The need for Business Accounting Assignment Help continues to rise due to Business accounting being a tricky subject as it not only involves a lot of theoretical concepts and elements, but it also requires the usage and application of these concepts into problems with the intention to find a solution. There are a variety of concepts involved in accounting which may or may not be related to each other in some way or the other. The Business Accounting Assignment Help that you receive from TotalassignmentHelp.com is designed to impart the essence of these concepts and their real time application. Thus, not only do you get a well-made assignment from us but you also understand the underlying concept behind the assignment.
Accounting is the art and science involved with recording of financial transactions that have a bearing on a particular business, preparation of various financial statements and then preparing relevant reports based on the numerous financial statements so that all concerned people can analyze the performance of a business enterprise within a stipulated timeframe. These financial statements represent the intricacies of a business holding and its current status. The job of an accountant involves careful observation and recording of each and every business transaction with a monetary value attached to it.
Based on the Generally Accepted Accounting Principles (GAP), a company is required to prepare its Financial Accounts. Business Accounting Assignment Help also includes financial accounting which is a fundamental requirement of business operations. In order to achieve this objective, the accountant has to prepare financial statements that are part of the three main components of financial accounting which are as follows:
Each if these components hold a special place in financial accounting as they perform a specific role in overall financial accounting.
Balance Sheet is a statement that has the balances of the monetary values assigned to all assets and liabilities of a company, thus it helps in evaluating the overall status of a company on a given day.
The Profit and Loss Statement has a narrow purview and is clearly, as the name suggests focused on the profit and loss element of the business.
The Cash and Fund Flow Statement it deals with the tracking of funds to and fro from the company.
All these reports and statements combine to achieve a few objectives which include:
Management accounting is the part of Business accounting that provides the senior management the data that is required to make informed decisions that will affect the functioning of the business. Business Accounting Assignment Help involves preparing reports and statements along with forecasts that help concerned individuals ascertain the possible future developments and the future course of action that the company needs to follow.
Objective of Accounting Assignment HelpThe purpose of accounting assignment Help is to assist management and commerce students to be able to prepare their assignment on time and without them having to take any pressure.
There are various concepts that form the essential basis for Business Accounting and are part of Business Accounting Assignments. By how will you be able to get a grip of these complicated Business Accounting Concepts? Wee that is where TotalassignmentHelp.com comes into the picture. There are a few essential concepts related to business accounting that you can learn from our professional Assignment Creators that can not only help you complete your assignments but also help you with complete understanding of the underlying concepts of Business Accounting Assignments. These concepts are really important to understand in order for you to develop a better understanding of Business Accounting and prepare great Business accounting Assignments. Else you can also rely on us to provide you with Online Business Accounting Assignment Help.
A few of the essential concepts that form part of Business Accounting Assignment Help includes:
Cost: An Asset (Any Item that is purchased) is to be recorded at the price that was paid for it, in the accounting records. This concept arises from the realization that the worth of an asset may vary from time to time. But one thing must be kept in mind that periodical deduction of a certain amount for depreciation needs to be subtracted from the asset and the final value of the asset must reflect this subtraction.
Consistency: There cannot be application of various methods of accounting and Generally Accepted Principles (GAP) from time to time. There needs to be uniformity in the methodologies utilized for accounting so as to represent the true value of the business. Application of multiple methodologies may result in confusion and misrepresentation.
Conservatism: This concept requires the books of accounts to be extremely skeptical of the value assigned to all revenues and expenses. There should be no over estimation of possible revenues.
Duality of Transactions: This is the basis of all accounting transactions. The value of the total Assets will always be equal to total Liabilities plus the total Equity. Thus any change in the asset will result in changes in Liabilities and Equity as well.
Entity: The Business is a separate Legal Entity from the Business. Its accounts are different and so are its assets and liabilities. This allows for avoiding any conflict of interest between an individual and the business.
Going Concern Concept: This business accounting concept explains that a business entity is different from the individuals who own it so it will continue to exist even after the persons who created it cease to exist. The business will continue to operate, under changed leadership of course, irrespective of whether the creators live or die.
Monet Measurement: This concept requires for only those transactions to be included in the books of accounts that can be expressed in monetary terms.
Matching Concept: This concept enumerates the fact that for every transaction for revenue in a financial period there has to be a corresponding expense that the revenue has to be matched to.
Objectivity: This concept requires for every financial transaction to be backed by supporting evidences warranting such transactions. Such evidences may include bank receipts, invoices etc.
Income and Expense Accounts
Income and Expense accounts are the most basic forms of accounts as they deal with the two most important aspects of a business entity which is Income that a company earns and the expenses that have to be incurred in order to earn that income. This is where the matching concept comes into play. Income is the amount that is earned on the sale of goods and services, whereas expenses are the costs that have to be borne by a business entity in order to earn that income. This income and connected expenses have a bearing on the balance sheet as on hand, income increases the equity of the shareholder as well increase the value of assets, the expenses on the other hand decrease the capital and assets.
Outstanding Expenses or Accrued expenses are costs that have been incurred but not paid yet, and will not be paid till the next financial year. These expenses are added to the total liability of the company and shown in the balance sheet.
Advance Expenses Advance Expenses or prepaid expenses are expenses that are pertaining to next year but are paid in advance in the current year. These expenses are not shown as an expense in the current year, but are an expense that is to be shown in the subsequent year. In the current year it is shown as an asset on the assets side of the balance sheet.
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