Accounting Homework Help - Accounting Answers
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Accounting Assignment Help: Questions and Answers
Accounting Help and Answers
Accounting is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. The word accounting is derived from the French word "accounting" and its root word "count".
Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting, cost accounting, personal accounting (for private individuals) and accounting systems.
Below are various categories of help with accounting homework provided by Tutlance tutors.
- Financial accounting homework help: Financial accounting makes up the majority of accounting in terms of quantity. Traditional financial accounting is concerned with the reporting of a company's financial information, using generally accepted accounting principles (GAAP) as issued by the country's standard-setting body such as the Financial Accounting Standards Board in the United States and the Public Company Accounting Oversight Board in the United States.
- Managerial accounting homework help: Managerial accounting is a more recent development. It involves up-to-date decision making support for management accounting, providing information about product profitability, quality control, and other areas that aid in decision making.
- Accounting information systems homework help: In accounting information systems, we use computer software to produce reports of financial transactions and automate the process of recording them. Systems may also perform accounting functions such as invoicing customers, tracking expenses, and keeping personnel records.
- Tax accounting homework help: Tax accounting is the calculation of tax owed by persons or businesses in accordance with the laws of states which levy taxes on income. Tax accounting is a branch of financial accounting created to ensure compliance with state and federal legislation such as the U.S. Internal Revenue Code (IRC) and the relevant state legislation. Tax accounting is governed by the generally accepted accounting principles for tax purposes (GAAP). Taxes are levied against net income in most countries around the world, and thus form the largest area of application for accounting. Many businesses are subject to taxes on their income or capital, or both. They may be required to remit tax on any income for which they are responsible even if it is not cash received, such as sales of goods on credit.
- External auditing homework help: External auditing provides independent assurance to the users of a company's financial information. The external auditor is usually appointed by the general meeting of shareholders, although other stakeholders can agree to have an outside party serve as the auditor instead of an internal employee. Taxpayers are required by law in many countries to have an independent audit done on their behalf for confirming that their tax return has been prepared correctly. Tax accounting is also at the core of public sector auditing, which ensures that (i) tax revenues are collected and accounted for properly, and (ii) these tax dollars are spent according to law. Accountants in England
- Cost accounting homework help: Cost accounting is the process of identifying, measuring, accumulating and reporting costs associated with any activity or process. Cost accounting is a branch of accounting that is used to keep track of the costs for making decisions. Those costs are then charged to jobs or products based on agreed-upon rates.
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Here are some examples of topics your accounting coursework may include:
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- Inventory and Warehousing Questions
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- Financial Statement Analysis and Interpretation
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Accounting standards homework help
Accounting standards are the conceptual, procedural and technical framework in which accounting has been conducted. Accounting standards are used to ensure that the data collected by a business is accurate and reliable for the purpose of meeting transparency obligations.
These standards are set out by various bodies such as the Financial Reporting Council, International Accounting Standards Board (IASB) or U.S. Securities and Exchange Commission (SEC). The International Organization of Securities Commissions also offers guidance on accounting standards when accountants from different countries do business together.
Below are some important accounting standards:
- Generally Accepted Accounting Principles (GAAP)
- International Financial Reporting Standards
- Good Chartered of Public Accountants' Code of Ethics
- Generally Accepted Auditing Standards (GAAS)
- Generally Accepted Accounting Interpretations (US GAAP)
Accounting standards are important because:
- They provide guidance on the application of accounting principles associated with recording, measuring and presenting financial transactions.
- Standard setting bodies determine whether a new development or change is effective – companies must be aware of any changes that impact their operations.
- To be successful, companies must have the accrual accounting capability to meet financial requirements and obligations.
- It allows investors, creditors and other stakeholders to assess a company's performance.
- They provide a level playing field for all entities within an industry so that they are all subject to similar rules
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Our platform provides help to students with all the accounting questions, whenever and wherever they need it. First things first, though, what's accounting?
Well, accounting is the processing, measurement, and communication of both non-financial and financial information about economic entities such as corporations and businesses.
