Help with accounting homework

Accounting is nothing more than the measurement of processes to reflect what has happened to a business over a relevant period of time. The asset piece is measured by the Balance Sheet, whilst the profit and cash pieces are measured by the Income Statement / Profit and Loss Account and the Cash Flow Statement respectively. Accounting is the backbone of every business be it a small or large organization. Accounts need to maintain and updated on day to day basis without any carelessness. Accounting positions require a growing range of knowledge and skills, and are taking on more of the tasks. Accounting now includes preparing, analyzing, and verifying financial documents. Accountants are keeping accurate public records, paying taxes, managing accounts, and performing internal audits. Accounting help gives the traders a sound third party advice which has no influence of their Secrecy and privacy motives. They tell the owners what is the correct valuation of the business according to the current market standards and what is to be done if the business is undergoing a loss. There are three types of accounting homework helps; one is financial accounting which deal with the preparation of Income Statement and the other statements of accounting; second is cost accounting which shows how the per unit costs is broken up into fixed cost and variable cost and also shows the profit per unit of cost comparing the selling price with the costs; third is the managerial accounting which deals with the ratio analysis and other analysis to aid the process of planning and decision making.

Are you struggling with Basic Accounting Problems? Do you need Accounting Assignment Help? Our highly qualified tutors can provide you Accounting Assignment Help.

We have provided Accounting Assignment/Homework Help to many students and helped them understand complex problems by providing detailed solutions. Many of our tutors who provide Accounting Homework Help have advanced degrees and many of them possess several years of Accounting industry experience. Please do email us your problems in which you need Accounting Homework Help.

Below are some of the areas in which we provide Accounting Homework Help:

Construction of:

* Balance Sheets

* Statement of Financial Position

* Income Statements

* Statement of Cash Flows

* Retained Earnings Statement

* Trial Balance Statement

* Proforma Income statements

* Preparation of Journal of Entries

* Trial Balance Statement

Costing Methods:

* LIFO

* FIFO

* Weighted Average Inventory…

Depreciation Calculation:

* Straight-line depreciation

* Declining-balance/Reducing balance depreciation

* Modified Accelerated Cost Recovery System (MACRS) depreciation

Performance Metrics:

* Work In Progress (WIP)

* Break Even Point

* Quantity Variances

* Material Price Variance

* Variance Analysis

* Cost Allocation

* Cost Analysis

* Cost Benefit Analysis

Advanced Accounting Homework Help:

Accounting Assignment / Homework Help

Intermediate Accounting can be confusing. Let our tutors clear your confusions away by providing you Accounting Homework Help. Be it one specific problem in which you need Accounting Homework Help or many, our tutors can provide you step by step solutions to the problems in which you need Accounting Homework Help.

Please do email us the problems in which you need Accounting Homework Help so that we can get them reviewed by our tutors. Some of the topics in which we provide Intermediate Accounting Homework Help are as listed below:

Methods of Financing:

* Note Payable

* Debt Financing

* Equity Financing…

Calculation of:

* Net Income

* Owners Equity

* Retained Earnings…

Ratio Analysis:

* Current Ratio

* Acid Test Ratio

* Debt to Equity Ratio

* AR Turnover Ratio

* Efficiency Ratio

* Solvency Ratio

* Leverage Ratio

Costing Methods:

* ABC – Activity Based Costing

* Standard Costing

* Throughput Accounting

* Marginal Costing

* Job costing

* Absorption costing

* Variable Costing

* Through put costing

* Direct Costing

At TutorsOnnet.com we have provided Accounting homework help/assignment help to many students and helped them to understand complex problems by providing detailed solutions. Many of our tutors have advanced qualification and several years of accounting tutor experience. Please do email us your problems in which you need Accounting Assignment Help. To know more details please go through our website http://www.tutorsonnet.com/

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Learn Accounting :Understanding Basic Accounting Controls

