Accounting- managerial accounting, Cost accounting, Financial accounting
For every organization or business to prosper then there has to be proper keeping of financial information. This is what is commonly known as accounting and it is the process of keeping financial records. Accounting helps a business to know the amount of losses of profits that have been gained over a given period of time. It is also by accounting that we get to find out the amount of assets or liabilities that a given business entity has. There are different types of accounting and these include but not limited to; managerial accounting, cost accounting and financial accounting. Need help to write an accounting homework? We can professionally assist you.
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Managerial accounting helps managers to make day to day decisions on how to run a given business or organization. The process of managerial accounting involves creation of documents as well as reports to help the management to prudently run the organization or business. Cost accounting on the other hand is concerned with recording the costs that are incurred in a business over a given period of time in order to find out ways of cutting the costs and maximizing profits. We are happy to let you know that you can get reliable accounting assignment writing services by simply making your order from us. We assure you that our accounting homework writers are willing and ready to assist you. We always ensure that;
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Financial accounting is yet another type of accounting. This type of accounting concentrates on keeping financial accounts in financial statements such as balance sheets and income statements. Companies have to prepare these types of statements as they are required by people outside the company such as the owners, shareholders or even lending institutions such as banks. Financial accounting helps an organization or business entity to come up with financial information that other people can use to judge about the value of the given company and by so doing help in making the decision of whether it is worth to invest in such a company or not. Is writing your financial accounting assignment causing you sleepless nights? Would you like to excel in your studies by the help of our professional accounting assignment writing help? If your answer to the above questions is yes, then do not hesitate to contact us. We are ready to assist you in working on your accounting assignment and all that you need to do is to simply make your order from us. Our online accounting writing writing firm is legitimate and this is therefore a guarantee that there is no need to fear falling victim of an online scam should you decide to make your order from us.
Accounting Study Material
According to American institute of Certified Public accountant, classification of data and organizing it in terms of every transaction carried out in a business encompasses the entire process of accounting.
Attributes of Accounting.
This discipline possesses several characteristics which distinguishes it from other related subjects.
- Transactions which are related to money are recorded while those that are not in monetary value are ignored. The major purpose of accounting records is to trace the inflow and outflow of cash in an organization.
- The records should indicate the importance of every element and what it is used to satisfy. Any information that is entered in the books of accounts has a high significance. The recommendations which are encouraged is to ensure every activity that takes place can be described in the right order and format.
- Financial managements should be understood easily without much complexities. The content contained in the document should be clearly brought out without much explanations from the staff. Knowledge in accountancy is relevant in enabling to achieve this objective.
- Accounting should be reliable. This means that it should be verifiable and free from bias.
- Relevance is also a point of consideration. Timely reporting is essential for an organization. True financial reports have to be presented at the time required by the organization and other bodies such as the auditors.
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Accounting is the form of communication employed in the business world. It relays the information which is needed by investors to evaluate the possibility of trusting their funds to another party. This is through presentation of important information in form of data. Data analysis precedes any calculation made in the documentation of the final financial year. Accounting records provides the customers with information on economic enterprise and effect of transactions. This portrays the bigger picture reflected by this field. If well-coordinated, it can propagate the business to the next level. Basically, the financial statement which are of importance for any business are; balance sheet. This is a document prepared to show the assets and liabilities of an organization. It reflects the financial position of the business by comparing the assets that constitute the business versus the liabilities. The second document is income statement. This summarizes the information concerning the incomes paid by the business to its workers. Finally cash flow statement is also considered.
The statements described above serves the following functions;
- Provide relevant information which is used in making critical decisions by the user. They are clearly recorded and every item described in regards to the recommended policies. Extraction of data from these statements are useful before choosing engaging with the business enterprise.
- Assist the people working in accounting section to execute their duties efficiently. They are able to steward any activity that pertains to financial movement.
- Help to project the financial position of the business. Ability to debunk the health of a business is not decided by mere observation. Data presentation provide a meaningful output which is used to speculate the possibility of the business to survive in the diverse market. The technicality of existing business structure calls for taking concerted effort in measuring performance. Determination of financial position help the business to manage competition.
