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Accounting is the language of business. The main responsibility of accounting is to direct management decisions of the company and recording different monetary transactions. Accounting helps in drawing new investors as well as develop business management. Hence learning the proper accounting techniques help the students of accounting studies to solve their financial accounting assignment properly. Assignments4u.com provides the exact support so that the students do not have to waste their crucial time in researching, analyzing, so as to complete their financial accounting assignment on time. Our team of financial accounting assignment writers will do the researching and accumulation of data, and then they will write the assignment for you and deliver to you before the promised deadline.
We receive many financial accounting assignment help requests every day, which comprises of preparing of bank reconciliation statement, evaluation of business investments, standard costing and others. Our financial accounting assignment writers does everything for the students so that they can get good results in their financial accounting assignment help papers.
What Is Accounting?
It is mainly the process of reporting, analyzing and summarizing of accounting statements which required for the tax collecting departments and oversight agencies. It is a comprehensive and systematic way of recording financial transactions which help in properly pertaining the business for increasing the services of the business for future needs. It is mainly handled by bookkeepers and other accountants in banks as well as other organizations. Here the main key function of accounting was to maintain the accounting statements in such a way so that the organization can look after its profit and stock in hand. While in some other cases the records and reports which are being generated like management accounting, as well as cost accounting, become invaluable in assisting the managers in making informed business decisions. Advanced accounting is normally handled by qualified accountants like Chartered Accountants, Certified General Accountants, Certified Public Accountants and others.
Accounting experts are required almost in all business operations and towards some governmental areas too. They are important towards business environments because they help in maintaining the accounting statements and recording of monetary transactions. Additionally, they also check whether the tax reports are prepared properly and paid within the due date. Accounting is the essential backbone of any business as they help in regulating the inflow and outflow of the business so that the business entity can work smoothly and this is the only way in understanding the profit, the budget and the cost for the year. According to the American Institute of Certified Public Accountants which is known as in short as AICPA describes accounting as the art of classifying, summarizing and recording in an essential manner and the terms of monetary investments. The accounting departments present in the organization is solely responsible for checking the sources from where the money is coming in and to where the money is going out. This inflow and outflow of money include salaries, advertisements, client budgets, and others. The accountants help in keeping everything in an organized way which helps the managers and administrative heads to determine where the budget reductions can be prepared and how much bonuses can be given to the employees who are working for the betterment of the organization.
What Are The Basic Functions Of Financial Accounting?
Let us discuss some of the basic functions of accounting which involves the creation of financial records about the business flows of finance, the process required for the creation of wealth in the organization, and the financial status of the business for a particular time. Whether the business is big or small, the reputation & progress of any business stands upon the proper financial footing of the entire operations of the business entity.
Financial Accounting helps in communicating the financial information about the business concerns to various parties who turn to be interested to know about the operating system about the business. Financial Accounting also helps in providing the information regarding the health status of the business and results it to the operations team. Now let us see that what are the functions of accounting or financial accounting:-
- Classification of Data – It is the process of organizing and regulating the data in such an order required for its most efficient and effective use. It is essential to find out and retrieve the data easily. Classification Of Data mainly concerns about the systematic analysis of the recorded data. This type of analysis and classification of data is called as preparation of ledgers.
- Dealings with Financial Transactions – Financial Accounting helps in recording only events and transactions capable of measuring regarding monetary values which are not financial in nature and not recorded in the accounting books.
- Interpretation Of Financial Information – It is an essential role which is required in the decision-making process for a business entity. The recorded financial data are being interpreted for the end users like shareholders, investors, and bankers so that they can retrieve the important meaning about the entire financial conditions of a business entity.
- Summarizing the Classified Data – This is another significant function of financial accounting as this helps in summarizing the recorded, classified data which are required for the preparation of Profit & Loss account and Balance Sheet.