Tampa, FL March 27, 2009 – Whether you operate a large multi-national corporation or a small local restaurant, understanding some basic accounting controls will go a long way towards creating more reliable financial results and rendering you a better night’s sleep. Basically, accounting controls are operational, financial, or technological mechanisms used by businesses to ensure or encourage a particular behavior or result. Internal controls give owners and managers some degree of assurance that people are doing what they are supposed to be doing and that material mistakes, accidental or otherwise, will be detected prior to going out the door. For example, segregating responsibility for check writing from the responsibility for reconciling monthly bank statements helps to control against improper check disbursements. In the example above, segregating such duties may be difficult in small businesses with limited staffing capabilities. However, alternate control mechanisms, such as manager or owner review of monthly bank reconciliations, can be implemented to partially mitigate such risks.

It’s no surprise that internal controls frequently come at a cost. As such, the number and strength of the controls within any given internal control structure is usually a function of the owner or manager’s resource capacity and risk tolerance level. As such, it is important to conduct a general risk assessment of the business process or function that you are looking to control in order to focus your efforts most effectively and gain the most bang-for-your-buck as they say.

First, let’s talk about some higher-level control concepts that should be present across most accounting processes to set the stage for more detailed transaction or process-level control mechanisms. One of the best ways to standardize behavior and set expectations is to create formal written policies and procedures to govern the actions and activities within your business or department. In accounting, such policies and procedures are frequently summarized in an Accounting Manual, which specifies the who, what, when, and how of common accounting procedures and activities. Another control concept, illustrated in the earlier example, is known as segregation of duties. Optimally, no single individual should have the responsibility or ability to initiate, authorize, process, and record a given transaction (i.e. they shouldn’t have end-to-end responsibility). Segregating such duties decreases the chances of errors, intentional or otherwise, going undetected.

Next, let’s look at some common accounting functions and give some examples of common internal controls specific to each. It is important to note that these are only examples and any good internal control system should be customized to the needs and risks within your organization or department. Below is a list of some common accounting areas, their functional objectives, and some common internal controls suggestions.

Accounts Receivable, Credit, & Collections - To ensure that all funds intended for the organization are received, promptly deposited, properly recorded, reconciled, and kept under adequate security. • Formally document policies and procedures governing accounts receivable, credit, and collection processes detailing timelines, responsibilities, actions, responsibilities, etc • Require credit reporting on all customers prior to credit issuance • Require periodic review of key customers to ensure ongoing credit worthiness • Establish limits of authority for credit issuance and terms (system or otherwise) • Limit system access to alter credit limits and/or terms only to appropriate personnel • Require manager approval for adjustments to and/or write-offs of A/R balances • Sequentially number credit memo adjustments to A/R balances • Require periodic reconciliation of the General Ledger to the Cash and A/R subsidiary ledger balances along with managerial review of this reconciliation • Reconcile bank statements to the General Ledger on a regular basis • Set-up lock-boxes for receipt of customer payments in order to limit the handling of checks and other forms of payment • Establish a central point of contact for incoming mail, preferably someone without the ability to post cash and/or adjust customer A/R balances in the system • Create summary reporting to be reviewed by management on a periodic basis, such as A/R aging, credit memos by customer, credit memos by employee, write-offs by customer, write-offs by employee, etc. • Limit access to alter or create records in the customer master file to appropriate parties • Batch receipt input data is compared to control totals and differences are investigated and resolved • Mail account statements to customers • Maintain support files in a secured area and restrict to appropriate personnel

Accounts Payable, Purchasing – To ensure that funds are disbursed only upon proper authorization of management, for valid business purposes, and that all disbursements are properly recorded. • Formally document policies and procedures governing accounts payable and purchasing processes detailing timelines, responsibilities, actions, responsibilities, etc • System access to create, edit, or delete purchase orders is restricted to appropriate personnel • Ability to add, modify, or delete vendor records in the vendor master file is restricted to appropriate individuals • All new vendors or major modifications to vendor information require manager approval • The vendor master file is periodically purged of old and obsolete vendors • A three-way match between the invoice, PO, and receiver must be present before payment is released to the vendor • Adjustments to A/P balances (credit notes) require managerial approval and is restricted to appropriate personnel • Check stock, signature plates, etc are appropriates secured and access is restricted to appropriate personnel • Dual signatures are required on all manual check disbursements • Positive pay account maintained at bank • Check sequences and gaps are investigated • Bank statements are reconciled to the general ledger regularly and reviewed by management • Major supplier statements are reconciled to the A/P subsidiary ledger • Support files are maintained in a secured area and restricted to appropriate personnel

