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ACCOUNTING ASSIGNMENT ANSWERS

Welcome to the best accounting assignment help website in Australia for college & university students worldwide. We do homework assignments on all accounting topics, including, but not limited to financial, corporate, business and managerial accounting. With a dynamic team of over 3890 experts, we can solve the toughest of your assignments and guarantee you top scores, 24x7 support online and guaranteed delivery on time. Are you struggling with an urgent or last minute financial accounting assignment? Just get in touch with us, any time of the night or day and place your order in less than five minutes and our experts will take care of the rest. Did you know, we can deliver urgent accounting assignments in less than 24 hours! Now, you will never ever have to miss an assignment submission deadline again.

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Accounting plays an important role in taking sound business decisions. It helps managers understand the success of their products and how effective their decisions are in bringing enough revenue to the company. It helps the company in assessing the amount of tax it needs to pay and can save. It also helps the company in analyzing its success in reaching its targets. By providing financial information, it helps investors and creditors in understanding if their financial resources are being optimally utilized.

We are the no.1 assignment help website for accounting, statistics, SPSS, economics, engineering, aeronautics, Matlab programming, C++ programming, Perdisco MYOB Practice Sets and a number of other subjects. We guarantee you best scores and assured delivery on time. With our own internal Quality Assurance (QA) team that checks every single assignment for errors, plagiarism and other errors, our work is not only certified to be 100% plagiarism-free but is also of the highest quality and academic standards. We take care to make sure all assignments done by us are in compliance with all requirements of the course. Reach out to us for last minute accounting assignment help for assured support online.

WHAT IS ACCOUNTING? HISTORY OF ACCOUNTING

Accounting is a systematic method of recording, measuring, processing and communicating data related to financial transactions. It also summarizes and reports this information to investors, creditors, management and tax collecting authorities. Accountancy was established in 1458 by Benedikt Kotruljevic who was a merchant, economist, scientist and diplomat from Croatia along with Italian mathematician Luca Paciolu in 1494. The double entry book-keeping is the fundamental rule of accounting. It involves recording two journals for a transaction. This emphasizes the idea that total money credited should be equal to the total money debited. Income statements, Balance Sheets and Cash Flow Statements are created using financial accounting. Records inside accounting exist as cash accounting or accrual accounting.

Although accountancy is a relatively new subject, its roots can be traced back to the ancient Mesopotamian civilization closely being linked with counting and money. Early forms of book-keeping have also been found in ancient Iran. The Egyptians and Babylonians are credited with developing the auditing system. Double entry book-keeping was started in the medieval era by the Jewish community in the Middle East. The first work on the double entry book-keeping system was produced by Luca Pacioli who is also known as the "Father of Accounting". In the nineteenth century, accounting started to develop into a profession. The development of joint stock companies resulted in accounting being split into financial accounting and management accounting.

ACCOUNTING SUBSETS:

Accounting consists of a variety of subsets. These include Financial Accounting, Management Accounting, Auditing, Taxation and Accounting Information Systems. An overview of these subdivisions are listed below:

Financial Accounting: This subset focuses on creating reports regarding an organization’s financial information, which is shared with investors and creditors. Financial statements are calculated for external users by complying to the Generally Accepted Accounting Principles (GAAP). Financial Accounting produces reports based on past performance. For example, an organization in its 2019 report will include financial data and performance from 2018. These reports might be published on an annual, quarterly or half-yearly basis.

Management Accounting: This accounting is concerned with measuring, analyzing and reporting information to managers that can assist them in the decision making process, which helps in achieving organizational goals. Internal reports are created using cost benefit analysis that assesses the strengths and weaknesses of every financial decision. Management Accounting does not follow the accounting standards set by the generally accepted accounting principles. Instead, it follows Global Management Accounting Principles (GMAP) created by the Chartered Institute of Managerial Accountants. It creates reports that focus on the future. These reports include both financial and non-financial information.

Auditing: From an accounting context, auditing refers to the objective examination and evaluation of an organization’s financial statements. An auditor examines the transparency of information present in a financial document which includes financial position, cash flows and operational results of an entity. An auditor also checks for financial information that does not comply with the generally acceptable accounting principles (GAAP).

Tax Accounting: This subset of accounting focuses on preparing, analyzing and presenting financial information to address tax payments and returns. In the United States, separate accounting principles exist which are different from the generally accepted accounting principles. Corporate and personal income have different rates of tax deduction, which varies with the level of income.

Accounting Information Systems: It is an organization’s information system that focuses on processing accounting data. Computer based accounting software has simplified accounting procedures in organizations. Financial information processing is being handled by artificial intelligence. Enterprise Resource Planning Systems are being used by organizations to manage business processes. It has reduced the constraints that come with physically storing, accumulating and reporting financial information. These systems can retrieve and compute financial information with a level of accuracy that is difficult for human beings to achieve.

FINANCIAL ACCOUNTING ASSIGNMENT QUESTIONS

Financial Accounting is used by business owners, stakeholders and shareholders to make business decisions. Accounting assignment help experts also explain that the accounting information provided by experts help the business owners and sharholders know about the cost of various business operations. Based on this financial accounting information, business owners can then decide which potential business path to follow to maximize income or where to deploy funds for more opportunities. They will also get to know about how much profit or loss they are making in which particular line of business.

In financial accounting, you will also be learning about the following topics:

RESPONSIBILITIES OF AN ACCOUNTANT:

An accountant analyzes and provides financial information to the management of an organization. However, there are more responsibilities that an accountant holds which include:

ACCOUNTING BODIES AND FIRMS

These are organizations or associations of accountants in a particular country. An individual needs to be a member of these professional bodies to offer accounting services to the public. These bodies offer education, training and qualifications needed in the occupation. While smaller organizations might hire qualified auditors to assess their financial data, bigger organizations get their information audited by accounting firms. These firms assist an organization in audit, tax, corporate finance and legal services. Accounting firms started out in the United States and Europe during the late eighteenth century. These firms with time kept merging and by the twentieth century there were five big accounting firms. These included Arthur Andersen, Deloitte, KPMG, Ernst and Young and PricewaterhouseCoopers. Later, Arthur Andersen dissolved as a result of the Enron scandal. This reduced the number to four dominant audit firms.

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