Boost your Grades with us today!
Welcome to Essay For All, the home of competent accounting assignment help experts. Accounting is a discipline that concerns recording the financial transactions of a business. It is an intensive process that comprises various activities unlimited to;
- Reporting business transactions to tax collection entities, regulators, and oversight agencies
Finance and accounting are common terms that confuse most businesses. Accounting requires finance or financial transactions. Both are integral in the proper running of a business. Business organizations require accountants for various reasons. Lack of accountability has been among the leading causes of business failure.
However, hiring an accountant increases accountability for the funds received and generated and how they are spent. We have competent tutors with matchless accounts knowledge. Place your order now for quality accounting homework help services.
Different types of Accounting
There are various branches or types of accounting, which include;
Based on Essay For All Tutors, financial accounting entails systematically recording, classifying, summarizing, analyzing, and reporting business transactions. The main aim of the process is to determine the losses and profits made by the business. It is the best way of protecting stakeholders’ interests.
Accounting has existing principles known as the generally accepted accounting principles (GAAP) used for creating wide-ranging financial documents such as balance sheets, cash flow statements, income statements, and shareholders’ equity statements. Interpretation and classification of financial transactions are also critical aspects of financial accounting.
The two main types of financial accounting are accrual and cash accounting. Good knowledge and understanding of the various financial statements are very important. For any questions, always contact our reputable accounting assignment solvers. When handling financial statements like balance sheets, you should identify the difference between liabilities and assets to create the document successfully. Liabilities comprise things like;
- Unearned revenue
- Notes payable
- Loans payable
- Accounts payable
- Warranty obligations
- Current tax
- Deferred tax
On the other hand, assets include;
- Machinery and equipment
- Notes receivable
- Prepaid expenses
Based on our accounting assignment help experts, managerial accounting is concerned with creating documents, reports, and statements to enhance the ability of the management to make more informed decisions concerning overall business performance. Managerial accounting also supports profit maximization and minimization of losses.
Some techniques required in managerial accounting are trend analysis and forecasting, product costing and inventory valuation, capital budgeting, constraint analysis, and marginal analysis. Accuracy in the financial statements supports the ability of managers to make more informed decisions. A manager is responsible for planning, organizing, directing, and controlling functions. In this case, management accounting becomes integral through;
- Using qualitative information
- Assist in goal achievements
- Promote meaningful discussions
- Data analysis
- Offer necessary data
In a business organization, a managerial accountant has wide-ranging roles to play unlimited to:
Model and forecast cash flows
- Analyze the cost of services and products for diverse revenue and cost centers.
- Evaluation and management of financial risks
- Preparation of transactional and financial data
- Supervision of junior accountants
Cost accounting focuses on recording production costs incurred in producing goods and delivering services. The main elements of cost accounting are variable, fixed, indirect, and direct costs. The firm can easily and effectively analyze its financial data and track its expenses and income through cost accounting. Based on our accounting assignment help tutors, some of the important elements of cost accounting are;
- Input analysis
- Developing measurable information
- System development
- Traditional bookkeeping
There are various practical applications of cost accounting which include;
Preparation of financial statements
In this case, cost accounting help to prepare any required financial statement.
Future planning concerned with future capital expenditures relies on cost accounting reports.
According to our professional accounting homework doers, cost accounting addresses the internal costs of a business.
It entails accounting for tax purposes and is governed by the internal revenue code, offering guidelines for companies and individuals to comply with in their preparation of tax returns. Tax accounting involves different categories of individuals and business enterprises. The process is significant in tracking funds related to entities and individuals.
The two main principles applied in tax accounting are the generally accepted and tax accounting principles. The principles are fundamental in the preparation of different financial documents. The uniqueness of tax accounting is that it never relies on or uses any financial transactions but only those related to taxes. Examples of tax accounting include;
- Tax accounting for tax-exempt organizations
- Tax accounting for businesses
- Tax accounting for individuals
Generally accepted accounting principles (GAAP) are responsible for developing a standard accounting principle used by nonprofit and private companies in the United States. There are many types of accounting principles, including;
- Time period principle
- Revenue recognition principle
- Reliability principle
- Monetary unit principle
- Materiality principle
- Matching principle
- Going concern principle
- Full disclosure principle
- Economic entity principle
- Consistency principle
- Accrual principle
- Conservatism principle
Time period principle
In accounting, a time period principle demands that a company should report its activities after a certain period, whether annually, quarterly or monthly. The concept applies to accrual and cash accounting. A time period principle helps inform people about the time period used to prepare financial statements. The principle assumes that businesses can divide their financial activities into artificial periods. Accountants may also use the principle in measuring business performance.
The matching principle
According to our experienced accounting assignment help tutors, the matching principle addresses recording expenses and revenues. In this case, a business should record all of its expenses alongside revenues since the business can incur expenses to generate revenues. This principle is commonly used in accrual accounting, which requires that the expenses and revenues match within a certain period. There are various benefits of having the matching principle. For instance, it results in consistent financial statements, especially balance sheets and income statements.
Revenue recognition principle
The revenue recognition principle is very prevalent in accrual accounting. It insists on the importance of companies recording their revenues no matter the cash received. Get our accounting assignment help notes for more details on accounting principles.
The capital market theory
This theory explains and forecasts the progression of capital markets using a mathematical model. The theory aims at pricing shares and assets. There are various issues that the theory addresses unlimited to;
- The Role of Securities
- Role of the federal reserve system
- Markets and financial innovations in derivative instruments
- Major capital markets globally
- Role of capital market
- Initial public offerings
- Importance of venture capital in the capital market
- Role of the government treasury
- Capital market regulatory requirements
The capital market theory enables traders to transact bonds and stocks, enabling businesses to raise the necessary financial capital to support their overall growth. Based on our accounting homework, doers, the capital market aims at ensuring a world having markets that enjoy maximum efficiency.
The agency theory considers a firm a set of contracts among self-interested individuals. The theory helps business firms to explain and resolve issues in the association of agents and business principals. In this case, the shareholders are the principals, while agents are the company executives. Principals have the duty of delegating decision-making authority to agents.
The theory assumes that there is always no alignment between the interests of the principal and the agents. There are various disputes that agency theory seeks to handle, such as the difference in risk aversion. Subscribe to our online accounting homework help service for deeper insights.
Based on our accounting assignment help experts, the entity theory considers business firms as separate entities from their owners and other stakeholders. The theory supports loss and profit calculation using a set of related transactions and the establishment of limited liability companies and corporations.
Historical cost principle
According to Essay For All writers, a historical cost is the measure of value applicable in accounting. An asset value on the balance sheet is captured as the original cost once acquired by the company. Under generally accepted accounting principles, the historical cost method is used for fixed assets. The historical principle outlines that a business or company must account for and record all assets at the purchase price or original cost when recorded on a balance sheet. Contact our tutors for samples of this accounting assignment questions.
Importance of Accounting
Any business organization should have an accounting department, whether simple or sophisticated. Accounting has various benefits to organizations. For instance, it promotes managerial decision-making. In this case, the process gives internal organizational users a solid basis for planning, organizing, and running the organization.
Accounting also helps in meeting legal requirements. Do you know that various users in a business, such as creditors, lenders, and investors, rely on the accounting information of a business? In this case, accounting helps in communicating results. Besides, the process also enables companies to maintain a record of their transactions, determining the trend in the business performance.
Essay For All tutors are highly reliable in delivering top-notch accounting assignment help solutions. We have many years of experience of over a decade. Partner with us today for a 100% turnaround in your academic performance.