Financial Accounting Assignment Help
Financial Accounting is a process to record, summarize, and report the transactions of a company within a certain time period. A company should record the transactions to know the operating performance. These records are maintained and prepared as financial statements, balance sheets, cash flow statements, and income statements. Students pursuing finance can know more about this topic only when they are given assignments to write on it. Preparing homework on this topic is tough as students need to do a lot of research. This makes students avail of Financial Accounting assignment help from BookMyEssay. We make students understand the topic really well.
What is Financial Accounting?
Financial Accounting is a branch of accounting that records, summarizes, and presents the financial transactions in the financial statement or financial report. Companies publish financial statements regularly to the shareholders. The main objective of financial accounting is to offer information to people to evaluate the worth of a company.
It has common rules called accounting standards as the financial statements are used by different people in desired ways. It is concerned with the analysis, summary, and reporting of financial transactions of a particular business. It is achieved through financial statements. This accounting has qualities such as relevance, reliability, comparability, and understandability.
Importance of Financial accounting
The importance of Financial Accounting is stated in our Financial Accounting homework writing help as follows:
- The financial statements such as the income statement, balance sheet, and cash flow statement are needed legally by registered companies. They are included in the Annual Report of a company.
- Financial accounting statements are circulated both internally and externally. Management needs them to troubleshoot financial matters and plan the future.
- Investors can find out from the statements about whether the company is lucrative enough for investing.
- The auditors begin their analysis based on financial statements.
- If there is any legal action or a lawsuit regarding the income or expenses of a company, lawyers can analyze these statements.
- Suppliers can know the financials of a company to ensure they can pay their invoices.
- When a company needs a loan, banks may request for financial statements. It will enable the company to prove that it can repay the loan amount on time.
Kinds of Financial Accounting
Cash Accounting: Cash Accounting records cash transactions made by the employees. These transactions are logged in only after they are approved. The cash transactions do not appear in the financial statements, however, they can be used to show proof a transaction happened.
Accrual Accounting: Accrual accounting records all data transactions. This is an expansion of cash accounting as it includes debit, credit, and other kinds of payment transactions including cash. Accounts Receivable and Accounts Payable belong to this category. This kind of financial accounting offers a clearer view of the cash flow of an organization and you can determine the current assets or current liabilities.
The Principles of Financing Accounting
The principles of Financial Accounting are discussed in our help for assignment on Financial Accounting subject as follows:
- Cost principle: It offers shareholders a complete understanding of the way capital was spent during a specific time period.
- Going concern principle: Under this principle, it is assumed that an organization shall remain in business for a very long time and the revenue may be deferred to another period.
- Matching principle: The principle needs you to use the accrual system of accounting rather than cash accounting for recording transactions. The company expenses should match with revenue.
- Materiality concept: This concept reports all material transactions. These transactions when omitted can change the investor analysis of a business.
- Conservatism: The revenue should be only recorded if it is certain and shall be realized in the future.
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