Solve My Accounting Paper Online
Accounting plays a very important role in the course of commerce and it holds a very key position in the field of commerce. It makes the indication regarding the fact that, there is growing popularity and preferences of the students in understanding the studies in the course of commerce and actions being undertaken in this particular area. Online writing service is a particular kind of service which helps the students to make sure that they are solving the questions in a proper and appropriate way and this avoids the occurrence of the issues which are likely to rise to the people.
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What is the accounting?
Accounting refers to a method in which there are a systematic collection, recollection and classification of data for the purpose of ensuring that, best tasks are being identified regarding finding out the financial position of the organization. Accounting in the organization is related to preparation of profit and loss statement and it also works towards undertaking preparation of statement of affairs of the organization. This is a particular process wherein, information is being used for finding out the financial position of the organization in a proper and appropriate way.
Features of Accounting Assignment
§ Recording of accounting transactions is a feature of accounting assignment. This is an art in the course of recording of business transactions which are being recorded on the basis of cash and money.
§ Second feature of accounting is the feature in the name of classification. It is crucial that different assignments are being classified under different heads on the basis of nature of accounting.
§ Third feature of accounting assignment is summarizing. This is an act in which there is a presentation of the summary of all the transactions which are being taken into consideration. The balance sheet is also a particular aspect of the course of accounting.
§ Fourth feature of accounting is interpretation. Here, the process of recording, classification, and summarization would ultimately lead to interpretation in the course of accounting assignment.
Accounting Principles Assignment
Accounting principles are the rules and regulations which are required to be confirmed by the organization. It is being identified that accounting principles are the set of rules and provides the framework on the basis of which the organization has to carry out its tasks in a proper way. The accounting principles being taken into consideration in the present scenario include the following:
Ø Going concept principle
Ø Accrual principle
Ø Cost principle
Ø Conservatism principle
Ø Consistency principle
Ø Economic entity principle
Ø Full disclosure principle
Ø Matching principle
Ø Materiality principle
Ø Reliability principle
Key Concepts and Elements of Accounting
v Accounting: This is an act in which there is recording, classification, summarization, and interpretation of accounting principles of the organization. This is a particular statement which makes the depiction of current and non-current assets. This also comprises the current state of business affairs of the organization.
v Profit and Loss Statement: Profit and loss statement of the organization provides information regarding the profits being generated by the organization after consideration the income and the expenditure of the organization. It makes a reflection of the fact that whether the business organization has generated profit or not.
v Cash flow statement: cash flow statement of the organization makes a reflection of inflow and outflow of cash of the organization during a particular period of time. In case of positive cash flows, there is a reflection of the fact that, whether the organization has generated cash during the period or whether it has not generated cash during that period.
v Trading account: Trading account makes a reflection on the expenditure and income earned by the organization after doing deduction of the direct expenses.
v Revenue expenditure: This is a kind of expenditure which is related to daily and normal expenditure being incurred by the organization in the course of its business activities. This is a normal expenditure and it is incurred in the normal course of business of the organization.
v Capital expenditure: This is a kind of expenditure which is not frequent incurred and in the case of this category of expenditure; the total figure does not form part of expenditure being incurred in a particular accounting year.
v Accounts payable: The organizations are being involved in dealings and certain transactions. In the course of dealings and transactions, payments are to be made to creditors of the organization. In this case, accounts payables are being generated by it in the area of doing the working.
v Accounts receivable: Any amount which is required to be received by the organization on account of any sales being made will be considered
v Accounting methods
o Accrual basis of accounting: This is a method of accounting wherein, stress is being paid not on recognition of receipt but on the transaction. Here, sales are being booked at the time when the transaction is being made not at the time when payment is being received by the organization.
o Cash basis: In this method, sales are booked at the time when the payment is being received not at the time when the organization has booked the transaction and carried out it.
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