Best Accounting Homework Helper Online
Looking for best accounting homework helper, your search ends here. Accounting is an art of classifying as well as summarizing the money transaction in a manner which helps the users of Financial Statement to interpret the data and can be used for further analysis.The Definition of Accounting helps us in finding various attributes of Accounting Assignment:
1) The Users of Financial Statement must be able to obtain the data from the Accounting records which enables them to further take their decision.
2) Only the Financial Transactions are recorded and all the Non-Financial transaction which does not involve money is not recorded.
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|Accrual Concept in Accounting Homework Help||Accrued or Outstanding Expenses Homework Help||Acquisitions Homework Help||Active Equity Investment Styles Homework Help||Activity Analysis Homework Help|
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Accounting follows a cycle which can be classified as follows:
a) Source Documents
d) Final Accounts
Steps of Accounting :
1) Analysis of all primary data from events and transaction
2) Passing entries of all the transaction
3) Posting entries to Ledger
4) Preparation of Trial Balance
5) Passing adjusting entries
6) Preparing Financial Statements from Trial Balance and Adjusting entries
Rules of Accounting:
Accounting follows three golden rules. They are:
1) Personal Account : Debit the receiver and Credit the giver
2) Real Account: Debit what comes in and credit what goes out.
3) Nominal Account: Debit all expenses and credit all incomes or profit.
How do some managers improperly manipulate revenue and earnings
Following are some of the techniques that managers use to manipulate earnings and revenues of companies:
Cookie jar reserve technique
According to accrual system of accounting, the expenses are to be reflected in the period that they are incurred in and not when the bills are paid o when the invoices are received. But during those times when the company has strong earnings, managers show additional expenses through accruals and subsequently reduce the liability so that the earnings are generated in future.This technique is usually known as the cookie jar technique
The practice of capitalisation of intangible asset, software, research and development
In 1997 firms were usually allowed to capitalise the costs of internally developed software and to be able to amortise it in full in the entire life of the software usage, spanning usually from three to five years, with the idea of representing these costs as development costs. This process of capitalisation of costs has been used as an agent for manipulation of assets due to the fact that the company may use this to allocate more expenses to a project, capitalising then later to use them with a focus of reducing profits.
Big Bath Changes
One time ‘big bath’, changes have been made historically by managers are has been historically known, in terms of unusual or non-recurring charges so as to escape from the puzzle of aggressive accounting policies. These charges have usually been overlooked when analysing financial statements historically due to the fact that the world knows about these manipulations and that they have been brought t about or accounted for only to jack up the financial performance of the company and are in no relation to the operations of the company. These manipulations include sale of plant, property and equipment, writing down assets, discontinuance of an operating division or a product line.
Manipulation in operating activities
Managers have often been seen modifying timing of events in such a way that the accounting system that they follow, whichever country it is, would record the events in such a period where it would be more fruitful for the management and would highlight the performance of the company per se. Although these activities have been known to not to have increased the value of the company in any way, such manipulations take place in the financial records of the company so as to either show normal growth win periods where it is actually not at par with other periods or is helpful is showing that the company is not a growth trajectory, when it actually is not.
Mergers and acquisitions
A significant event that can be used to cover up for other events where a charge off can be used is mergers and acquisitions. In most of the cases, there is an understanding that some or the other form of restructuring would take place for the process of creating such a large one time transaction. This event provides for the company acquiring the other company to make accruals to restructure the transaction and making an attempt to show more expenses than have actually been undertaken to make the transaction happen. The company may also account for certain expenses twice, to be re-valued on the seller’s balance sheet, increasing the amount of goodwill that the selling company has. Thus the costs of the company increases and the buyer can thus show more costs. If valuations did conservatively prove to be excessive, the company is then able to reduce expenses and this reduces estimate the liability.
- What is the meaning of Accounting Equation?
Accounting Equation is the Foundation of the Double Entry System of Book Keeping. Accounting Equation summarizes the entire Balance Sheet in terms of an equation. Accounting Equation helps in knowing that how much of the Total Assets are Financed by the Borrowed money and how much by the Shareholder Own Money. The Formulae for Accounting Equation is:
Assets = Liabilities + Stock Holder’s Equity (Owners’ Equity)
- What is the meaning of Asset in the world of Accounting?
Asset, in the world of Accounting is defined as any resource which is being owned, Controlled and Managed by the Corporation, Sole Proprietorship or Partnership Concern. Assets will be recorded in the Balance Sheet only if has some future economic benefits and there is a certainty that it can be expressed in terms of money. Assets are recorded in the Balance Sheet at Historical Price or Market Value whichever is lower. Some of the examples of Assets are Accounts Receivable, Plant and Machinery, Furniture, Investments etc.From the definition of Asset, It is also clear that Some of the items which are valuable to the company but cannot be expressed in the terms of money like Company’s Goodwill, Customer Base etc. cannot be called as an Asset as it cannot be expressed in terms of money.
- What do you understand by the term Liability in Accounting?
Liability is an Obligation and it needs to be repaid by an entity. Liability is reported in the Balance Sheet. Liability is generally of two types i.e. Current Liability if it needs to be paid within 1 Year and Long term Liability if it needs to be paid after 1 Year. Some of the examples of Liabilities are Accounts Payable, Notes Payable, Bond Payable, Wages Payable etc.
What are various steps to standardize accounting?
Accounting Regulations:Efforts has been made to standardize financial information so that it can be understood efficiently and effectively by its readers. Thus attempt has made to make uniform rules and regulation to be followed globally to facilitate effective comparisons and understandability globally. Thus, accounting regulations are framed.
Generally Accepted Accounting Principles:Governmental agencies like SEC entrust FASB to make accounting rules. In turn FASB frame accounting rules and circulates them through SAFS for implementation as GAAPS. These GAAPS are then followed by the concerned countries in making financial statements.
Accounting needs to be standardized for effectively measuring the financial performance organizations globally. In this practical world accounting follows GAAP which are guidelines for preparing and the presenting financial statements in an effective manner so that true and fair view of transactions can be ascertained.
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