Accounting entails the preparation of financial statements of a company. For a business to be properly managed it will require a sound accounting strategy in order to keep proper books of accounts. There are various accounting principles and standards which have to be adhered to when preparing the financial statements.
The major different financial statements generated through accounting processes include:
- The income statement – It is prepared to show the financial performance of the business by indicating the profit for the year and also the retained profit.
- The balance sheet – It is prepared to indicate the financial position of a business by indicating its total assets and liabilities plus the equity of the company.
- Cash flow statement – It is prepared to show how cash was flowing in and out of the business due to different business operations and the final cash or bank balance at the end of a financial year.
Accounting Assignment Help
Accounting involves a lot of computations that apply the different concepts and principles of accounting. For example, in the determination of the book value of fixed assets, in the balance sheet, you can use the straight line method or reducing balance to compute for depreciation. This will depend on the depreciation method you have been requested to use in computing for the depreciation of the fixed assets. Accounting projects can be a lot of headache and that is why you may need accounting assignment help services.
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Accounting Homework Help
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