Payroll – To ensure that payroll disbursements are made only upon proper authorization to bona fide employees, that payroll disbursement is properly recorded and that related legal requirements (such as payroll tax deposits) are complied with. • Formally document policies and procedures governing payroll processes detailing timelines, responsibilities, actions, responsibilities, etc • Access to add, modify, delete records from the employee master file is restricted to appropriate personnel. Modification to significant data (i.e. salaries, etc) requires managerial approval. • Payroll is disbursed manually with picture ID only on an annual basis in order to validate that paychecks are for bona fide employees (i.e. not ghost employees) • Support files are maintained in a secured area and restricted to appropriate personnel

Fixed Assets – To ensure that fixed assets are acquired and disposed of only upon proper authorization, are adequately safeguarded, and properly recorded. • Formally document policies and procedures governing fixed asset-related processes detailing timelines, responsibilities, actions, responsibilities, etc • Assets are appropriately secured • Book to physical reconciliation is conducted annually to validate condition and existence • Access to the fixed assets register is restricted to appropriate personnel • Asset disposals and write-offs require managerial approval above certain levels • Asset acquisitions must be approved in advance of purchase • Pre-numbered asset tags are affixed to all fixed assets • Asset valuations are periodically reviewed by management for continued relevance • All supporting paperwork must be obtained prior to entry into the fixed asset register • Support files are maintained in a secured area and restricted to appropriate personnel

Inventory – To ensure that inventories are received and/or shipped only with proper authorization and documentation, properly recorded, and appropriately safeguarded. • Formally document policies and procedures governing inventory-related processes detailing timelines, responsibilities, actions, responsibilities, etc • Inventories are appropriately secured • Book-to-physical or cycle counts are conducted periodically to validate condition and existence • Inventory will only be received with valid support paperwork (i.e. PO) • All inventory receipts must be verified for quantity and condition against the bill of lading and the packing slip and recorded on pre-number receiver forms or a log • The receipts log is reviewed and reconciled to system receipts by management on a daily basis • Support files are maintained in a secured area and restricted to appropriate personnel • Inventories are periodically marked to market to ensure proper valuation • Inventory write-offs require management review and approval • System access to process inventory adjustments is restricted to appropriate personnel • All inventory shipments must be accompanied by a valid order • Periodic managerial review of open work orders, inventory aging reports, etc • All shipments are recorded in a shipping log, which is reviewed and reconciled to the system shipments by management on a daily basis

Financial Closing or Reporting– To ensure that financial data is recorded, consolidated, and reported accurately, timely, and in compliance with US GAAP. • Formally document policies and procedures governing financial closing processes detailing timelines, responsibilities, actions, responsibilities, etc • Create and maintain a comprehensive close checklist of all close activities • Closing checklist and binder with all supporting entries should be reviewed and approved by the controller and/or owner prior to close • Segregate duties within the account reconciliation, journal posting, and management review/approval processes • All non-standard, adjusting, and/or manual journal entries require management approval • Establish a budgeting and forecasting process. Use trend analysis (horizontal and vertical) in order to sanity check results. Research and resolve any unusual variations • Ability and/or access to post journal entries is limited to appropriate personnel

Understanding the underlying concepts behind basic accounting controls will allow you and your organization to create an internal control structure, both within accounting and beyond, that enables more effective and efficient operating and financial results. And one more thing it provides…a little extra peace of mind.

For more information on accounting and auditing, please visit The Accounting Nation website at http://www.accountingnation.com.

