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Various sections which were included in Advanced Accounting Assignments are-

Accountants are the person who records the financial transactions. The field of accounting is divided into various sub-sections which include:

• Financial accounting- In a financial accounting the details are depicted in the outline of the income statement, trading accounts, and balance sheet. The executive working from outside the organization such as the investors, key stakeholder, and regulators of the business needs the report.
• Management Accounting- Management accounting is different from financial accounting. For the usage of the business employees or professionals working the management accounting report is developed. From financial point of view it aids in the examination, management, and business reporting of an organization. Bookkeeping is the process of maintaining the record of the day to day financial transactions of a business organization.
• Auditing- Auditing is a process in which any accounting business deal is verified by another verified and authentic accounting enterprise with the authorization of the firm. It is not unfair as with the financial statements of the company the auditors move to either agree or fail to agree. In the process of auditing, it is essential to exhibit that the financial transactions have go with the accounting principles till the conclusion.
• Tax accounting- Tax accounting is the accounting that share out with the reports, tax collection, and statements as per the government rules. Taxes are imposed on all items by every developed economy. Tax accounting produces the statement by maintaining the record of all the taxes, comprehensive of all the powerful taxes.

Accounting principles as explained by our experts

Every company in a country follows some guidelines and set of regulations that are structured by a particular board in the nation for the true functioning of the organizations and for financial reporting of the statements. GAAP is the abbreviated form of generally accepted accounting principles followed by the US accounting system.

Basic accounting principles

• Business entity- A business can work autonomously as it is distinct from the business person and can purchase assets in the name of business.
• Matching concept- The identical expenses should be recorded simultaneously to the incomes earned.
• Going concern- According to this principle a business will be conveyed on perpetually for an unspecified time period.
• Monetary unit- The terms will form part of the accounts which can be expressed or measured in the terms of money.
• Accrual- The business expenses should be recorded in the year of their occurrence and must not be deferred.
• Historical cost- The purchase price or the acquisition price are the prices on which the assets are always shown. Assets are not shown on its realizable value or present market value.
• Consistency- The business policies and methods cannot be changed from time to time and it should remain consistent.
• Accounting period- The life of a business or firm is divided into small parts for timely study of the financial accounts.
• Objectivity- All the transactions free from biases must be recorded in business.

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