Get into the Depth of Accounting Subject
Understand the basic principles of accounting
Accounting is a tough subject and so it is vital to have a clear understanding on accounting principles that can further help in preparing, presenting and interpreting financial statements. There are four basic principles that need to be followed by an accountant:
1.Â Â Â Business entity concept:
This means that financial accounting information that is available in financial statement can be related to activities involved in business and not of the owner. From accounting viewpoint, business would be treated as a separate entity from that of its owner.
2.Â Â Â Accrual basis:
In this case, the transaction would be recorded whenever a revenue is earned and expenses are incurred by business. There is no need to consider any particular timing for cash receipt and payment.
3.Â Â Â Going concern assumption:
This means that the financial statement would be prepared depending on the entity that you would continue to trade in for foreseeable future.
4.Â Â Â Time period assumption:
The indefinite life span of an organization is divided into either time period or accounting period. Both these factors seem to have equal span that helps in preparing financial reports.
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- Principles of accounting
24x7homeworkhelp.com is ready to deliver vast knowledge and information on the principles of accounting. This can further help in study and you can expect to score more. Here are few principles found in accounting subject:
- Revenue recognition principle:
In case of accrual accounting, revenue is usually identified when it is earned rather than when it is received. Therefore, income is often recorded once the service is performed completely or as soon as sales occur in business.
Expense recognition principle:
It also comes under accrual basis of accounting and in this case, the expense is often recognized when it takes place in enterprise regardless of its payment process. So, the expenses are recorded when it is being incurred.
It is a concept where the expenses are often identified when the related income in being earned and vice-versa. This means that the income is often matched with expenses.
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Steps involved in accounting cycle
We are highly efficient in giving valid information on accounting cycle which involves sequence of steps that further helps in proper collection of information and presentation. There are different steps involved, such as:
- Indentifying and then, analyzing transactions.
- Recording of different transaction in journals.
- Posting of journal entries to ledger.
- Preparing unadjusted trial balance.
- Recording of adjusted entries.
- Preparing trial balance.
- Organizing financial statements.
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