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Why you need accounting assignment help?

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

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

In accounting, we prepare three very important financial statements: balance sheet, income statement, and cash flow statement in accounting. There is also a fourth statement called shareholders' equity, but it is only created when it is essential and not otherwise. Suppose a company is very small and there are two or three partners and no major number of shareholders. In that case, preparing a shareholder equity statement will waste time and energy for the accounts department.

These financial statements are prepared according to certain accounting concepts followed by a wider range of industries around the world.

What Are The Important Concepts In Accounting?

The key accounting concepts are explained below:

  • 1

    Revenue recognition principle

    This concept is all about when we should record the revenue in our books of accounts. The simple rule is that we should only record the income when it is earned and not before that. If a company has provided a service or product to its customer, but the payment is yet to be received, then we cannot record the revenue. We will only record it when the payment is received.

  • 2

    Matching principle

    This concept is all about recording the expenses in the same period they have been incurred. This means that if a company has incurred an expense in January, it should be recorded in the books of accounts of January only. It cannot be recorded in the books of February or any other month.

  • 3

    Full disclosure principle

    This concept is all about providing complete and accurate information in financial statements. This means that all the information that can affect the decision of the users of the financial statements should be disclosed in those statements. This includes both positive and negative information.

  • 4

    Going concern principle

    Going concern principle is all about assuming that the company will continue its operations in the future. This means that we should not record any asset or liability in the books of accounts that the company will use after a year or two. For example, if a company has purchased a machine that it will use for the next five years, then we cannot record it.

  • 5

    Cost principle

    This concept is all about recording the assets and expenses at their original cost. This means we cannot record the assets and expenses at their current market value. We will have to record them at the price they were purchased or incurred.

  • 6

    Materiality principle

    This concept is all about recording the information in the financial statements, which is material in nature. This means we should not include any irrelevant information in the financial statements. The information contained in the financial statements should be those that can affect the users' decisions regarding those statements.

    These are some of the fundamental accounting concepts that the accounting profession follows.

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