Accounting Period Concept Homework Answers
Deadline is approaching and there is nothing that has been done to complete the Accounting Period Concept! Is this the case with you?
You are not the only one. Most of the Accountancy students face this problem. Pressure of exam preparation and the added burden of projects and assignments are a real pain of student life. I can understand as I have been through this.
As a student of Accountancy myself, I have often felt the trauma of writing accounting period concept homework answers. But, while doing my projects, I learned that if you know the steps that are involved in doing these projects, it is not that difficult.
Step 1: Understanding Accounting Period Concept:
Many students often make this mistake of jumping straight to solving the problem. However, lack of understanding of the very topic will only cause you more trouble. Hence, the first step to doing any of your Accounting Period Concept homework is to start with its definition. Go through it once, and you will understand what you are actually dealing with.
Accounting period is nothing but a certain period of time for which, an accounting statement or financial statement is being prepared. It can be anything like a period of 1 month from 1st January to 31st December of a certain year or a period of a month. Another instance can be that of the month of July, or even as a period of three months as from October to December.
Step 2: Use examples:
Examples often make it easier for the students to understand also for the teachers to check if you have understood or not. Hence, using an example is always a good idea.
The amount of income and the amount of cash flow that is reported in a financial statement is always that of a certain Accounting Period. This means that a statement reports those amounts that have occurred during that particular Accounting Period. The amount of assets and liabilities that are mentioned in a balance sheet are the liabilities and assets of the final moment of an Accounting Period.
Step 3: Why is Accounting Period Concept Important?
Many of the Accounting Period Concept projects are clubbed with Going Concern Concept projects. Hence, when you are writing accounting period concept homework answers, you should also relate or refer to Going Concern Concept.
The financial statements that are published after an accounting year, clearly show, whether a company is a going Concern or a non-going concern. This is important because its users, clients, and customers need to measure or ascertain the profit or loss of that company as per its financial statement of the given Accounting Period.
Step 4: Understanding Fiscal Year:
While writing the accounting period concept homework answers, you will frequently come across the term Fiscal Year. This is an important concept related to Accounting Period. Just as regular Calendar Year, Fiscal Year too, plays an important role in accounting statement of a business. The Calendar Year starts from January 1 and ends on December 31 of a given year. The Fiscal Year, on the other hand, will start and end at a different time of a year.
The Fiscal Year Accounting Period may start from April 1 ending on March 31. The entities that follow Fiscal Year as their Accounting Period will consider their financial information, data and publish their statement according to this period.
Step 5: Analysis and Reporting through Accounting Period Concept Homework Answers:
The sole purpose of this Accounting Period is to analyze and report the growth and profitability of a business entity. Therefore, the financial statements are made after every particular Accounting Period. Usually, it is after a Fiscal Year that a business considers publishing their report. But, there are many companies that take into account the reports and statements of an Accounting Period of a month.
Therefore, as a student, you might have to frequently do the analysis and reporting task for the Accounting Period projects. The different analyzing methods that are followed include –
- Accrual method
- Cash method
- Financial method.
Follow the instructions of your homework or project and choose the method that is most suitable for this analysis.
Tips to Solve Accounting Period Homework:
Now that you have understood what Accounting Period is and how it works step by step, it will be easier for you to solve your problems. If you are still facing some problem, you can always consult a professional. Your teacher, professor or tutor will certainly help you to understand the flow.
Those who do not have the time to complete the project, should not waste any more time and seek professional help. There are professional online companies that can guide you and complete your project right on time. Always keep in mind that the accounting period concept homework answers should be to the point.
Additionally, you should also –
- Use diagrams and charts
- Use crisp and easy language
- Offer fresh content with no plagiarism.
Keep all your reference books in hand, before you start your assignment. This is quite crucial as searching for the right books always kills a lot of your time. Once you have all the books and you have started your project, it will not take much time to get into the flow.
But of course, if in the middle of the project, or at the odd hours of night, you face trouble and need help, trusted professionals are there to help you online. You can always seek their help to get correct accounting period concept homework answers. They are affordable and very useful to fetch excellent score.