Objectives Of Financial Accounting
Now let us see some in detail views about the main objectives of accounting because every activity done by the firm should be for obvious reasons and accounting is no exceptions. Accounting helps a company to achieve its main purposes and waves of objectives. Below are some pointers which will help us to know the in detail review about those objectives. They are as follows:-
- Maintaining a Permanent Record – Any business organization requires a permanent record about the transactions it indulges in. As these records and statements are needed for the internal purposes of taxation, bookkeeping, and any other requirements. Whenever the company commits for any resources whether from outside the company or within the company premises if it regards monetary value then it is being recorded immediately.
- Measurements of Output – Every day a business entity may indulge itself in many transactions, where it might make some profits and losses within these transactions. Howsoever the effects of all these transactions require being adjusted over the period. There must be weekly and monthly reports which help in providing the information about the performance of the company. Accounting helps in serving this purpose in presenting periodic financial reports which help the company in adjusting their overall performances completely.
- Creditworthiness – Every organization requires resources for their smooth functioning of the operating processes in the company. For this reason, when they do not have enough capital or stock at hand they tend to obtain the necessary resources from the investors. And the investors provide money and other resources to the company only when it gets reasonable assurance that the company will yield a good amount of profit.
- Efficient utilizations of Resources – With the help accounting data business firms can conduct small analysis to check whether the firm’s resources are being utilized properly or not. Hence these returns are also recorded and summarized accordingly which was obtained from the recent activities. The administrative heads and other authorities can then analyze earlier behaviors and draw the line about how the company has performed and utilized the resources properly.
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There are many students who have found out that accounting is a bit hard subject to grasp and understand easily. So, when the students are being given accounting assignments to work on half of the time they fail to complete the assignment within the given period of time from their respective universities or institutes. Accounting has many different levels of studies, where the students have to understand each of them properly so that they can complete their accounting assignments and qualify in their accounting examinations with excellent grades.
It is a better decision to take help from the accounting assignment help portals as they assist the students by writing their assignments within the given period of time provided by their universities. Here the team of assignments4u.com tries their level best to complete the accounting assignment in a very professional manner. As assignments4u.com provides plagiarism, error free and on time deliveries of assignments, our professional writers do a thorough research and collection of important data from the accounting books so that they can prepare the financial accounting assignments for the students perfectly.
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Financial Accounting Assignment Help Services By Our Professional Financial Accounting Writers
Financial Accounting assignments are compulsory for every student who is studying about accountancy, as it is needed for them to judge their academic performance. It becomes difficult for the students of accounting to complete their financial accounting assignments before the given deadline, this is why our professional financial accounting assignment writers do your work while you can do your preparations for your other subjects. We serve students with their financial accounting assignment and other subject-related homework like business management assignment help and so on who are located in these countries like United Kingdom, Australia, Canada, USA, and New Zealand. Our financial accounting writers cover all the concepts of the subject matter and deliver the best financial accounting assignment help services to the college and university students.
Now let us discuss what is financial accounting and why it is required by the organizations and what are its different segments of which forms a part of financial accounting.
What Is Trial Balance? And Why It Is Required?
It is a bookkeeping worksheet where all the balances are being compiled into ledgers in the form of credit and debit columnar structure. This trial balance is periodically made by the company prepared at the end of every accounting periods. The actual objective of making a trial balance is to make sure where the entries about the entries done in the bookkeeping system of the company are mathematically correct or not.
Preparing a trial balance the company can detect any sorts of mathematical errors in the double-entry system of financial accounting. When the total amounts of both credit and debit tallies then only the company understands that the trial balance is properly balanced on both sides. This does not seem that there are no errors mathematically in the accounting system of the company. The auditors of the company help in detecting out any sorts of small unseen mathematical errors so that they can be rectified properly.
Companies normally record all about their business’s financial transactions so that to find and keep notice about all the inflows and outflows of capital done in the company premises. Even some accounts are used further to record various other business transactions as well. As an outcome, the ending balance of all ledger accounts is being shown in the trial balance working sheet according to all credit and debit balances of all the transactions recorded in the general ledger of the company.
Such a uniformity helps in assuring that there are no unequal credits and debits present in the books of the company which has been included or entered by mistake in the double entry system of the company. On a trial balance working sheet all the debit balances are being written on the left-hand side of the sheet and whereas the credit balances are being written on the right-hand side of the working sheet. It is required to keep a keen eye on the preparation of the trial balance so that no such wrong entries are being written in it.