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Follow the Magical Accounting Rules

To make sure that financial statements are easy to understand, there is a set of rules and practices that is established, which is known as the generally accepted accounting principles (GAAP). This has been developed to provide a basic guideline for the rules of accounting because I think it’s fair to say that it can get confusing at times. There are a lot of variations to the meaning so here is the best answer. It’s the generally accepted accounting rules and procedures that are necessary to define accounting practice.

Basically it’s a set of theories that accountants come to accept, and there are always controversies with some methods between accountants like any other field of study. Accounting is a discipline that is always growing and changing so it’s a good idea to keep up to date with all of the trends that are going on. Since the management prepares the financial statements of a company it is possible that a financial statement can be altered to give a company a particular boost. So, that’s why the companies that sell their ownership to the public needs to get their financial statements audited by a public certified accountant. A certified public accountant (CPA) are licensed through the sate for the same exact reason lawyers and doctors are, so they and protect the public by providing the highest quality of professional service possible. The reason why CPAs are used is because they have no connection with the company and are independent. They have zero financing ties with the company.

Some firms that employ a lot of certified public accountants include Deloitte & Touch, KPMG, and PricewaterhouseCoopers. An accountant with no strings attached or is independent commonly performs an audit, which is evaluating a companies financial statements, product, accounting systems, and records. The main purpose of an audit is to make sure that the financial statements have been properly prepared according to the excepted accounting rules. Keep in mind; since accounting is not a precise science it has room for interpretation according to the GAPP. However, that doesn’t mean that the accountants report should contain substantial errors in the financial report, but more like that for the most report it is reliable for creditors to take a look at. An accountant can make a decision only when the financial statements conform to the guidelines of GAAP. In the past creditors, banks, and investors tend to favor an auditor when they are deciding to invest in a company or give loans, because of their independence. The individualistic audit is an extremely crucial factor in the growth of financial markets internationally.

Also, many organizations can directly or indirectly influence a GAAP. The Financial Accounting Standards Board (FASB) is the most critical body for the development and issuing of rules on accounting practice. The website I previously listed is extremely critical and you can attend seminars online for no cost, and also stay up to date with the rules. This independent body issues the Statements of Financial Accounting Standards. Next, the American Institute of Certified Public Accountants (AICPA) is the official professional association for certified accountants. It’s the largest CPA organization that exists in America and heavily influence accounting practices through its senior committees. The Securities and Exchange Commission is the agency of the federal government that legally has the power to set and execute accounting practices for companies that sell security to the public, and it has a large impact on accounting practice. Next, the governmental accounting standard (GASB) is critical for accounting because its main job is to issue the standards for accounting to the local and state governments in the United States. However, a lot of these organizations are focused on the rules in regulations in the United States.

There are a lot of businesses and accountants internationally so that’s why the International Accounting Standard Board (IASB) was formed. It was approved by more then 25 international agencies. The U.S laws that analyze the revenues for the cost of operating a business can also affect accounting practice. It’s no question that the major provider for income for the government comes from income tax. The income tax rules are heavily applies by the Internal Revenue Service (IRS). Sometimes these rules actually cause a conflict with the accepted rules of accounting. A lot of businesses use accounting practices because it’s a requirement by tax law. Also, companies can use the rules of tax law to their advantage financially. Accounting also has laws of conduct for profession, and one extremely important one is ethics. A nice website dealing with the issues of ethics is ethics.org.

It touches bases on questions that help determine if something is either right or wrong, and is based on moral decisions. Most people are faced with several ethical issues each day and, and some ethical activities could be on the range of illegal. If a business decides to use false or misleading advertising, or to bribe customers into giving them testimonials for a specific product, then they could be acting in an unethical manner. The ethics of a company could also be a result of the employees so that’s why it’s always a good idea to run a background check of who you are hiring, whether it’s online or offline.

Professional ethics is the guidelines that apply to the conduct of individuals of a certain profession. Similar to the ethical actions of a company, the ethical actions of an individual is a decision. As being a member of an organization, accountants have to take the responsibility not only to their customers and employers, but also to the general public to act in the greatest ethical way possible. Accountants are very good at following professional ethics because they are the second professional group as having the largest ethical standards, with clergy being the highest, no surprises about that one. It is important for individuals who decide to become an accountant to have the highest levels of professionalism as possible. To enforce that its prestigious members are following the rules, the AICPA along with each state have adopted some codes of professional conduct that certified public accountants have to follow.

