Accounting Homework Help
Accounts refer to making and keeping a record of financial receipts and expenditure covering a particular period. In other words, accounting is the art of collecting, organizing, and interpreting financial data. Accounting is the ‘business language’ that records monetary transactions. Maintaining accounts are important for business development as it helps to draw in investors. Knowing proper accounting techniques is important to be a businessperson. “Assets=Liabilities+Owner’s equity” is the basic accounting equation. Where assets are those items that are owned by the company, have a value and can be turned into cash, liabilities are what a company owes to others, and owner’s equity is the amount that a person has invested into a business. Accounts are maintained by every business irrespective of the fact whether it is an MNC or a small company. An accountant collects the document, record information, categorize the same and represent in a specific format. Accounting information is ultimately presented in the form of financial statement (profit& loss account, balance sheet, cash flow statement). The person who understands this language and speaks it eloquently is known as accountants. Earlier their work was considered clerical but time as changed, apart from maintaining accounts they give business strategies and are deeply involved in the business operation. Even those students who like accounts and are brilliant at it do struggle when it comes to completing their homework. The major reason behind it is whatever methods they are taught in class might not be applied as it is on problems given in homework and when they find no one to help them; they either leave it incomplete or don’t do it at all. To solve an accounts’ problem accurately in the first place students need to have a strong hold on theory as well, whereas students find subject theory boring and often ends up skipping it. Ultimately they have to pay price by losing their marks.
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