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Accounting Homework Help

 

Accounting Homework Help

What is accounting?

In simple words, accounting refers to the transaction log, its summary, reporting, and finally analyzing the data. Reports are generated from multiple ledger flows. It helps a company's management make decisions that are right for the future.

Purpose of accounting

The main objective of accounting is to provide information about a company's financial situation and performance. Based on this information, a company can make financial decisions. All business transactions, such as an investment or loan, are posted.

Accounting branches

Financial accounting

It is based on a systematic form of transaction posting according to accounting principles. It's the first form of the accounting procedure. The main objective of financial accounting is to measure the profit or loss of a company over a particular period and to give an actual picture of the company's financial situation on a specific date.

Cost accounting

Cost accounting includes the cost assessment of a product or service offered. Calculates cost by analyzing all factors that contribute to production, both administrative and manufacturing.

Management accounting

It is that branch of accounting that gives management information for better business management. It helps make crucial decisions and control various business activities.

Account review

Auditing is a part of accounting in which an external certified public accountant is known as an auditor. Examine and certify a company's accounts to verify consistency and accuracy.

Tax accounting

Tax accounting, the name itself explains that it deals with tax matters. Its functions include the preparation and filing of various tax returns and the treatment of their legal applications. Tax meters help minimize tax returns.

Fund accounting

It's about keeping records of nonprofit funds. Separate fund statements are prepared for separate work as welfare plans of different nature to ensure proper use of funds.

Government accounting

It is prepared for the allocation and use of resources from the central government (national government) and the state government. Record keeping ensures efficient and adequate use of various resource allocations and the security of public reserves.

Forensic accounting

Forensic accounting is also known as legal accounting. Facilitates the calculation of losses or the resolution of legal arguments. Investigations and calculations are carried out to correctly assess the damage.

Fiduciary accounting

It is the evaluation of the business and ownership of a third party maintained under the tutelage of another person.

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