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Our business accounting assignment help module communicates financial information and helps students to gather knowledge about a financial statement. Accounting is based on 12 fundamental principles that are the basis of Accounting. To get in-depth knowledge about the financial performance and accounting functionalities, it is important to know the key elements of accountings. Our experts explain the concepts to you.
Accounting is the method for the accountant which helps them to make accurate calculations regarding the transactions in business which is reflected in the balance sheet in the profit and loss account and income statement and company publishes the final account to give detail information to all its creditors, debtors and investors about the profitability of the company to be able to help them understand the market position of the company whether it is a prudent action to invest more in the business or it is the prospects of the enterprise. The primary job of the accountants is maintaining and preparing the financial document, analyzing and monitoring the business process and transaction. Moreover, the analyst does ratio analysis to know the financial health of the company, the proportion of debt and equity capital in the enterprise.
There are two main components of accounting; one is financial accountancy and the other is management accountancy.
Financial accounting involves people outside the business who are not involved in the day to an activity of the company. It publishes financial statement based on the accepted accounting principles of a respective country.
In the scenario, the accountant studies the past figures and records the transactions. It also aims to measure the financial performance of the company. The main three parts of financial accounts are as follows
The above three parts of reports are important as each provides relevant information that helps the accountant to get the facts and figure to analyze the financial activity of business in a clearer way. The financial accounting aims to serve the following purposes
It is based on the future facts and figure while predicting the future of the enterprise. Management accounting calculates the cost-benefit profit analysis by studying the facts and figure of past and the current data and correlates the data with the present and often does the comparative study to analyze the current situation in the business. It helps the company to achieve the goal of the company and also contributes to foresee the future objective of the enterprise.
The purpose of accounting is to provide financial information about an organization, keeping the records of transaction and analyzing the financial transaction of the data.
Do you know the difference between the actual price of a truck in the balance sheet that is $9000 and what it represents signifies many things? Whether it is prudent to sell the truck at $9000 or it is a wise decision to buy the truck at $9000 or what is the original purchase price of the truck $9000. These are the underlying assumptions that contribute to the worth of the asset and how it reflects the company’s financial condition and decision-making. But how do you get hold of the concept of a business assignment? The answer is business assignment help online offered by us. Our experts can explain the 12 key accounting concepts and principles to provide you a thorough knowledge and better understanding. Here they summarize it for you. But if you want to learn the key concepts in details, you need to avail our expert help with the business assignment.
All the transactions of the business are kept separated from the owner and the activities. It prevents the mixing of assets and liabilities in different objects. It helps while auditing the financial statement of a fledgling business.
All the accounting records are expressed in monetary terms.
According to this accounting concept, the entity continues for an indefinite time being. It implies that the financial statement does not represent the company and analyses the worth of the asset, but represents the asset to be used for future operations. The concept also distributes the cost over the entire property lifespan.
The asset is included in the accounting records as per the price paid to get it, as the worth of the asset varies with the time. So it is impossible to get actual market value for the asset of the company. The accounting practices recognize the depreciation cost and subtract the depreciation price from the total cost to get the net amount which reflects the differences as an operational cost. For example, a truck has been purchased at $10000 and depreciation cost is $1000. After deducting the depreciation cost, the net value of the asset becomes $9000. So, $9000 simply represents the book value of the property after calculating depreciation cost.
The concept forms the basis of accounting principles.
Assets= Liabilities + Equity
*Assets are the properties that a company owns
*Liabilities refer to the obligations that are reported on the balance sheet and it occurs when it borrows from the creditors. An example of liability is accounts payable. Accounts payable happens when the company involves in the purchase of goods and services from the suppliers on credit, and when it pays to the suppliers the accounts payable reduces.
*Equity is the difference between the two variables which represent company’s claim from the investors and owners.
The concepts imply that all the accounting transaction will be based on clear evidence such as invoices, receipts, bank statement etc. This means all the information is based on facts and the information gathered from the source.
Time refers to the accounting period or the calendar year during which the accounting calculations are recorded.
It requires the financial statement won’t overstate the revenue and expenses in an exaggerated manner. It recognizes the costs that are identified and is reasonable to provide a clear picture to the investors.
Realization is when the revenues are realized by the owner of the business. This happens when a seller receives cash from the exchange of services. It emphasizes the fact that revenue is recorded when it occurs.
It reflects that income and expenses are calculated in the same accounting period. For example, when the bill amount is $20,000 in a month, to calculate the revenue for the month the expenses will be computed to generate the income information.
It applies a consistent method to all the subsequent events ensures clarity and avoids confusion while representing the data.
It records the events that are significant to justify the information with maximum clarity and precision. The practices of accounting principles help one to analyze, prepare the data and compare the financial statement.
The three components of balance sheet accounts are Assets, Liabilities and Equity which signifies the changes in the value of the things that the company owns. Assets include a car, cash, a house or stocks that have more liquidity. Liabilities are something when the creditors owe from the enterprise.
The two components that are revenue and expense accounts are used to provide detail information about the increased and decreased value of auditors. Thus, the balance sheet accounts give clear picture about the value of the asset that the company owns in contrast with that it reflects the changes in the value of assets. Income is the payment that the firm receives for providing services or by selling goods. Other examples of revenues include commissions, incentives, interest gained from bank accountant. The income increases the value of the assets and increases the equity. Expenses refer to an amount of expenditure that the company invested to purchase the services and to operate the business. Expenses tend to decrease the capital and assets whereas meeting the obligations and expenses on credit enhance the liability.
This is the cost that incurs in the financial year but paid in the next fiscal year. An example of such expenditures include when the invoices are received to bear advertising expenses, rent of the facility, taxes, water and electricity bills, etc. that are related to the financial year but not paid in the same financial year. The expense amount will be adjusted, and the outstanding amount will increase the liability at the end of the exercise. It is accrued because the amount is still due to the party who has supplied the items already consumed in the financial year.
An asset that is included in the balance sheet and the payment is made in near future for accessing the goods or services. For instance, the insurance premium is a prepaid expense as the purpose of purchasing the insurance is to get protection against unforeseen in future. Prepaid expenses are those expenses that are paid in advance and included in the current accounting period and reflected in the final accounts but the benefit is realized in the subsequent years. It is considered as the expenses of the next accounting year and doesn't fall under the expenses category of the current accounting year.
In trial balance, prepaid expenses are calculated on the asset side of the balance sheet. But while adjusting, it is subtracted from expenditure in the debit side of profit and loss account and shown on the balance sheet in asset site.
Students pursuing major in financial management need to learn the fundamental accounting principles and practices. The varied types of data analysis and recording data of financial transactions and their intricacies are not very easy to understand. Hence, many students take business accounting assignment help from professional services due to their limited knowledge in this sphere. Though there are various services which provide this business accounting assignment help, MyAssignmenthelp.com is the most competent and proficient service to provide this much-needed academic assistance. Students can always procure impeccable business accounting assignment help online from us based on their individual requirements and specific guidelines.
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