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- 1. ASSIGNMENTHELP.NET ACCOUNTING ASSIGNMENT HELP Accounting is the art of recording financial transaction related to business. It is the process of analyzing and reporting this transaction to other agencies, regulators, tax collection entities. over a period of time financial statement give a short summary that summarizes financial position cash flow of large companies operations, in a time period. It gives a short summary of thousand and hundreds of financial transaction. Accounting is one of the main function of almost any business. It is held by bookkeepers, small firms, shops or by the sizable finance department and many employees of big companies. many streams of accounting like cost accounting and management accounting gives the reports are useful in making business decisions. The main accounting function is held by bookkeepers, accountants designated such as certified public accountant in united states, or chartered accountant, certified general accountant or certified management accounts in Canada. the generally accepted accounting principle (GAAP) is generally used in accounting while making
- 2. ASSIGNMENTHELP.NET financial statement.standards which are used in making balance-sheet, outstanding shares measurements all created on double-entry accounting.in double-entry bookkeeping, two sides are affected. Both debit and credit sides are effected in double-entry bookkeeping all receivables are coming under debit side and all revenue comes under as credit side. When the invoice is paid by client credit side comes account receivable and debit side comes to cash. Double-entry bookkeeping is the method called balancing the books all the entries balance each other if they are not balanced it means there is a mistake. FINANCIAL ACCOUNTING VS. MANAGEMENT ACCOUNTING Financial accounting is the accounting in which the firm’s annual account statement is generated. Management accounting is very similar to financial accounting and is utilized in different ways. Accounting gives reports in monthly or quarterly which help the team of business management in taking a decision and operating business. FINANCIAL ACCOUNTING VS. COST ACCOUNTING Like as management accounting in managing and decision making. Cost accounting helps in making a decision about the cost. Cost accounting totals only the cost of production. The managers, business owners take this information to know what should the cost of production. In cost accounting money is regarded as an economic factor in the production of products in financial accounting money is regarded as the financial performance of the company. FINANCIAL ACCOUNTING Financial accounting records, summarize and report companies transaction and show the financial position of the company. This transaction, in short, shows the preparation of balance sheet with financial statements, cash flow, income statement companies performance in a period.
- 3. ASSIGNMENTHELP.NET HOW GENERAL LEDGER WORK The general ledger gives each financial transaction that happens in during the company is operating. The general ledger shows the record of financial data of a company with debit and credit side entry shown in the trial balance. HOW DOUBLE ENTRY WORKS Double-entry bookkeeping is the type of accounting which equal and opposite effect in accounts.it is done to satisfy the accounting equations. It is recorded in terms of credit and the debit. The sum of debit and credit is equal. It detects the errors and it also gives an accurate financial statement. In bookkeeping accounting, measuring, recording, and communicating is the way of accounting.business transactions are recorded to accounting and bookkeeping purposes. Accounting is an economic event. It the way of communication between the customers and vendors these communication and interaction are divided into several accounts are : • Assets • Liabilities • Equities • Revenue • Expenses • Gains • Losses DEBITS AND CREDITS Debit and Credit are indispensable in a double-entry bookkeeping system. Debit come in the left side of accounting ledger and credit on the right side of the ledger. For balancing debit and credit side must be equal. The debit can increase one account and decease other. All assets are increased by debit. Liability and equity accounts are decreased by debit. It helps the general accounting equation of assets = liability + equity.
- 4. ASSIGNMENTHELP.NET Expenses and loss account are increased by expense and loss accounts and credit decrease their balance. Revenue and gain account balance decrease by debit balance increase by credit. RECONCILIATION Reconciliation is the process of accounting which records two accounts entry the work of reconciliation is to figure out and see entries are correct in both the sides. It sees and pledges that money into the account the amount that has been spent. Reconciliation gives accuracy in financial accounts. It is helpful in elaborating the difference between financial records and account balances. This difference is because of the timing of payment and deposited. JOURNAL A journal is a financial record which record all the financial transaction in the deep journal financial record are used for further reconciliation and its general ledger. A journal shoes the date on which transaction held, whatever account effected which are found in double-entry bookkeeping. • Journal entry detailed about the financial transaction which is made by investors. • In companies, the journal entries can be recorded by using both single entry and double-entry bookkeeping. The accounts exchange in every business transactions in journal accounting it is recorded in two columns. If a businessman purchase stock of 100000with cash this transaction is recorded in the journal. The cash decrease by 100000 and the stock amount will be increased by 100000 in the current asset. It is now very easy for accounting students to get detailed and logical solutions to accounting assignments or problems at a very reasonable cost and within a deadline. Our expert accounting tutors delivered excellent accounting help services to you. You 100% sure that we deliver what we promise!