorded by a business if the transaction took place in the form of cash. This principle also determines that accounting transactions are focused on quantitative information rather than qualitative information
Accounting Period Principle Homework Help: The principle of accounting period states that the whole period of activities of a business organization can be divided into a period of twelve months, and financial statements are to be made after the end of this twelve months period. Financial statements indicating the financial position and performance of the business entities will be helpful as they will enable the users of accounting information to compare the financial position and profitability of the present twelve months to the previous twelve months.
Cost Principle Homework Help: Cost Principle deals with recording the cash amount of an asset at the time when it was acquired or purchased. This recorded amount cannot be increased with the improvement in market value, and nor can it be decreased with depreciation. Hence forming long-term and short-term assets, equity, and liability.
Duality Aspect or Duality Principle Homework Help: The Duality Principle indicates that while preparing the accounting or financial report, double-entry should be made for every business transaction, the entry should be made in terms of both credit and debit accounts.
Revenue Recognition or Realization Principle: The Realization Principle is similar to the matching principle and comes under the accrual accounting principle. According to the revenue recognition principle, all the revenues earned during a specific period of time must be recorded in the same time period when it is earned but not when the transfer of cash occurs.
Full Disclosure Principle Homework Help: According to the Full Disclosure Principle of accounting, all relevant information related to the financial statement of a business entity must hold a place in the files of a public company. This inclusion of information enables easy access to the information.
Objectivity Principle Homework Help: According to the Objectivity Principle, only factual and verifiable information must be used in the financial statements of a company; a subjective measurement of values must never be used even if it might seem appealing and better than the verifiable information.
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Managerial accounting is also known as Cost Accounting.
Our financial accounting experts answer all managerial accounting homework questions precisely and accurately.
Managerial accounting professionals are usually strong in mathemetics, communication (both written and spoken), have critical and analytical mindsets and are good problem solvers. They are also good in time management.
Managerial accountants calculate product costs required for external financial statements.
Managerial accounting topics help the managemnent to better plan and control a business and take better financial decisions.
Some important financial accounting topics are given below:
Managerial accounting provides key financial information that is helpful to managers within an organization whereas financial accounting provides information that is helpful to people outside the organization.
While on the topic of Financial and Managerial and cost accounting, visitors to this page also looked up Perdisco MYOB Accounting Assignment help
Here are a few good reasons why you should study financial accounting as a major:
We have seen there are a number benefits of studying financial accounting. Now, lets look at a few topics that you will be learnng as a future accountant.
You do not necessarily need to have a background in finance or accounting to start learning financial accounting.
The good thing is - you can start learning financial accounting from any stage in your career!
That having been said, it would be good if you have an interest in crunching numbers, reading financial reports and statements and love to talk about finances.
You can opt for a short term diploma, an undergraduate degree or even an MBA, if you are really interested.
The more you learn about financial accounting, the more you will grow professionally and you will be sought after by many companies, because of your financial, accounting and managerial skill sets.
Some really cool topics that you will be learnng as a future Financial Accountant:
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