Accounting is a process of recording, assessing, and summarizing financial data. Many students pursue accounting as their career, and accounting is a great path as a career. But find it difficult to make assignments as many of them are already into part-time jobs. Due to which they get struck between classes and assignments. Therefore, to avoid a negative impact on their academics, they avail of Accounting Assignment Help to score good grades in their semesters.
Definition of Accounting
Accounting can be defined as keeping records of all the financial transactions of an organization. Accounting helps in making track of all expenses, income, liabilities. Accountants are responsible for making their clients aware of their firm financial performances.
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Fundamental Concepts of Accounting:
- Accruals concept: This concept states that revenue can be determined only when they are earned, and expenses can be determined when assets are used.
- Going-concern concept: This concept states that business will remain in operation in future periods.
- Economic-entity concept: This concept states that business transactions are separate from business owners' personal transactions.
- Matching concept: This concept states that revenue and expenses should be recorded at the same time when they occurred
Different Types of Accounting
There are three types of accounting which are:
- Financial Accounting: This type of accounting helps generate financial transactions for an organization.
- Cost Accounting: This type of accounting helps an organization to determine the cost decision. What a product should cost.
- Forensic Accounting: This type of accounting is used to collect and restore an organization's financial information as a part of the investigation.
Methods of Doing Accounting
There are two methods of recording the financial transaction in books:
- Cash system: In this accounting system, financial transactions are recorded only when the cash amount gets received or paid. This system does not provide a complete picture of the profit and loss account.
- Accrual system: In this accounting system, financial transactions are recorded at the same time of transaction. This system gives a complete picture of the profit and loss accounts.
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