Accounting Assignment Help

Posted by kkstatistics on February 19th, 2020

Introduction to Accounting

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Accounting is a process that allows recording, processing, interpreting, summarizing, verifying and presenting of the financial transactions. Hence, the complete process of accounting forms a cycle, and can be termed as Accounting cycle. This Accounting cycle includes nine major steps. The initial step of this cycle is recording and the final step is presenting of record, also termed as accounting statements. All Financial records or transactions along with retrieving, summarizing, storing, sorting of the data which shows the reports profit and loss, in and out, transactions is called accounting. It’s a field of study and profession which is dedicated to carrying out those tasks. The other name of accounting is “language of business”.

Why Accounting is important?

Every organization, individual, business or businessman is accountable for their business assets, finances, stocks, action and time. So that originations, individuals seems profit or loss in the business in current financial year. Businessmen can comparisons of the last business profit or loss so that they can find the suitable decision or making the policy for profitable business. Accounting provides a basic skill to every professional he must be master so that they can use accounting and excel in their career as well as report and respond on project performance.

1. Collection and study of data
2. Recording of transaction in Journal also called Journal Entry
3. Posting in Ledger
4. Preparation of unadjusted trial balance
5. Correcting record
6. Adjusting trial balance
7. Preparation of financial statements
8. Closing the records
9. Post- closing of trial balance

1. Financial Accounting: It mainly involves book keeping and preparation of financial statements. The main aim of financial accounting is to prepare a report on the economic performance of the company or firm.
2. Cost Accounting: This area is based on preparation of report on production and manufacturing cost of goods and services. Hence, cost accounting serve as an important tool in the decision making process.
3. Managerial Accounting: This area deals with the preparation of report on future values. Hence, Managerial Accounting focuses on confidential report making process of a firm.
4. Tax Accounting: This area of accounting focuses on filing of tax return of an enterprise as enforced by the government.
5. Auditing: Auditing is the area that involves examination of financial statement or record of the firm. Hence, it is done to maintain accuracy in the decision making process.
6. Non-Profit Accounting: This area of accounting deals with those statements and transactions that have the motive other than adding profit to the business. It includes charities, donations, events etc.
7. International Accounting: The accounting area that deals with the foreign exchange or foreign trade is termed as International Accounting.
8. Budgetary Accounting: This area of Accounting is based on the measurement of accepted plan or budget. The main aim of this accounting area is to help in control of budget.
9. Government Accounting: This system of accounting is developed to measure the inflow and outflow of government capitals or resources.
10. Accounting Education: This field is for those who have special interest in teaching and providing accounting knowledge and education to the interested students of this sector.