There are even sub-topics which students tend to study about them by selecting them as their elective course study. We will try to understand them a bit briefly which will help us to know about them and get an in-depth knowledge about each of them. Given below are the names and a brief description about them. So, let us begin our journey then. They are as follows:-
- Journals Entries.
- Internal Auditing.
- Cost Management System.
- Accounting Information System.
- Cash Flow Analysis.
- Business Ethics.
- Income Statements.
Here are the description about the sub-topics or elective courses for you to understand about them properly.
About Journal Entries?
According to the bookkeeping system, the transactions of any businesses are being recorded in the way of journals. A manual journal entry will comprise of the following things given below:-
- Appropriate Date and Year
- The accounts and amounts will be debited in a column
- The accounts and amounts will be credited in another column
- Description about the following journal entry which will start with “Being the amount….”
- And a reference number.
After creating the journal entries properly, they are then transferred into the General Ledger Account. Nowadays people use different software in computers to sort out the journal entries about a company, and these journal entries are immediately transferred to the general ledger account by the computer system itself, then the software prepares an invoice which are receipts handed over to the customers. Here the journal entries are hidden from the eyes of the customers and are kept as records for the business entity to check the inflow of money and how much stock is available in their stores.
A journal entry is mainly the recording of a transaction into the accounting journal items. The journal entries mainly comprise of many recordings some are in debt, and some are in credit. If the total amount of debits do not equal with that of the credit side, then the total of journal entries is said to be as unbalanced then a thorough rectification of errors.
Normally accounting is called as the communicative language for every businesses and organization. Financial accounting is mainly required by an organization so as to encompass many fields of work starting from tax accounting till financial management accounting. Apart from just keeping records in a normal general ledgers accountants always try to keep some specific journals, and they are some special kind of ones, the main objective is to record the details of the company’s financial transactions.
About Internal Auditing
Internal Auditing is an independent examination process which helps in analyzing the activities of a company’s operation, including the study of business structure, different information systems and employee behavior. The regulations of Internal Audit has highly increased lately in the corporate sectors as audits help in identifying all the issues of the company before they become some substantial problems. Any kind of internal audit assesses the exact effectiveness of an organization’s internal control system and the functioning of its operating system as well. There are some departments which are being audited more often than the other departments as there are some probable ways were the effectiveness of the company can be decreased.
Any internal audit begins with a set of procedures which assist the auditor in assessing the current procedures of the company. The auditor or the group of auditors then compares and analyses the outcome of the internal control objectives. Then they again check whether the outcome complies with the set of internal policies and federal laws. Then at last after compiling entirely, the auditor presents the audit report to the owner of the organization or the company.
About Cost Management System
Cost Management System is a process which helps to control and planning the budget of a company, and it is a different type of management accounting system which allows a company to predict all the impending expenditures so as to decrease the chance of getting over budget. Therefore many business entities have applied this method of controlling budget and checking system so that the within the budget the company or the business enterprise can operate properly as well as it is required to check the overall business model perfectly. Cost management is also considered as an essential part of business management as well because it is used to identify every future expenditure in an organization so as to decrease the overages of a budget as much as possible.
In this process, every expenses and cost are being kept under strict control and being monitored during the execution of the project to assure the cost line is within the actual cost management plan or not. As soon as the project gets completed the predicted costs are being compared with the actual cost, as it helps in predicting any sorts of future expenses.
The cost management system includes some defined advantages too which help the cost accountants to monitor the cost management plan made for the company accurately. Given below are some of the pointers which help us to understand more properly about the cost management system and its works. They are as follows:-
- Cost management system has the abilities to control the expenses of the project.
- It has the abilities to control the budget of any business.
- Cost Management System can maintain the central record of every predicted expense.
- Cost Management System ensures the costs which are being approved before the purchases are being made.