Some simple rules are being responsible to the people that depend on the trust of accountants, such as creditors and investors. When working with people the accountant must act with integrity which means that they are honest, and the individuals gain from the visit with the accountant. The accountant must display objectivity which means that they are intellectually honest, and they must remain independent which means that they must avoid any relationship with the business or individual because it will damage the accountant’s principles.

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Retail Accounting: the Best Way to Simplify Accounting Tasks

 

People, who are concerned with any kind of mercantile activity, need to have basic knowledge of accounting. Retails shops are one of the busiest placed, where accounting transaction takes place very rapidly, hence, people, who handle accounting functions in any retail shop should be efficient enough to monitor and record these transactions. Cash flow is the basic of every accounting system and efficiency of any accounting system depends on how the accountant record and report the cash flow. Since retail shops deals with immeasurable cash transactions, quick and efficient maintenance of transactions is must. People, who manage accounting records in any retail shop deal with thousands of financial entries everyday, hence, a slight mistake made by them can affect the complete accounting statement for the day. And tallying such records may take extra hours and can influence the smooth processing of accounting data. To avoid flaws in accounting record the retail shop owner either needs to hire extra and efficient employees or outsource retail accounting task to an external accounting firm. Both the options can enable the shop owner to maintain flawless accounting records and can allow him or her to be rest assured about accuracy and accountability.

 

Question that comes in every mind that what retail accounting is so completed? However, answer is simple and outlines the number of entries and business transactions per day. Handling cash transaction is tougher than handling online or bank transactions and cash collection in retail accounting is tallied with accounts on daily basis. In such a situation, mislay of a single rupee can take hours in totaling and can make the entire process more complicated and time consuming. Perhaps, complexity and sensitivity are the reasons that are increasing the tendency of hiring accounting services among retail shop owners.

 

Retail accounting one way or another carries messy dealings that presents a big challenge for professionals, who handle such accounting tasks. Hiring accounting services from outside provides the retail shop owner with a convenient option to keep an eye on daily sales plus stock available. Since numerous products are launched everyday, retails shopkeepers face a lot of problems in managing their accounts, as every product comes with different scheme and offer and keeping their record enhances the accounting burden. Well managed accounting data helps a retail shopkeeper in getting detailed information about sale of every individual product.

 

However, retail accounting is complicated and hassle some task but it can be simpler by outsourcing some of its portion of any accounting firm. Firms that offer accounting help for retails shops make it possible through highly qualified accounting professionals; hence, it can be assumed that mistakes will not occur. Computerized accounting systems can also be used for making this task hassle some, as computerized procedures can be handled without putting extra efforts and human resource. People, who are facing accounting flaws everyday, need to ponder over any solution, as regular mistakes in accounting records can affect their financial position in long run.

Financial Accounting ACG2021 Spring 2008 SFCC Chapter 2 Crosson
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Accounting Standards: Follow the Magical Accounting Rules

To make sure that financial statements are easy to understand, there is a set of rules and practices that is established, which is known as the generally accepted accounting principles (GAAP). This has been developed to provide a basic guideline for the rules of accounting because I think it’s fair to say that it can get confusing at times. There are a lot of variations to the meaning so here is the best answer.  It’s the generally accepted accounting rules and procedures that are necessary to define accounting practice. Basically it’s a set of theories that accountants come to accept, and there are always controversies with some methods between accountants like any other field of study.

Accounting is a discipline that is always growing and changing so it’s a good idea to keep up to date with all of the trends that are going on. Since the management prepares the financial statements of a company it is possible that a financial statement can be altered to give a company a particular boost. So, that’s why the companies that sell their ownership to the public needs to get their financial statements audited by a public certified accountant. A certified public accountant (CPA) are licensed through the sate for the same exact reason lawyers and doctors are, so they and protect the public by providing the highest quality of professional service possible.  The reason why CPAs are used is because they have no connection with the company and are independent. They have zero financing ties with the company.

