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Finance and accounting is two different things. When you read finance, you strive to interpret what has been prepared by the accounts department. But when you are into accounting, you do the actual number crunching to prepare flawless accounting records. It is not easy to crunch each number accurately and reach the accurate financial reports. You are a student of accounting so you must be knowing that the accounting is not easy. It requires playing with the numbers and a slight error may lead to the unbalanced sheets that becomes a real pain. Also, the accounting concepts are so complex that you end up spending your whole day just figuring out one concept to reach the right answer. So should you tire yourself behind the tasteless number or spend your time on other important activities in your life? You should probably prefer to have your time spent on other important stuffs and leave the boring things to be done by others. This is where we come. We do the boring stuffs and you do your interesting stuffs of your life.

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Why you need accounting assignment help?

We have experts from different assignment background and therefore you can get assignment of all types and all categories. It does not matter which aspect or concept of assignment help you need in accounting, we have expert for everything. We have spent years building the pool of experts who collectively is a strongest resource of ours. You will get all the help you need in the accounting assignment and that too at lowest price than the industry. Lowest price is a guarantee from us for all accounting assignment help.

Now as you have understood that we can help you get the assignment help in accounting. Now let us learn some of the theoretical aspects of the accounting as a bonus from our side. The following content is being provided to you by one of our experts.

You know that in accounting, we prepare three very important financial statement, they are balance sheet, income statement, and cash flow statement. There is also a fourth statement called shareholders’ equity, but it is only created when it is important and not otherwise. If a company is very small and there are two or three partners and no major number of shareholders, then preparing a shareholder equity statement will be the waste of time and energy of the accounts department.

These financial statements are prepared in accordance to certain accounting concepts that are followed by wider range of industries around the world. The key accounting concepts are explained below:

Accrual accounting concept

Accrual is a very important concept in accounting. As per the accruals concept, the company recognizes the revenues only when it is earned in actual and not just because a sales person came to the accounting department saying that some x company is certain to buy a product. Also, in accrual accounting, assets are reduced or consumed, only then the recognition of the expenses take place. Otherwise, until the asset is with the company, the accountants will not consider it as expense. Accruals concept is widely recognized and the auditors all over the world approve only those financial statements that are based on accrual accounting concepts.

Conservatism accounting concept

Accountants are conservatives. They enter the revenue in their record only when it is certain that it will be realized in the future. They do not enter a revenue amount on a castles in the air promises of somebody, even if it is the sales head or CEO of the company. However, it is quite contrary stance to the expenses. If an accountant sees that the company may have to spend a substantial amount of money on repairing a pit nearby the company in the future, then it will be added in the expense. And it does not matter whether the company has to do that pit filling, but if it is considered that it has to done, then it is added in the accounting records. Now you may wonder why it is done this way. It is just like an early warning sign for the investors who have either already invested in the company or they are planning to invest in the company in the future. This tells them the likely area where their money is going to be spent in the future.

Consistency accounting concept

Accountants are very consistent with the methods they choose to prepare their financial statements. There are two key methods from which one is adopted while preparing the financial statement. They are LIFO (Last In First Out) and FIFO (First In First Out). LIFO means that the product that came last in the inventory will be recorded first in the sales out. And the FIFO is opposite to it. We will learn about it in detail in some other accounting related article. Now back to the consistency concept. The accountants either use LIFO for their recording, or they use FIFO for the recording. Also, they cannot use LIFO this year, FIFO next year, and then LIFO the year after. They will not be jailed if they do so! But only if they mention in their financial statement that why they did so. They have to mention why they changed from LIFO to FIFO or other way round in the footnote of the financial statement. They also have to mention that how this change has impacted the financial calculation and which area has been impacted. Sometimes the companies do so to manipulate the sheet and show the positive picture of the company to the investors, which is illegal.

Economic entity accounting concept

Under this concept, it is ensured that the transactions done for the business stays separate from that of the owner of the company. This is done so that the personal and business aspect is kept separate. If a company is following this properly, then it avoids the confusion and builds faith among the investors. No investors would want to invest in a company whose owner is using the company fund to spend on their personal lifestyle. It has a downside for the company owner also. If the company fails tomorrow, then the company owner will face lots of difficulty in representing the company away from his or her personal life expenses. So it is always a good idea to keep the finances of the company separate from the personal.

Going concern accounting concept

Accountants assume that the company will never fail. Yes. It is true. It does not matter what the company is doing and in reality everyone knows that company will fail. But when the accountants sit to prepare the financial records, they assume that the company will never fail. It is assumed that the company will be able to fulfill all its obligations in the future. This is done to ensure that the current assets and liabilities of the company are kept separate to the fixed assets of liabilities. If the accountant does not follow this concept, then he or she has to think about everything in terms of current situation. There will be no fixed assets or liabilities in the company. This will make accounting more complex.

Going concern accounting concept

Accountants assume that the company will never fail. Yes. It is true. It does not matter what the company is doing and in reality everyone knows that company will fail. But when the accountants sit to prepare the financial records, they assume that the company will never fail. It is assumed that the company will be able to fulfill all its obligations in the future. This is done to ensure that the current assets and liabilities of the company are kept separate to the fixed assets of liabilities. If the accountant does not follow this concept, then he or she has to think about everything in terms of current situation. There will be no fixed assets or liabilities in the company. This will make accounting more complex.

Matching accounting concept

Under this concept, the accountants record all the expenses that are related to the particular revenue in the same period. This is done keep things clear to anyone who is reading the financial statement. If the revenue is recognized in the financial year A and the expenses are recognized in the year B, then it will create confusion. It will not only create confusion for the investors, but for the company itself when it will sit down to make comparative assessment of the company to understand the growth it has made so far. The concept also helps investors understand that all the accounting aspects are recorded in a same period and so they make appropriate decision.

Materiality accounting concept

In business, there are two forms of valuation of the assets. You can find that there are transactions and values that have proof and can be traced back to the past. And then there are those that cannot be identified with surety, but still they are asset to the company. For example brand value of the company. Brand value is an asset to the company, but it cannot be recorded in the financial terms. This is immaterial. It is not material and no financial proofs can be found even if accountant tries to trace it back to the day company came into existence. Therefore, brand value is not recorded in the asset category of the balance sheet. Only those transactions and amount are recorded that are material in nature.

Now we hope that you understand the key concepts that accountants depend on when they prepare any financial statement. These concepts are backbone to any financial statement that are made. It also acts as the faith builder among the investors. If a company is following all these concepts diligently when they are preparing their financial statements, then it creates trust among the investors. Accountants spend their day and night preparing financial statements and ensure that they have a record of even a penny spent on anything. If the accounting aspect of a company is good and crystal clear, they can make better decisions. It is because they know how much they have in their pocket and whether they can make any financial decisions that require huge investment.

We are looking forward to you for your accounting assignment help order. We are repeating it again – you can stay assured of the highest assignment quality. We have experts who are best in the industry in accounting assignment help and you will get the quality assignment at the lowest price than other service providers. Our experts know that the value of money and they charge what is valid. They do not believe in reaping off students of their hard to come by money. Student life is tough financially, but it can be fun if smart decisions are made. You can get your work done from us and spend your time generating income from your favorite sources. Yes. You can do a part time job to raise more money if you are more interested in learning tools of trade right from now on instead of waiting for your graduation year to complete.

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