The purpose of financial accounting is to reporting the financial position and performance of a business organization following proper method. It is mainly meant for different levels of stakeholders and appropriate authorities for informing them the current financial condition of the organization. Sometimes, these reports are necessary for bank loans and investments. Financial accounting takes a prominent role in business accounting. Students are taught various aspects of financial accounting and methods so that they can create financial reports as and when required. In any accounting course curriculum, assignments on financial accounting are quite common. Writing these assignments require expert knowledge and extremely good writing skill.
Basics of Financial Accounting
It is the specialized division of accounting that is mainly employed for keeping track of a company's financial transactions. There are standardized guidelines available from the authorities that should be followed while record keeping. Using those standardized guidelines, the financial transactions are recorded and presented in a financial report, like P&L account, balance sheet, and income statement. Normally, financial statements are prepared on a routine schedule, i.e. periodically. The reports so created are meant for some external groups as discussed in the introductory part, however, the primary recipients are the business owners, management, and stockholders.
Those companies which trade their stocks on national stock exchanges, the financial statements and other mandatory reporting need to be widely circulated among secondary recipients like investors, competitors, employees at large, labor organizations, analysts, etc. The primary goal of financial accounting is to give enough information to the external groups so that they can assess the current financial condition of the company as per their own term. As these external statements are used varieties of groups for varieties of reasons, financial accounting should always follow a pre-determined process known as accounting standards and accepted accounting principles called GAAP. In the USA, the FASB or the Financial Accounting Standard Board is responsible for developing and maintaining accounting standards. Again, the companies that want to register with the stock market should follow the procedure of SEC or Securities and Exchange Commission.
Some accounting procedures are as follows:
Double entry and accrual basis of Accounting
It is the heart of modern bookkeeping system and financial reporting. Each and every financial transaction a company makes are recorded through this system. The term “double entry” signifies that every accounting entry affects two different accounts simultaneously. If one account is debited than another account must be credited. It is a vast subject which requires utmost attention from the students.
Following are the basic accounting statements:
- Income statements like P&L account statement, income statement, earning statement, etc.
- Balance sheet.
- Cash flow statement
- Equity statements of stock holders.
Tricky nature of Financial Accounting Assignments
In modern business organizations, financial reports are mostly created with dedicated software. But the professionals using the software should have the knowledge on the type of reporting need, comments to be placed, presentation, and data input. There are certain users of financial reports which keep the finance managers busy with finance accounting: public, investors, shareholders, authorities, etc.
So, when a financial reporting is done, it should be kept in focus that is going to read the report and how much information do they need to take any decision, like when an investor is reading and analyzing the report, he may like to see the asset, liability, and revenue portion of the company for the last 3-5 years. Similarly, the government, particularly the regulatory bodies may seek financial reports to know profit and loss of the company, asset, and whether the business has been taking place properly or not.
Financial accounting assignment writing is to be methodical, yet they should have structural precision as per the prevailing rules. Students who have in-depth knowledge on all aspects of financial accounting will be able to comprehend what the examiner demanding or how to structure the paper. But there are certain other allied aspects too that needs equal attention, like the writing ability in good English, analytical ability, computer skill, time management, etc. Deficiency in any one of these parameters may lead to an a poor result.
Financial Accounting Assignment Help
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