About Accounting Information System
Accounting Information System or in short known as AIS is the procedure of processing of financial accounting data, collection and storage. It is normally a computer based procedure used for tracking the activity of accounting when in conjunction with the resources of information technology. An Accounting information System helps in combining the traditional accounting practices just like GAAP or popularly known as the Generally Accepted Accounting Principles and the resources of the modern information technology. An AIS contains different elements which are necessary for accounting cycle as well. However the information contained in the system differs from business sizes and industries, any type of typical AIS includes expenses, tax information, employee information, and customer information as well.
Traditionally Accounting is truly based on manual approach, skillfulness and experience of any individual accountant are very different in any accounting process. Even the usability of any manual approach can be both inefficient and efficient, as any Accounting Information System can resolve many of the issues presented above. There are some Accounting Information System which supports an automation of processing a vast amount of accounting data accurately within a given period of time.
Cash Flow Analysis
Cash Flow Analysis helps in estimating a company’s cash outflows and inflows starting from financing activities, investing activities, and operations. In other words, it is said to be as the research of how a company is generating cash and from where it is coming from plus what is the overall value of the company. Cash Flow Analysis is a procedure which is being used by different businesses and investors to determine the total worth of all the companies also the individual branches of large companies as well. Cash Flow Statement is one of an essential financial statement for business or a project, and the statement might involve several schedules where the information is being fed into a typical central statement. Normally a cash flow statement is a different kind of listing of all the cash which is being flowed out or in the business which occurs during a past accounting period. But, it is not only concerned about what amount of money is flowing in the business as it also takes care of the time when the cash is flowing into the business.
Assignments4u.com handles everything with care as many students find it difficult to complete their accounting assignments on time, so they tend to take extra help from the assignment service providers. For this reason, the accounting assignment help writers of assignments4u.com tend to accumulate all the important theory and practical papers so that they can complete the entire assignment paper within the given time slot by the student. This the reason why our expert writers try to accumulate every single paper so that the accounting assignment help papers looks lucrative towards the professors of the university. This helps the students to get the excellent grades they always wanted. Feel free to contact us at firstname.lastname@example.org for your accounting assignment help or any other subject related assignment help as we are and we will be there to help you out. Trust us once, and you will trust us forever.
Depreciation is the financial accounting procedure of allocating all the cost value of a tangible asset. Every business entities tend to depreciate long term assets for both the accounting purposes and tax related purposes as well. Sometimes due to tax related purposes, any business enterprises tend to reduce the cost of each tangible assets which they buy as an expense for the businesses. Businesses should depreciate or reduce these long term assets according to the IRS rules and regulations which help in making us understand that how an asset should be depreciated and when the deductions should be taken.
The term depreciation sometimes becomes difficult to figure out for the students who belong to the academic study of accounting as depreciation does not represent the actual cash flow system. It is a type of accounting convention which allows a business entity to write off the exact value of an asset within a given time period, though it is being considered as a non-cash transaction.
About Business Ethics
Business Ethics is the academic study of business practices and other business policies, and this study makes the students understand about the potentially controversial problems present in a business organization like corporate social responsibilities, bribery, corporate governance, insider trading and much more. Business Ethics are a type of business law because they present a basic framework of the business so as to follow the actual public gain acceptance.
Business Ethics also ensures some degree of belief which exists between different market participants and consumers as well. This concept about Business Ethics arose in the year of 1960 when various companies become aware of the increased effects of the customer based society which showed different concerns about the corporate responsibilities, social causes and the environment. Business Ethics always takes an attempt so as to regulate what business entities should do to maintain a competitive advantage to stay above other business competitors.
About Income Statement
Income Statement is a type of financial statement which helps in reporting the financial performance of a company over the specific accounting period. The financial performance of a company is also being assessed by the help of a summary which shows that how a company incurs its expenses and revenue through non-operating and operating activities, this summary also shows the net loss or profit incurred by the company over a specified accounting period.
In other words, Income Statement is also called the profit and loss statement of expenses and revenue, and it is one of the three primary financial statements present in the 10-K and the financial reports of a company. The other two statements are known as the statement of cash flow and the balance sheet, all of these three primary financial statements provide the investors with the exact information required to understand the state of a business’s financial affairs. But the income statement is the only one which helps in providing the entire overview of the businesses or the organization’s total net income and sales perfectly.
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