Know Your Accounting Concepts and Principles Well for a Great Career!

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Accounting is an important concept in the world of finance. It is similar to the back bone of any business. Even while planning a small budget at home, you need to take into account the money earned and the expenses that are credited. Even on a daily basis, we keep track of all our expenditure.

Accounting in daily life

Accounting helps us to keep track of our business and also our daily day today expenses. We could know easily how much money is spent and how much is saved. It helps us to keep track of our economic condition and help us to plan our future.

Accounting in business

Accountants are the people who help to run the business. Accounts are a business language, which helps us to keep the business well organised and also help to plan our future expansion in the business. If our accounts are well maintained, it will help to bring us more investment options and investors.

Accounting

Learning accounts is something that has to be done with good concentration. They should also have good memory, analytical and critical skills. Students of accounts would have to do more number of homework and assignments. The more they work on accounting concepts and principles homework answers, the more they learn their subject.

We are already aware that an accountant needs to have a good memory of accounting principles and concepts to shine in their field. An accountant can also start a business and run it as the basis of any business.

Accounting principles

Accounting principles are the basic set of rules and regulations that have to be followed by the accountant. It helps the smooth flow of the business. These are basic things that should be followed like the rules implied for other business spheres.

An accountant not only needs to have a track of the expenses that are made but also have the financial statements that are given out to the investors, government, etc. A small company needs may be one or two accountants. But in large companies, they would have an accounts team which would guide and help to run the business.

They need to have their accounting concepts and principles homework answers ready for the investors, government, and manager and also for many other people who are part of the company. The government can decide upon the tax for the company based on the accounts given by the accountants.

The accountants apply the accounting concepts and principles homework answers that they have learnt in their college to make the financial statements more reliable and informative. The basic principle is that even a person who doesn’t know accounts should be able to read the financial statements and know what has been said in it and understand it. They should be able to decipher the information given and decide if they can invest money in a particular company or not.

Accounting concepts

These concepts have been developed over time for every accounts person to follow. These help in running the business smoothly. These concepts help to maintain uniformity and consistency in the accounts, which are important in any business.

There are many accounting concepts that are being followed by the accountants. Let us see some of them.

  1. Business entity concept
  2. Money measurement concept
  3. Dual aspect concept
  4. Going concern concept
  5. Cost concept
  6. Accounting year concept
  7. Matching concept
  8. Realisation concept

These are some of the concepts that have been learnt by the accounts students in college. They would try to incorporate them in the business place that they are working. These concepts help to improve the company’s calibre and help to improve the business.

These concept could be learnt when the students do their accounting concepts and principles homework answers properly. These concepts help to maintain the accounts of a company in a proper manner. It would help to lessen the tax and improve profitability of the company. The basic principles are called as GAAP (Generally accepted accounting principles).

Business and accounts

In any business, the concepts and principles of accounts need to be followed to give it a good boost. All the financial transactions should be recorded at the time they had incurred and not at the time that cash is being paid. Be it for revenue or for expenses. They should be recorded when the transactions take place. It should not be kept waiting to record only after the cash is paid.

Also, transactions of whatever monetary unit take place, it should be recorded of the same figure. Be it in US dollars, British Pounds or Indian rupees; it should be recorded in the same units that is used in transactions. This helps to keep track of the amount of money that is in revenue and the expenses.

All the revenues that are entered into the accounts book need to have an equivalent expense also to help calculate the profit got by the company. This has to be maintained correctly by the accounts department.

The accounting period for any business needs to be constant. It might be monthly, bimonthly, quarterly, half yearly or yearly. Whatever the term is, it must be always followed.

Accounting concepts and principles homework answers all your doubt related to accounting. An accountant should be clear on these concepts and principles and must try to follow whichever applies in his workplace. The principles and concepts help to keep the business consistent, which helps to bring in more investors. Not only accountants but also anyone who starts the business should learn the basic concepts and principles of accounting.

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