Are Balance Sheet Homework Answers Throwing You off Balance?

Get Quick and Accurate Online Homework Help from Qualified Tutors.

trustpilot ratings

4.2 out of 5

My Homework Help

4.7 out of 5

sitejabber ratings

4.8 out of 5

  • NHonest Pricing
  • NBetter Grades
  • NMoney-back Guarantee

Get Homework Help From ExpertsFREE QUOTE

Please enter the details of your homework.
Get a response in under 15 min
Rate this post

Balancing a balance sheet can be a grueling task for most accounting students. Though an integral part of their study, many struggles to score in this area. Is it really that monstrous? Let us look at the problem from an insider’s view point.

What is a balance sheet?

A balance sheet, in simple terms, refers to a statement of financial position, be it of a sole proprietorship, partnership or a company. It indicates financial health of a concern as on a particular date. It lists assets, liabilities and ownership equity. The difference between assets and liabilities will be the net worth or capital of concerns.

Main components of balance sheet

While solving balance sheet homework answers, a major question to balance both sides. I have seen students tearing their hair out, trying to tally their assets and liabilities. To balance, first, we should understand its components

  • Current assets: This refers to assets which are temporary or perishable in nature. It includes cash and other short term assets like debts receivable, stock in hand,
  • Non-current or fixed assets: These are assets of a permanent nature i.e. not likely to be exhausted in near future. It includes all buildings and land owned by the entity as well as heavy machinery and equipment. Goodwill earned by entities is also grouped under this category.
  • Current liabilities: All the amounts payable to creditors within a year and all accrued expenses come under current liabilities. It also includes all current taxes payable.
  • Non-current liabilities: All long-term loans and deferred tax liabilities from the past qualify as non-current liabilities.
  • Owner’s equity: Difference between assets and liabilities will be net worth. It includes stocks and share capital, retained earnings and accumulated reserves.

Common problems faced by students

While learning capacity and aptitude may vary from person to person, there are some concerns which are often raised by most students.

  • Classification:

Yes, classifying given items into assets and liabilities can be tricky, especially when number of items is huge. I have heard doubts like “how can you say debt receivable is an asset when you have not actually got it?” Classifying as short term and long term also causes trouble. All abstract items are found to distract students. While solving balance sheet homework answers, most stumble in classifying.

  • Balancing:

The essence of a balance sheet is that both sides should tally.This is because it is prepared based on double entry principles.  Every transaction is recorded in two different accounts. This helps to cross-check accuracy also. So if it does not match, you panic. For perfect balancing, all items should be on proper sides and correctly calculated. If you have learned your texts properly, you will know where to place figures, and you can get perfect balance sheet homework answers.

  • Large volume of information:

Unlike science subjects, accounting questions, especially those related to balance sheets, are very lengthy. There will be a long list of items and transactions for you to manipulate. It gets on the nerves of some students. It takes some effort to understand and analyze given information. Key is to practice lots so that you are thorough with every possibility.

  • Numbers and calculations:

Accounting is all about figures and numbers. If you are interested in an accounting career, learn to love numbers. Balance sheets are not for those who hate numbers.

How to excel in balance sheet homework answers

To become proficient in preparing balance sheets, you need to be good in theories and also practice a lot. Once learned properly, balancing a lengthy question is a cakewalk.

  • Be thorough with terminology:

Terms of accountancy are tricky. Learn the proper meaning of terms. For example, sundry debtors would mean the same as accounts receivable for purposes of balance sheet. Be aware of all usages of any term so that you do not get confused in exams.

  • Master classifications:

Learn what all are assets and liabilities. Some you understand with basic common sense. You don’t need to ask anyone to know whether cash in bank is an asset or liability. But some items are tricky like pre-paid expenses which are categorized as assets. Another point to note is to classify short term and long term items. Though both short and long term assets will appear on same side, a wrong classification can diminish marks awarded. There is no way other than learning meticulously.

  • Taking online help:

Gone are the days when text books were your only resource for studying. In today’s tech-savvy world, there are numerous educational websites which help students in every topic. Help is readily available if you are keen on perfection. These sites offer balance sheet homework answers, which greatly help accountancy students. There are several advantages of taking online help.

  • It helps in completing all homework within the given time frame. Good sites always follow deadlines in submission.
  • They promote better understanding of concepts. Several sites have facilities for online chats with experts whereby you can get all doubts cleared immediately.
  • The sites mostly have practice papers which help students to prepare themselves in best way possible.
  • If you want good grades in exams, best option is to get online help rather than running to libraries to read fat books on accounting.

Nevertheless, let me add a word of caution here. Before taking online help, make sure that it is a credible site and has a history of completing work in time. Also, check out the quality of previous work done by them. If the site is dependable and has a team of experts working for it, you can go for it and get your work done.

