A Picture Perfect Guidance in Accounting Terminology Assignment and Homework Assist
What is basic accounting terminology?
Basic accounting terminology refers to the basic terms in accountancy such as accounts receivable, assets, accounts payable, cash flow balance sheet and capital. These words are widely used in accounts to process transactions. Books such as ‘Dictionary of accounting’ and ‘Oxford dictionary of accountancy’ serves various purposes, some of them are during basic accounting terminology homework help.
The history of accounting terms
The following may serve the purpose when you face any help-
1. These terms were founded in ancient civilization, especially in Iran where ‘book-keeping’ originated.
2. Double-entry book-keeping was developed during the time of medieval-Europe, and accounting got split into management accounting and financial accounting.
3. The joint-stock companies originated in Europe during the medieval time.
4. In the 19th century, society felt the need to improve accounting standards thus accounting became an organized profession after the introduction of the Institute of Chartered Accountants in England and Wales in 1880.
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Terms that people need to learn
1. Balance sheet– A balance sheet is the outline of the funds and assets of the company along with its liabilities or equities.
2. Cash flow statement– The statistics of the company’s cash in-flows and out-flows.
3. Assets– Items owned by the business which have some values.
4. Owner’s equity– The total value of the business.
5. Credit– Amount logged on the right side of a T-account.
6. Debit– Amount logged on the left side of the T-account.
7. T-account– A medium through which debits and credits can be shown.
8. General equation for accounting– Liabilities equals assets plus owner’s equity.
Features of accounting
Accountancy is a subject which is all about practicing. The terms in accounts are the backbone of the subject.
1. For Basic Accounting Terminology Homework Help serviceone can search the internet or take the help of a book.
Several books are available in the stores which is basically about accounting terms.
2. Accounting terms are the same all over the world, these do not vary from country to country as financial mathematics and systems are the same everywhere.
3. Technology has improved so did the accounting standards.
Influence of accounting on myhomeworkhelp.com
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Homeworks and assignments
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