The procedure via which all raw financial transactions is summarized, organized, analyzed and recorded to prepare a report for external entities such as tax collectors and regulators, is known as accounting or accountancy. Sometimes the terms bookkeeping and accountancy are used interchangeably, but they are not the same thing.
Bookkeeping which is the first step in the accounting cycle refers to identifying and recording monetary transactions of a business in a systematic manner. On the other hand, accounting is the process, of summarizing and analyzing financial transactions based on which critical business decisions are made.
Types of Accounting
Accounting can be classified into several branches based on its area of specialization. These branches have been mentioned below –
- Cost accounting
- Financial accounting
- Government accounting
- Management accounting
- Forensic accounting
- Public accounting
- Tax accounting
- Auditing
Importance of accounting for a company
Accounting forms a crucial part of any organization that conducts financial transactions regularly, irrespective of its size. It enables an organization to carry out these following functions –
- Efficient accounting and accurate financial statement enable management to ascertain their company’s financial standing. Accordingly, it will help them to strategize their company’s growth and plan for other investments. For instance, business owners can decide whether to apply for a loan or not after going through the statements.
- Accounting enables a business owner to calculate its exact annual income. As a result, organizations and individuals can also estimate the amount that they need to pay to the Income Tax Department.
- Accounting involves preparing a balance sheet, which keeps track of assets and liabilities. It enables a company to understand how much money they need to pay and the money they are going to receive.
Scope of Accounting as a Career
The recent growth in businesses and industries have led to increasing demands for accountants. According to a recent survey by the Bureau of Labor Statistics, USA, employment for accounts and auditors is expected to grow at a rate of 6% between 2018 and 2028.
The scope of accounting as a career is also wide as businesses and individuals both require the help of accountants to manage their finances efficiently. Around May 2019, there were approximately 654,375 licensed CPAs in the United States.
Hence more students are choosing accounting as their major at the university level. While the subject itself is very interesting, beginners often have a hard time solving challenging accounting assignment, which leaves them frustrated.
They also spend a significant amount of time trying to figure out answers to tricky accounting questions, thereby missing the deadline. Hence, they need to learn how to solve complicated questions quickly.
Guide to Solving Tricky Accounting Assignments
Students who are new to accounting can go through the guidelines given below. It will help them to solve and complete difficult assignments quickly –
- Understand the underlying concept –
If you require management accounting assignment help, the very first thing that you should do is refer to your textbook to gain a better understanding of the terminologies and concepts. You should also read up on the two basic principles of accounting before starting with your assignment.
Often students find accounting and math problems to be complicated and tricky, especially if the question has been structured in a roundabout way. In that case, learning the fundamental concepts will clear confusions and will further help to complete the assignment smoothly.
- Refer to books for similar examples –
If you are unable to solve your tricky assignments even after reading up on basic terms, concepts, and principles, then you should go through some solved examples discussed in your textbook. If you do find similar questions, then go through the steps to understand how it has been done.
You can also try doing the solved question on your own to understand the process better. Once you feel confident that you have understood the procedure and steps, only then attempt the complicated assignment.
- Take help from a teacher –
If it is possible and allowed then ask your accounting teacher or professor for accounting assignment help. Your teacher will be able to explain the underlying concepts to you in a relatively easy manner. Also, you can pose questions to him or her to clarify specific doubts that you may have regarding basic accounting terms and concepts.
- Discuss with your peers –
If you are unable to ask your teacher, then you can discuss the tricky accounting assignment with your peers. One of your peers may have a better grasp of the fundamental concepts on which it is based.
Moreover, you will be able to learn concepts more quickly if you discuss with your peers. Solving the tricky assignments together with your friends and classmates may also lead to discovering more than one solution or answer for it.
- Take help of study apps –
If you are facing difficulty while solving a tricky accounting assignment, you can also take the help of digital learning platforms or online applications. These mobile phone applications prove useful for understanding the most concepts of accounting easily.
For instance, if you are working on complicated calculations, you can opt for accounting calculators to crunch results quickly and without any errors for management accounting assignment help.
Apps which perform currency conversion as per the most recent exchange rate are useful for both accountancy and finance students. Furthermore, they can also use apps that are meant for individuals to keep track of personal finances.
- Refer to online assignment help websites –
You can also refer to online homework websites for help with accounting assignments which are complicated as well as time-consuming. You can avail the services of subject experts and experienced teachers who will aid you in completing the assignment within the due date. They will also provide you with clarification on difficult concepts and topics if required.
Consequently, you will be able to solve questions based on the same concept more effectively from then and will achieve top grades in examinations. Moreover, as you won’t have to spend all your time on tricky assignments, you can use it to focus on other areas of accountancy.
However, it would help if you had an idea of the whole procedure from submitting your requirements for an accounting homework help to a website to availing a complete assignment –
- Provide some basic information about yourself like your name, email address and contact information. You will also have to enter your assignment topic and detail specific requirements or instructions if any. Make sure to enter the correct information to avoid any confusion or rewrites later.
- Once you enter the basic information, the website will get in touch with you to inform you about the price quote for help with accounting assignment.
- If you are on board with the stated price quote, then you need to pay the requisite amount via a suitable online payment option such as debit, credit card or payment applications.
- After you pay the requisite fee for your accounting assignment help, subjects tutors will start researching and working on your assignment.
- You will be sent the finished file to check for errors or any other modifications.
- If you are satisfied with the finished work, then your file will be proofread and delivered to you via email.
How to Choose the Best Online Assignment Help Website?
Online homework help websites aim to help students achieve their desired grades and pursue their dream careers. It has several interesting features which make this possible. Some features have been given below –
- Meeting deadlines –
If a student fails to submit a project within the due date, the teacher in charge will award him or her poor grades and may mark them absent. Websites offering help with accounting assignment understands the importance of maintaining deadlines. As a result, they ask for a preferred submission date and send you the completed file a few days before it is due for actual submission.
- Unique content –
The websites engage the services of subject experts and experienced tutors who curate your accounting assignment carefully so that it is unique and does not contain any plagiarised data. They also proofread it multiple times to make sure it maintains a proper standard.
- Affordable –
The services offered by university homework help websites are reasonably priced so that college students who are on a tight budget can avail them easily.
- Reliable customer care department –
The customer care department is not only friendly and helpful, but they are available round the clock, so clients can contact them whenever they want.
It is a crucial feature since there can be some situations where you may need to contact them at an unusual hour. It proves most useful when there is a change in the set of instructions or submission date for the accounting assignment help.
Thus, beginners can avail these strategies to learn more about the basic concepts of accountancy and score good grades in final examinations. Apart from beginners, students who are at an advanced level can also opt for university homework help websites to complete their accounting assignment on time while using the free time for other activities such as internship, studying or research.
Get help with your accounting assignments today!
Author Bio – Ellen Litwack has been a dedicated member of the Buddy Assignment Help team for several years. As a seasoned subject matter expert, she brings a wealth of knowledge and experience to the table. Ellen’s passion for education and her commitment to student success shines through in her role as the head tutor, where she oversees tutoring services for a wide range of subjects.