  • Practise till you achieve perfection:

There is no short cut to hard work. Practice lots of sample questions so that you will have in-depth knowledge of every possibility. Take previous question papers from your peers and solve them. More you practice, sharper your concepts will be.

Getting perfect grades in balance sheets is not a difficult task, provided you are willing to work. Once you are a master, thesky is the limit for you.

You May Also Like

Benefits of Online Homework Help

subjects covered

70+ Subjects

Our team of professional academic writers are experts in their fields and are well-equipped to handle any complex subject. You can always count on one of our specialists to assist you.
short deadline

Short Deadlines

We understand the importance of meeting deadlines and we pride ourselves on being able to deliver tasks quickly. No matter how tight the deadline, we will complete your homework on time.
chat with expert

Chat with Expert

Stay in touch with your expert by utilizing our secure chatboard for all your queries and concerns. You can easily check progress and make sure your work is on the right track.
free revisions

Free Revisions

We strive to ensure complete customer satisfaction. We offer free revisions to make sure our clients are happy with the final product. Your satisfaction is our top priority.

Reviews from Customers

4.5
Rated 4.5 out of 5
4.5 out of 5 stars (based on 466 reviews)
Excellent58%
Very good34%
Average8%
Poor0%
Terrible0%

Frequently Asked Questions

C
E

How do I submit my assignment?

Getting assignment help is very simple with us. Students can either send us the homework via email or they can upload it to our online form here. For a quicker response, You can also chat with us at WhatsApp and submit homework directly. You are sure to get a response from our side within 10 minutes. You can pay for your order using secure PayPal or major credit card gateways.

C
E

Who will do my homework?

All our tutor experts are highly qualified professionals – holding at least Master’s degree in their fields. Currently, our tutor pool is made of 400 subject-specific experts.

Each expert has been individually chosen after a series of rigorous screen tests, which involves credential checks, work history analysis, writing sample assessment, and one-on-one interviews.

C
E

How much will my homework cost?

Each assignment is quoted a unique price. It is based on (i) complexity of task, (ii) your deadline and (iii) tutor’s estimate of the time it will take them to complete your homework. There are no obligations, and you are free to discuss the price quote with the tutor.

We also accept partial payment to start working on your assignment help. You can pay the remaining amount when your task gets completed. No pressure of up-front payment. No hidden order costs. We do not have a monthly fees or minimum payments for services.

C
E

Can I pay someone to help me with my homework?

Yes, you can pay online tutors for homework help. There is nothing wrong with asking for help from trained and professional subject tutors to clarify doubts regarding any assignment or coursework.

C
E

What mode of payment is acceptable?

There are several ways to pay for homework help:

  • Credit/Debit Card: You can use your credit or debit card to make a payment online. We accept VISA/MASTERCARD/AMEX.
  • PayPal is a secure online payment service that allows you to pay for essay writing services using your account balance or linked bank account.

C
E

Can I chat with my tutor?

Using our secure chat board, you can now chat directly with your assigned tutor. The chats are encrypted both ways to secure your privacy. This makes your contact with the tutor directly & confidentially, so you can better explain any requirements or changes if needed or just need updates.

You can't contact the experts outside of chat board platform. Sharing any personal information, including but not limited to contact information, goes against our Terms and Conditions and therefore may result in permanently blocking you from the platform. We take any personal data very seriously and we do it for the safety of our users.

Know more about chat board here.

C
E

Can I get free online homework help?

Our homework services are not free because we provide customized, high-quality homework solutions. We have a prepaid system that ensures professional homework helpers are paid fairly for their work and time. We believe that the value of their expertise and the effort they put into crafting each assignment justifies the cost of our service.
C
E

Is My Homework Help Legit?

My Homework help is absolutely legit! We are the leading providers of college homework services since 2012. We connect you with experienced tutors for your assignment and make sure you get completed answers before deadline. Our guarantee is high-quality assignment solutions or your money-back. It’s that risk-free! Furthermore, everything about you is kept confidential.

C
E

Can I trust you?

My Homework Help is absolutely reliable. Students of the world's top universities use our services and 50% of our customers are repeat customers. Our ordering process is very simple & transparent. There are no hidden fees or subscription anything like that. You can also request a refund if you think that our expert wasn’t able to meet your requirements. Your prime satisfaction is our end goal!

Know more - How it works

C
E

What about privacy & confidentiality?

Using My Homework Help is absolutely safe. We care about your security, therefore we encrypt all personal data to make every user feel safe while using our services and we don’t share any personal information with any third parties without your permission. Your credit card information is not stored anywhere at My Homework Help, and use of PayPal relies on their secure payment networks. Your identity, payment and homework are in safe hands. You can always be certain of getting professional help and remaining anonymous, while using My Homework Help.