- The statement are helpful in preparation of policies that guide every operation in the business. Ethical considerations are considered before any organization is set up. The best way to come up with more effectual system is guided by critically analyzing the available financial date in a more thoughtful manner.
- Taxation decision. The government impose tax based on the information shown on the financial statements. The more organized the statements are, the more convincing they become. They are used by entrepreneurs to convince the bank to allocate them loans for the purpose of growth and normal operations.
- Union bargaining power. Unions can use the information on the statements to request their needs. The performance of the organization can be used as the channel to access funds or even win contract for their best performance.
- Credit decisions. Before any form of loan is allowed by the bank, a business is required to present the statement showing their normal operations for a particular period of time.
Objectives of Accountancy
- Required for making succinct financial decisions. Account records are managed in a systematic manner since they are reviewed regularly to help in arriving at important decisions. They are used to cause internal disruption which is the background of business growth.
- Recording monetary values. Any asset that has money value does not go unrecorded in the accounts statement. It is used as a gauge to monitor the flow of assets and possible liabilities incurred for a specific period of time.
- They are required to be stored by relevant government bodies for the purpose of establishing the degree of compliance by the business owners in terms of set laws and policies. The most crucial part of consideration is tax. The statutory bodies are able to evaluate the tax payment by the business.
- Investors and leaders are mandated to prepare the statements. The secret behind this is choosing the viable project to invest in.
- Income statements are used to determine the returns generated by the company. This further helps in collecting revenues for the government. Tax evading is common when financial information is ill presented. Accountancy ensures that everything that goes into consumption is reliable.
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Accounting operates in a multifaceted environment. The knowledge does not operates on its own. The conceptualization of accounting knowledge is viewed to integrate other disciplines. This means that an accountant should not only know the information and regulations regarding the practice but also understand the real issues. It is therefore difficult to discuss one area without considering the others. Ethical considerations forma part of accountancy. For proper information gathering, it is required to embrace the input of other disciplines such as management.
Areas of Accountancy
It introduces the very basic of accounting. This section cover the background of accountancy. The learners gets introduced to financial statements, cash flows and other concepts that pertains to the discipline.
Accounting Information System
Entails data collection as well as processing to give an output that is readily consumable to the end user. It details the procedures required to arrive at a particular set of objectives or outcome.
A crucial section of accounting. Initially, auditing was perceived to collect information concerning financial record of an organization. Recently, the trend has changed drastically. It also incorporates other non-financial aspects such as security, technology and also environmental concerns. Auditing aims to deconstruct complex information and brings it to a lighter note that can be understood by all people.
Regarded as the minute section of accountancy. It involves recording any single activity which happen every day. The process also involves tallying the transactions at the end of the day and month. Consolidation of all the transactions gives an overview of business performance. Evolvement of accountancy is facing out this area since advanced technology has replaced the monotonous work of daily tally. Barcodes have enabled automatic count whenever sales are made.
As the name suggest, it give information about the costs incurred in a business. The information is used by the management to make decision on the probable means to conduct the business. Costs are major injectors which draw the performance of an organization back. Striking the balance between cost of sales and purchases is the sure measure for business success. Ability to mitigate operational cost by diversifying investments can cut down the expenses. Cost accounting is therefore important to make such decisions. Accountants have an obligation to enlighten the managerial staff on the meaning of any information detailed here. It is done depending with the nature of business being operated.
Defined as choosing the best idea from a list of many alternative. This is not a simple process but involves constant evaluation of possible idea that can steer the business forward. Lack of alternatives indicates no decision is required. A good decision is the one that increases the revenue and at the same time reducing the cost.
Time value of Money
The current state of money is more than future dates. It is always speculated that the depreciation rate of ownership decreases with time. What someone holds today is more valuable than the same amount in one month’s time. This is what economist refers to as time value of money.
It details financial transactions of a business. Additionally, it gives a summary of all monetary activities which take place within the organization. Importantly, analysis of financial records are done here to ensure they are easily understood by any stakeholder who could be interested with the organization.
First in First Out method is applied to all entities that holds the principle of selling the first acquired good in an orderly manner. The goods manufactured first are dispatched first. It helps in recording transactions in chronological order for easy follow-up. Auditors have easy time going through the records since the arrangement consolidate the information in a compressed and understandable manner.