A brief history of the practice takes back to thousands of years ago, in the ancient civilizations in Mesopotamia. It has close relations to the developments of money, writing, and counting. Shreds of evidence of bookkeeping also link it to ancient Iran. But its double-entry bookkeeping first came from the Jewish community of the early-medieval Middle East and was later further refined in medieval Europe.
So accounting has been part of human civilization and has no signs of leaving! Anything that involves value needs accounting. That's why students seeking cheap assignment answers come from every field of study.
Types of Accounting Assignment Answers you can ask for help with
There are several types of accounting or accounting exam help with a broader range of auditing and also in the preparation of tax returns. Each accountant tends to specialize in a given field, leading to different career tracks. So, accounting homework answers that you seek may be any of the following:
Financial accounting homework answers – relate to the questions concerned with the combination of financial information into exterior reports. Financial accounting requires detailed knowledge of the accounting framework that is used by the readers of a given company's record or statements.
Public accounting homework answers – deals with the investigation of the financial statements and the supporting of the accounting systems of client companies. The solutions arise from questions that seek assurance of the accuracy of financial statements that are somewhat assembled by the clients. Students with these lines of questions progress through various audit staff positions to become an audit partner.
Government accounting answers – provides a unique framework to manage and create funds by the governments. Such solutions look at how the government units disburse cash to cater to several expenditures that relate to the provision of services.
Forensic accounting answers – Here, the question doesn't provide a complete set of financial records, and so the assignment writers have to reconstruct the financial information. In most cases, the skill comes in handy when a business has lost its files. Students involved in this type of accounting are most likely to be posted in the insurance industry.
Management accounting assignment answers – Most often preoccupied with assignment questions relating to the process of the accumulation of accounting information. Managerial accounting deals with external operation reporting and includes areas such as target costing and cost accounting.
Principles of Accounting
Accounting has a list of rules which are essentials that guide the field. We use these principles in every step in answering every assignment question. These principles of accounting are:
- Revenue recognition principle – mainly concerned with acknowledging revenue in the income statement of an enterprise.
- Historical cost principle – dictates that an asset we record an asset at the price the owner paid to acquire it. This price becomes the source for the accounts during the period of acquisition and subsequent accounting periods.
- Matching principle – Here, the expenses incurred in an accounting period should be matched with the revenues recognized in that period.
- Full disclosure principle – the financial statement must disclose all the relevant and reliable information that they purport to represent. Without observing this rule, the data may not be useful.
- Objectivity principle - the answers should be specific, verifiable, and free from the personal bias of the accountant.
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There are so many reasons why students may need help with accounting homework assignments. But we summarise them as follows:
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Here are services related to this topic:
- Accounting information system assignment help
- Tax accounting assignment help
- Managerial accounting assignment help
- Financial accounting assignment help
- Cost accounting homework help
- Myaccountinglab answers
- Finance homework help
- Capital budgeting homework help
Related To: Accounting Assignment Writing Services
Here are a set of references and important pages.
- Is an Accounting Degree Worth it? - Franklin University
- Accounting - The University of Oklahoma
- Department of Accounting - Foster School of Business
- Accounting (MSA) | Texas A&M University-Commerce
- A Guide For Students Studying Accounting - CSUN
- Using A Web-Based Homework System In A Managerial Accounting Course: Does It Help Students To Learn?
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Accounting is the process of recording financial transactions and summarizing them in a useful way. In other words, it allows organizations to know the profits or losses they made and communicate in an easily interpretable form as records for a particular period.
Here is why accounting is essential:
- It helps you to arrange financial records in a systematic way to ensure you to have reliable records.
- It determines an organization’s financial rights and obligations. Without these records, it would be difficult to do calculations.
- It is aids decision making. By providing proper records and interpreting them, an organization can quickly know what to improve to increase efficiency.
- Through accounting, an organization can know its financial health. The accounting experts are the doctors to a business; they diagnose and expose the financial condition of an organization.
- With accounting records, it’s easy to determine the liquidity of the business.
- Keeping records of the business ensure the business is tax compliant in the interest of shareholders, and as required by tax authorities and regulators.
Some topics in accounting are;
- Payroll accounting
- Cost volume profits analysis
- Money measurements concepts
- Equity in stockholders
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