Know the Details Associated with the Basic Building Blocks via Professionals!
If you are able to grasp basic knowledge about accounting, studying finance becomes effortless and unchallenging. Most often, college lectures are not sufficient, and students require proper tutoring of subject. With advent of digital media, myhomeworkhelp.com has brought for you a short study material on the basic building blocks assignment help.
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We get you acquainted with basic knowledge of accounting which we consider as the resting pillars of subject.
- A one-time transaction that enriches you to the tune of amount received
- For example, wages, salaries and revenues received at the end of month is termed as the income for individual
- Quite opposite in nature to income, expense is associated with one-time transaction wherein you get poorer to tune of the amount that goes away from your account
- For example, buying a travel ticket is considered an expense
- The basic building blocks homework help throws light on another significant pillar of accounting. i.e. assets
- Any tangible or intangible property/material that is owned and controlled and contributes positively to growth of a firm is what we consider an asset
- Assets can be converted to cash. It represents value of said material or property
- Tangible assets of a firm constitute of current and fixed assets like land, machinery and equipment, and building.
- Intangible assets comprise good will, copyrights, trademarks, patents, bonds, stocks, account receivable,
- Liability, as suggested by the basic building blocks homework help, is opposite to assets
- It is a measure of property/material/intangible concept that takes away money from you
- For example, your wages to employees are a liability to you as you need to make them a payment at end of month for their services
- Money flows out of your account in order to settle liabilities
- Liability is the cause of incurring an expense
- In finance and accounting, owner’s equity is the residual claimant of investors post settling all liabilities
- Post settlement of liabilities, remaining interest in the asset of a company is distributed among shareholders based on their holding of company’s equity
- At the onset of the business, a business house raise money either through public funding or from individual stakeholders to start operations
- Thus the business owes money to public or individual stakeholders depending upon the situation and must settle their dues before closing down in case of bankruptcy
- Owners equity is represented as Assets – liabilities
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