Accounting refers to managing and reporting finances, stocks, assets and time. Each professional is accountable for their duties irrespective of their position. Each person must, therefore, account for their role, action, and the decision to higher authorities to demonstrate their competency and control over the role. Accounting is most commonly associated with financial management but is not limited to financial management.
Every individual, business or organization is accountable for their finances, stocks, assets, action and time. This makes accounting a basic requirement every person must address. Being a basic requirement, individuals who fail to account accurately are likely to also experience career or venture failure. This makes accounting a basic skill every professional must master so they can excel in their career as well as report and respond on project performance.
Financial accounting: Financial accounting involves managing and being accountable for finances and assets. it involves maintaining balance sheets, statements, sales records and expenditure receipts and reporting individual or organizations financial standing and performance. Besides being accountable for finances, it also involves reporting on financial target achievements and fall outs. The financial accountant is responsible for reporting financial accounts, processing data for decision making and proposing solutions to problems. This information helps to improve financial performance in the next financial year based on a previous years accounting database. It is the branch of accounting which handles the preparation of the financial statements.
Book Balancing: Book balancing refers to managing an individuals or business’s finances including income and expenditures. The accountant reviews, manage and report an individuals or businesses income, capital, expenditures and profits or losses during a fixed period. These are calculated and reported using different formulae.
Processing Data: Data generated by a business required proper management thus it must be reviewed, processed, organized than stored on databases. This is an important task every accounting official must perform accurately and store the data in an organized manner. It also ensures the data is accessible in the shortest possible time frame which helps improve operation flows.
Advice and proposed solutions: Accountants are also legal advisors falling within the accounting profession. They can review individual and business records, process and accounts and offer legal advice. To achieve this, the accountant must be well versed with the legislature associated with taxation. The accountant, therefore, needs to review different accounting legislature and regulations to provide legal advice. While getting accounting assignment help, make sure the service provider offers supporting evidence to show an in-depth understanding of accounting laws and legislature. This demonstrates the accounting homework help services competency and ability to solve assignments correctly and score the highest grades.
Tax accounting: Tax collection is a major revenue generator for every government. Governments depend on taxpayers to generate Finances for government spending, development, and governance. Taxation has several subcategories each attracting a different set of regulations and guidelines. An Accountant requires to be well versed with the different types of tax. This will help them calculate amounts payable towards tax. Some types of taxes include.
Income tax: Income tax is a form of tax levied on all citizens who generate income from employment or business. This form of taxation requires for individuals and organization to report annual income on which they pay a fixed tax rate. The rate of taxation depends on the amount of income reported, and lower income groups are exempt of Income tax.
Value-added Tax (VAT): This form of tax targets the retail and manufacturing industries and businesses. VAT is payable on the profits generated through the businesses. All commercial or private business which manufactures or adds value on products or services must pay VAT before resale.
Excise Tax: This form of taxation is levied for non-basic and luxury goods such as fuel, tobacco, and alcohol which are non-basic merchandise. This form of taxation is aimed at discouraging the consumer from purchasing and consuming these products.
Road tax: Also known as toll tax, it is tax collected from major highways and road users. Distance, the number of vehicles using the road and usage frequency determines Road tax rates. Repair, improvement, and up-gradation also influence the rate and frequency at which road tax is collected.
Property owners also need to pay tax on their property on an annual basis. Similar to road tax, house taxes help to fund repairs and up-gradation of facilities within those localities. Facilities such as parks, gardens, residential roads, public lighting facilities and many others all need monthly and annual maintenance. Property tax generates finances to help maintain the public facilities and utilities.
Inheritance/Estate Taxes: This is a form of tax levied on individuals who inherit large assets. The inheritance is categorized into sections catering to a certain income group and category. The rate of taxation is directly influenced by the inheritance value. Inheritance tax also takes into consideration the individuals dependency, age, and income before the taxes are levied. Underprivileged and dependent individuals are exempt from inheritance tax within a certain asset value bracket.
Rental Income tax: Certain individuals and business depend solely on Rental income as their primary source of income. Rental income taxation rates depend on the rental charges as well as the amount of income collected from rent. Rental properties are also classified as commercial properties which attract a different rate of taxation.
Each country has a well-defined taxation policy and regulations. While seeking help with accounting assignment, make sure the service provider is well versed with taxation laws. There are many forms of Taxation laws, and the accounting homework help service must address tax accounting accurately.
As per the students’ requirement we are here providing some frequently asked questions in accounting assignments. By going through these questions you can get a basic idea of what type of questions are asked in accounting assignments.
In this question you are required to refer the annual report of the given company. Then the question demands to identify the inventory system and accounting standard used in the company. In this question, the student should portray a deep knowledge in the basics of accounting since the identification of accounting standard and accounting method requires deep knowledge of the theoretical concept. The knowledge of the writer is really tested when he is asked to suggest better accounting method and to evaluate the impact of different accounting method on the Company’s financial statement. A student requires a great deal of critical thinking and academic excellence to attempt this question. It is recommended that you should strengthen your theoretical concepts, as a minor misinterpretation will affect the relevancy of the solution.
The question given in Fig (2) has the same sense as that of the question in Fig (1). In this question, you have to carry out the financial statement analysis to identify the cost structure. You have to analyze the annual trend and identify the significance of ancillary revenue. Ancillary service is the service provided apart from the core business service. Then you have to identify the key factors affecting the revenue and source of the company.
From these 2 examples, we can infer that the tutors are assigning the students with same type of assignments. Only the theme of the assignment is different. In the majority of the assignments almost the same accounting principles and the same analysis tools are used to sketch a valid solution.
Accounting is a highly demanded profession but research shows that most candidates report major difficulties while completing accounting assignments. Accounting case studies and assignments consume considerable time due to their level of difficulty, and lengthy book balancing requirements. This is why students find accounting assignments difficult to complete. This makes it important to offer students tips to help reduce the accounting assignment difficulties. It’s also important to offer assistance on how to get help with accounting assignment from qualified experts.
Mathematical numeration: Accounting involves dealing with numeric, so make sure you like and understand mathematical and algebra before opting for this profession. You will need to review and make numeric entries so as to report the findings.
Book Balancing:Accounting is numeric based; thus, accounts must balance. It is an accountant’s responsibility to review and tally each of the accounts until they balance. If accounts fail to tally, the accountant is responsible for requesting additional information and highlighting discrepancies causing the imbalance. This is applicable to all forms of accounting that involve numeric entries. Make sure all entries are made on time and notes are taken for further clarification.
Time management in account: The biggest mistakes accounting students make while handling accounts is the failure to manage time and register entries immediately. This is the reason most good accounting assignment help services will request for all related information before offering assistance. Failing to register a single entry on the account would result in the account failing tally. When issued with an accounting assignment, students must consult an accounting assignment help immediately. This plays an important role in ensuring all relevant files are shared with the expert immediately. It also gives the expert adequate time to balance the account. To get the best help with accounting assignment give the accountant adequate time to solve your assignment. This allows them to properly review and understand the requirement than balance the account and report any discrepancies.
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For further verification check our free accounting sample solutions given below.