Some firms that employ a lot of certified public accountants include Deloitte & Touch, KPMG, and PricewaterhouseCoopers. An accountant with no strings attached or is independent commonly performs an audit, which is evaluating a companies financial statements, product, accounting systems, and records.  The main purpose of an audit is to make sure that the financial statements have been properly prepared according to the excepted accounting rules. Keep in mind; since accounting is not a precise science it has room for interpretation according to the GAPP. 

However, that doesn’t mean that the accountants report should contain substantial errors in the financial report, but more like that for the most report it is reliable for creditors to take a look at.  An accountant can make a decision only when the financial statements conform to the guidelines of GAAP.  In the past creditors, banks, and investors tend to favor an auditor when they are deciding to invest in a company or give loans, because of their independence.  The individualistic audit is an extremely crucial factor in the growth of financial markets internationally.

Also, many organizations can directly or indirectly influence a GAAP. The Financial Accounting Standards Board (FASB) is the most critical body for the development and issuing of rules on accounting practice. The website I previously listed is extremely critical and you can attend seminars online for no cost, and also stay up to date with the rules.  This independent body issues the Statements of Financial Accounting Standards. Next, the American Institute of Certified Public Accountants (AICPA) is the official professional association for certified accountants. It’s the largest CPA organization that exists in America and heavily influence accounting practices through its senior committees. 

The Securities and Exchange Commission is the agency of the federal government that legally has the power to set and execute accounting practices for companies that sell security to the public, and it has a large impact on accounting practice.  Next, the governmental accounting standard (GASB) is critical for accounting because its main job is to issue the standards for accounting to the local and state governments in the United States.  However, a lot of these organizations are focused on the rules in regulations in the United States.

There are a lot of businesses and accountants internationally so that’s why the International Accounting Standard Board (IASB) was formed.  It was approved by more then 25 international agencies.  The U.S laws that analyze the revenues for the cost of operating a business can also affect accounting practice. It’s no question that the major provider for income for the government comes from income tax. The income tax rules are heavily applies by the Internal Revenue Service (IRS). Sometimes these rules actually cause a conflict with the accepted rules of accounting. A lot of businesses use accounting practices because it’s a requirement by tax law.  Also, companies can use the rules of tax law to their advantage financially.  Accounting also has laws of conduct for profession, and one extremely important one is ethics.

It touches bases on questions that help determine if something is either right or wrong, and is based on moral decisions. Most people are faced with several ethical issues each day and, and some ethical activities could be on the range of illegal. If a business decides to use false or misleading advertising, or to bribe customers into giving them testimonials for a specific product, then they could be acting in an unethical manner.  The ethics of a company could also be a result of the employees so that’s why it’s always a good idea to run a background check of who you are hiring, whether it’s online or offline.  Professional ethics is the guidelines that apply to the conduct of individuals of a certain profession. 

Similar to the ethical actions of a company, the ethical actions of an individual is a decision.  As being a member of an organization, accountants have to take the responsibility not only to their customers and employers, but also to the general public to act in the greatest ethical way possible. Accountants are very good at following professional ethics because they are the second professional group as having the largest ethical standards, with clergy being the highest, no surprises about that one.  It is important for individuals who decide to become an accountant to have the highest levels of professionalism as possible.

To enforce that its prestigious members are following the rules, the AICPA along with each state have adopted some codes of professional conduct that certified public accountants have to follow.  Some simple rules are being responsible to the people that depend on the trust of accountants, such as creditors and investors. When working with people the accountant must act with integrity which means that they are honest, and the individuals gain from the visit with the accountant. The accountant must display objectivity which means that they are intellectually honest, and they must remain independent which means that they must avoid any relationship with the business or individual because it will damage the accountant’s principles.

Financial Accounting ACG2021 Spring 2008 SFCC Crosson Chapter 4 Videos