Best Accounting Assignment Help Online services
One of the most important lifelines of commerce and business is accounting. Accounting is not only keeping the records of input and output of a business but also acts as an interface to avail the results of business transactions among the various departments and attributes of the business. We hereby deliver one of the finest Accounting Assignment Help online services to the students in commerce branch to make them understand the basics and fundamentals of accounting with respect to business point of view.
Concept of Accounting:
Every business of office has a separate area where all the input, output and usage of the cash is kept recorded. That section is known as accounts section. Many commerce qualified people work there with their brainstorming techniques to keep record of every single penny used and expensed. Ultimately accounting is a measure of providing results of operations in business to different parties connected to the business. They can be creditors, debtors, investors, etc. accounting serves as a one language for the business done. Accounting ultimately is connected to all the personalities who are interested in keeping a record of all the monetary transactions. Financial accounting is the key we are looking into when we choose the term accounting.
Attributes of Accounting:
The above definitions bring out the following as the attributes of accounting.
1. Accounting is both an art and science:
Although accounting is a commerce term but it is related to science when it comes to numerical representation of all the monetary data. Analytical interpretations and communicating the results with all the staff requires a special skill and hence can be related to an art.
2. It involves recording, classifying, and summarizing:
After analyzing the data, the records are kept in a systematic way in an accounts book which is called as book keeping. Classification by grouping the transactions of similar feature is done at one place so that they can be calculated as a single agenda soon after their occurrence. Ledger is a book that helps in keeping such tracks. It helps in preparation of final accounts.
3. It records transactions in terms of money:
A business always runs on monetary power and accounting delivers a common measure of recording and raises the understanding of the status of affairs of business.
4. It records only financially sound transactions
Non-financial events, howsoever important they may be for the business, are not recorded in accounting.
5. It is the art of interpreting the results of operations.
It aids to determine the financial position of the enterprise, the progress it has made, and how well it is getting along.
6. It involves communication:
The results of analysis and interpretation are communicated to the management and other interested parties.
Main Objectives of Accounting:
From the knowledge of our Accounting Assignment Help team experts, out of many objectives of accounting, a few are listed below.
1. To acquire the operating results for the organization
2. To elevate the financial options for a business.
3. To take control over the scare resources of enterprise and using them in optimized way.
Functions of Accounting:
The following are the major functions of accounting:
(a) Keeping Systematic Records:
Accounting is responsible for reporting the outcomes of most of the business events and book keeping of such events is the main job for accounting managers. Many journals and subsidiary books like sales and cashbooks are installed and continuously fed in order to ultimately maintain the final statements.
(b) Communicating the Results:
Delivering the financial outcomes to the enterprise is also one of the most prior functions of accounting. The receivers of such service are the owners, financers, sponsors etc. the purpose is to make the parties sure about the business by taking an esteemed view for opting sound economic decisions.
(c) Meeting the Legal Requirements:
Tax authorities always look for proofs about the income and expenditure of any business. These are legal conditions any business has to fulfill. Accounting provides a safe record to fulfill all the legal requirements and sets up an interface of communication between the legal body of tax authority and owners of the business. All the measures are taken by considering all the accounting principles in hand.
(d) Protecting the Properties of the Business:
Accounting helps protecting the property of the business.
(e) Planning and Controlling the Business Activities:
Daily basis operations are handled and controlled with hopes for planning future activities of a business. An optimized operational efficiency is tried to be withdrawn from this philosophy.
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