Advanced Accounting Assignment Help
StudentsAssignmentHelp.Com provides Advanced Accounting Assignment Help for students in completing their coursework and assignments on time under the supervision, assistance, and guidance of professional and experienced online writers. Our professionals are the expert in accounting fields and provide best academic solution for all your accounts assignments. Accounting is described as keeping a record of the financial transactions of any entity dealing with the inflow and outflow of finances. For an accessible representation, it facilitates the manipulation of data. To create a financial report, it allows the storage, sorting, retrieval and summarization of the information to perform financial analysis of the entity.
Accountants are the person who records the financial transactions. The field of accounting is divided into various sub-sections which include:
- Financial accounting- The details of financial accounting are represented in the form of the trading accounts, income statement, and balance sheet. The report created is meant for professional working outside the firm. It is usually prepared for the key stakeholders, investors, and regulators of the organization.
- Management Accounting- It distinguishes from the financial accounting, as the management accounting report is developed for the use of the organization’s professional or employees working for the organization. It helps in the analysis, management and reporting of an entity from financial aspects. Keeping the record of the daily financial activities of an entity is referred to as bookkeeping.
- Auditing- Auditing is the outside verification of any accounting transaction which is carried out by another certified accounting enterprise with the permission of the organization. It is not biased as the auditors tend to frequently either agree or disagree with the financial statements of the enterprise. In auditing, it is necessary to show that financial events have followed accounting principles to the end.
- Tax accounting- As per the government rules it deals with the tax collection, reports, and statements. Every economy imposes certain taxes on commodities. By keeping a record of all the taxes, tax accounting generates the statement inclusive of all the effective taxes.
Accounting principles are a general set of rules and guidelines that are set up by a specified board in a country that is followed by the companies for their proper functioning and reporting of the financial statements. The US accounting system follows the GAAP i.e. generally accepted accounting principles.
The basic accounting principles under GAAP are:
1. Business entity- The business is different from its owner and can operate independently. It can buy assets in its name.
2. Going concern- The business will be carried on indefinitely for a foreseeable period.
3. Monetary unit- Only the terms which can be measured or expressed in monetary terms will form part of the accounts.
4. Historical cost- The assets are always shown on the price that was paid for its acquisition or the purchase price and not its current market value or realizable value.
5. Matching concept- The identical expenses should be recorded simultaneously to the incomes earned.
6. Accounting period- The small parts in which life of a business is divided for timely scrutiny of the accounts.
7. Consistency- Business policies and methods of a business should remain consistent; the policies cannot be changed from time to time.
8. Accrual- The business expenses should be recorded in the year of their occurrence and must not be deferred.
9. Objectivity- Transactions recorded in business must be free from any biases.
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