Accounting Help for Students Online
Learn Everything About Accounting with the Help of Online Tutors
Accounts are considered to be a subject that can turn out to be quite tricky and complicated. However, it is absolutely essential for students studying in the field of commerce to have a good grasp on the subject. At myhomeworkhelp, we provide accounting help for students online to help them excel in the subject. Be it the basics of accounting or a more complex concept, we have tutors who can help you out.
What is accounting?
Accounting can be defined as the process of recording a business’ or an organization’s financial transaction. It interprets documents, classifies, examines and outlines monetary information in an organized way. From the very definition itself, you may think it is a complex process. If you want to get good at accounting, you need to pay special attention. Of course, whenever you need any help, our experts are here to guide you.
Types of accounting
The subject of accounting can be majorly broken into three categories, including:
- Financial Accounting
- Cost Accounting
- Management Accounting
This type of accounting primarily deals with recording financial transaction in balance sheets and profit and loss accounts. Financial accounting is mainly concerned with:
- Recording transactions of the company
- Preparing accounts and balance sheets as and when necessary
Accounting of costs is known as cost accounting. This field of accounting concerns itself with influencing the unit cost of any service provided or output produced. Cost accounting performs functions like:
- Cost control
- Determination of cost of goods
Financial accounting and management accounting collects and arranges information. This information is used by management for working more efficiently. Also, the outsiders can use the relevant information they need. Management accounting is responsible for providing the final data to the management. This data helps them to take more informed decisions. The decisions are aimed at minimizing loss and maximizing profits.
Myhomeworkhelp.com provides accounting help for students online in all fields. Whether you need assistance with financial, cost or management accounting, we can always provide you the necessary academic assistance.
Basic principles of accounting
The financial information provided by accounting is critical for the functioning of any business or organization. The field of accounting is highly regulated. The entire procedure needs to be conducted keeping certain accounting principles in mind. If you are having trouble understanding these principles, do not worry. Our tutors offering accounting help for students online can explain all the basic accounting principles in details. These include:
This principle dictates that accounting transactions should be recorded in a period when they occur. Recording of transaction should not be based in the cash flow associated with the transaction. The accrual principle is critical for creation of accurate financial statements. If this principle is ignored, there might be delay because of expenses being reported only upon payment.
This principle states that liabilities and expenses should be recoded as soon as possible. It also states that revenues and assets should be noted only when there is a certainty of them materializing. With delayed recognition of assets and revenue, the profits reported might be delayed. It also causes loss recording to be done sooner. To know more about conservatism principle, get our accounting help for students online.
It is based on the idea that after a company has adopted an accounting method, it should continue using it. It should only adopt a new method or principle if it is better than their existing method. If the company doesn’t follow the consistency principle, switching between different accounting methods could be difficult in the long run. The financial results over the longer term could be hard to recognize
It states that a business’ liabilities, assets and equity investments should only be recorded at their actual cost of purchase. Cost principle is losing its validity because certain accounting standards adjust assets and liabilities as per the fair market price.
Economic entity principle:
This principle states that a business’ transactions must be separate from the owners as well as other businesses. It prevents mixing up of assets and liabilities between different entities. Otherwise, the mixing up would cause difficulties while initially auditing financial statements of a new business.
Full disclosure principle:
According to this principle, financial statements must include all the information that readers of the statement require to understand it. When you take accounting help for students online from us, we will explain how to include information in financial statements. Our accounting experts will teach you everything that you should know.
It states that a business should continue to be operation for future that is foreseeable. This allows business owners to defer recognizing certain expenses like depreciation until a future date. Without this principle, business would have to recognize expenses at once, without deferring it.
As per the matching principle, while recording revenues, an organization should also record the expenses related to it. For instance, the cost of goods should be charged from inventory at the same time as revenue generated from sale.
Monetary unit principle:
This principle states that only the transactions that can be explained in terms of currency unit can be recorded. Purchasing a fixed asset is simple because it was bought at a certain price
It states that recording of transactions should only be done if it can be proved. This principle is vital for auditors who require proof for supporting transactions. An example of an evidence of an expense is supplier’s invoice.
Revenue recognition principle:
It dictates that a business should only recognize revenue when it has completed the process of earning.
Time period principle:
It states that businesses should record its operations’ result over a standard time period.
The best place to get accounting help for students online is myhomeworkhelp. That is because:
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