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Definition of Accounting

Accounting is recognized as a “Business Language” that is targeted at taking a note of monetary transactions that further helps the management in taking important business decisions. Accounting record maintenance helps a company to hunt for opportunities that lead to business development and bring in more investors. So, students who wish to carve a career in accounting have to learn and be well-versed with modern accounting techniques.

The assignments aim at understanding the entire process of identifying, calculating, recording and sharing information concerning economic events happening in a company. This helps the stakeholders to know the actual status of business progression through this language of business. To reach the conclusion of profit or loss, every business follows a systematic process of recording each and every transaction that happened in that year. These recorded entries unveil the exact financial position of a firm, thereby disclosing the proportion of assets, receivable amount, amount to be paid, and the capital amount remaining at the end of a year. Well-maintained accounts help the businesses to understand and assess sales tax, and income tax limits.

Different Branches of Accounting

• Cost Accounting: This type of accounting involves assessment and evaluation of products and services cost along with mapping ways and means to define and control the same. The prime objective of this type of accounting is to ensure that the costing of goods and services remains within check among different departments. Basically, it accounts for cost of goods.
• Management Accounting: It comprises of different elements such as cost accounting, budgetary control, inventory control, working capital management among other. The core objective of this type of accounting is to ascertain information needs by management to run the company with a better outlook.
• Financial Accounting: This is referred as an original form of accounting which entirely deals with the process of systematic bookkeeping. It is targeted at revealing the actual financial position of a firm.
• Tax Accounting: This type of accounting as the name suggests deals with solving matters pertaining to tax. This envelope varied accounting concepts to evaluate and assess different taxation techniques to calculate value-added tax, service tax, sales tax, and excise duty.
• Social Responsibility Accounting: This branch of accounting is treated as quite crucial since every enterprise has to fulfill its responsibility towards society. Thus, this kind of accounting entails concepts related to employment, maintaining good working conditions; fair wages etc. This entire process assesses social effects of business decisions to help management make informed decisions keeping accounting data and information as a base.

Accounting assignment help and homework writing service availed online covers various sub-categories such as balance sheets, bank reconciliation, bookkeeping, debits and credits, accounts receivable, financial ratios, stockholder’s equity, cash flow statements, payroll accounting, business investments. Also, the experts deliver help with accounting homework writing to students to understand concepts and principles related to forensic accounting, income statement, financial analysis, process costing, activity based costing, accounting equation, internal control, revenue recognition, IFRS, incremental analysis, assets and liabilities, managerial accounting, variance analysis, US GAAP accounting, Australian accounting among others.

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