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Financial accounting can be a challenging subject. The subject covers a wide range of topics and involves lots and lots of income statements, statements of equity, tax balance sheets, law material and regulations. Regardless, the field offers numerous career opportunities, which is why so many students study the subject. However, during their course, students are bombarded by assignments and homework. They usually end up searching for do my financial accounting assignment. That is where my homework help can be of service.
Introducing financial accounting
Being an important branch of accounting, financial accounting is responsible for keeping track of the financial transactions of a company. Standard guidelines are used for recording, summarizing and presenting the transactions in a financial statement like a balance sheet or an income sheet. The transactions can be reported through financial reporting as well. Before you do my financial accounting homework, you need to understand what this branch of accounting is all about.
Financial statements are issued by companies on a regularly scheduled basis. Since these statements are given to entities outside the company, they are considered to be external statements. The owners or stock holders are the main recipients of the statement along with a few lenders. Having said that, in case the stocks of a corporation is traded publicly, the financial statements have a tendency of being widely circulated. This leads to the information reaching secondary recipients like competitors and customers.
While students do my financial accounting assignment, they might be required to explain the purpose of financial accounting. It is very crucial to note that financial accounting’s purpose is not reporting a company’s value. Instead, its main purpose is providing adequate information for others to assess the company’s value on their own.
External financial statements can be used in numerous ways by different people. For financial accounting to be useful, the reports of a company have to be credible, comparable to other companies’ reports and easy to understand. This is why there are some common set of rules in financial accounting called the accounting standards or GAAP (generally accepted accounting principles).
There are certain basic underlying concepts and principles on which GAAP is based on, including matching principle, cost principle, full disclosure, economic entity, going concern, conservatism, reliability and relevance. When you seek help from our experts to do my financial accounting assignment, you can learn about these basic concepts, thus understanding the main accounting principles that govern financial accounting.
While GAAP does cover the basic principles, that doesn’t mean that it is static. It also includes certain complicated standards that were mainly issued to respond to some complex business transactions. Certain accounting practices which are unique to a specific industry, like banking, insurance and utility are also addressed by GAAP.
The system of double entry bookkeeping, also known as double entry accounting, is at the core of financial accounting. All the financial transactions made by any company are recorded through this system. As the name would suggest, double entry means that every financial transaction as an effect on a minimum of two accounts. For instance, if a company borrows a certain sum from a bank, the cash account of the company increases along with the notes payable account of the company.
Also, double entry suggests that one of the involved accounts should have the amount as debit while one of the involved accounts should have the amount as debit. For all transactions, the total amount of debit should be equal to the total amount of credit.
While helping students do my financial accounting homework, the expert tutors at my homework help also explain the benefit of double entry bookkeeping. The advantage is that the balance of asset accounts of a company will be equal to the balance of its stockholder’s or owners’ equity and liability accounts.
Accrual basis of accounting
In financial accounting, accrual basis is supposed to be followed, instead of cash basis. In case of accrual basis, the reporting of revenues is done when the revenues are earned, not when they are received. In the same way, the reporting of expenses is done when the expense is incurred, not when it is paid.
For your financial accounting homework and assignments, you might be required to generate or examine financial statements. Thus, it is important to have an understanding of these statements to do my financial accounting homework. The main financial statements are:
Also referred to as profit and loss statement, earnings statement or results of operations, the profitability of a company during a certain time period is reported by income statement. The primary components of the statement are gains, losses, revenues and expenses. Expenses include cost of goods sold, non-operating expenses like interest expense and operating expenses like salaries, utilities, rent and advertising.
Learning how to prepare a balance sheet is important to do my assignment. It is organized into three parts:
- Assets: It includes cash, inventory, accounts receivable, building, equipment and prepaid insurance
- Liabilities: It includes the obligations due at the date of balance sheet, such as notes payable, interest payable, wages payable and accounts payable.
- Stockholder’s equity: This is the different between the total assets and the total liabilities.
Statement of cash flows:
This statement indicates the change in cash of a company during a time period specified by the statement itself. It is divided into:
- Operating activities, which explains the change of company’s cash because of operations
- Investing activities, refers to the amount received or spent in transactions that involve long term assets
- Financing activities reports the cash that is received when long term debt is or stock is issued.
Statement of stockholder’s equity:
This statement enlists changes in stockholder’s equity for same time period as that of cash flow statement and income statement.
All these concepts of financial accounting will be explained in details by our experts. Contact my homework help now and get our experts to do my financial accounting homework. We will make sure you get the necessary assistance.