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One of the most challenging topics for students in accounting is having to deal with financial accounting. Financial accounting covers a wide range of topics like balance sheets, Income statements, cash flow statements, calculating return on capital, return on investments, changes in equity among others. Most student normally find financial accounting tasks time consuming and end up wondering if they can pay someone to do their financial accounting for them. However, our company has experts in financial accounting that can help cover all topics related to accounting and finance. For a small fee, one order a paper and sit back and watch us deliver your paper in no time.
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In the field of business and entrepreneurship, financial accounting serves several purposes. They include; giving specific financial statements for the entity, producing necessary information to be used by the management to aid decision making, forecasting, and performance evaluation. Financial statements further help the assessment process for regulatory needs.
Other essential details provided by financial statements for both internal and external business operations are; profit and loss statement, a statement for entity's financial status, cash flows statement, a statement for stakeholder's equity, and comprehensive income statement.
In preparing financial statements, there are standard guidelines used to keep track of all entity's cash transactions. The transactions are captured, analyzed, simplified, and submitted in a financial statement such as a balance sheet or profit and loss statements. Entities provide financial statements in a routine or a scheduled manner.Financial accounting is grouped into two broad categories; cash financial accounting and accrual financial accounting. Even though the two are different, they both operate on the concept of double-entry. Double entry means that for every transaction, two accounts are affected. In simple terms, every debit entry, there is a corresponding credit entry.
Financial accounting operates as per the accrual method. Under this method, revenues are testified once they are earned, and not after the cash is received. Similarly, expenses are accounted for once they are incurred and not after they are paid, which is not the case with cash financial accounting.
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Bookkeeping is, in most cases, confused with accounting. A good number of people think that preserving an entity's books of accounts and preparing its financial reports alongside tax details constitute bookkeeping. However, others believe that bookkeeping activities are restricted to recording financial statements in daybooks or journals and later transferring the figures into accounts in ledgers.
Bookkeeping practices have seen historical shifts from ancient times to modern business operations. Before the introduction of computers and accounting software, bookkeeping for business entities started by feeding entries into journals. Journals are books of original entries. With time, the need to reduce a lot of writings in the general journal arose, and specialized journals such as sales, purchases, cash receipts, and cash payment journals were introduced.
In the modern-day accounting arena, computers, and accounting software, as mentioned earlier, have given the impression that bookkeeping is no longer an accounting practice. The software has been programmed such that the debit amount is equal to the credit amount for every single transaction. An advantage of the software is the elimination of systematic and random errors that occur when the transactions are filled manually. Even though the software is fast and accurate, it has the shortcoming of not detecting omission of transactions, repeated entries, or the use of wrong accounts. The software processes what is entered.
Operators in the field of business and entrepreneurship need to familiarize themselves with both bookkeeping and accounting practices. Companies should pay particular attention to bookkeeping as with advancement in technology; manual bookkeeping is becoming a thing of the past, thus increasing the risks attached to accounting software.
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In accounting, tax accounting gives details on taxes and not how financial statements are presented to the public. Taxation is regulated by an insider revenue code that provides a set of specified rules that business entities or individuals must adhere to when making their tax returns.
Taxation policies are set by the government, and every entity and individual should abide by the taxation policies. It is aimed at ensuring that the governed are contributing towards the smooth running of their government. It is, however, supposed to be consistent with individual abilities. Taxation rates should be directly proportional to the revenue that the governed enjoy from their government, respectively.
In application, taxation and tax accounting is the exact opposite of financial accounting. For entities that operate as per tax accounting guidelines, it is prudent to put down their sales once the money from such sale is received. The main difference between financial accounting and tax accounting is exhibited when purchases and sales are recorded based on accrual or cash basis.
If an entity is accountable for corporate tax, the management must provide a Company Tax Return to the HM Revenues and Customs at the end of every financial year or entity's accounting period. Before the entity's tax return is forwarded to the relevant authorities, there is need to compute two important elements. First, compute the amount of profit made or losses incurred in relation to corporate tax. Secondly, compute the amount that should be paid for the entity's Corporation Tax Bill.
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Amortization is an accounting approach applied to intermittently reduce the book value of a credit or an immaterial asset for a specific period of time. Amortization can be used to define two circumstances. First, amortization can be used to refer to the distribution of capital expenses in relation to immaterial assets over a specified period. It is usually for as long as the assets lifetime. Secondly, amortization is the process of settling debts by use of consistent principal and interest payments over time.
Amortization plans starts with the unsettled loan balance. On a monthly basis, the amount of interest payable is computed by multiplying the rate of interest by the remaining loan balance and then diving it by twelve. The amount of principal to be paid in a specific month is the total amount paid in a month minus the amount of interest paid in the said month. The new outstanding balance is used for computations in the following month.
Amortization plans are used by the creditors, for example financial institutions, to submit a credit repayment schedule as per a specified loan maturity date. Immaterial amortized for a given period of time aids in attaching the price of that asset to the proceeds or returns accrued from the asset as per the provisions of GAAP principle.
Principles of finance are investment decisions that a company take after being advised by their financial managers and the decisions emphasize more on finances. This topic covers short and long term financing, security valuation, relationship between rewards and risks, operations of financial markets and time value of money.
In risks and rewards, investors should exercise caution since high risk will yield high rewards and vice versa. An investor should weigh the reward against the risks and check return on investment by comparing relative and direct measure.
Where time value of money is concerned, we check value of money presently and future value of the same money. An example would be a dollar today in 10 years’ time will not be of the same value as it is today due to the inflation rate of an economy. Hence, anytime one is investing, you should take into account losses that are brought about by inflation.In short and long term financing, the company should take into account all cash inflows and outflows in the initial stages by investors. In addition, investors have to check profitability and liquidity by ensuring they rip maximum profit with lowering risk levels.
Security valuation and diversification is whereby investors choose to spread risks to minimize risks that arise from putting all your eggs in one basket. For this principle to work, investors have to invest in risk free investments.