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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History of Accounting

Accounting is one of the oldest professions. The history of accounting dates back to the earliest days of civilization driven by the trade system of crops and products necessary for survival. As the barter system expanded to include monetary exchange, methods were formalized by 2000 BC. To include the creation of accurate records of the quantities and relative values.

Influence of Earliest Accountants

Through archaeological discoveries of artifacts, researchers are learning more about the true influence the earliest accountants had on civilization. Through their discoveries, archeologists have discovered accountants participated in the development of:

· trade – expand market for and access to goods and services

· cities – as trade grew, so did the marketplace

· concepts of wealth and numbers – personal and governmental planning

· writing – understandable system of accurate recordkeeping

· double entry bookkeeping – associated with birth of Italian Renaissance

· money and banking – helped businesses avoid bankruptcy in Industrial Revolution

Father of Accounting

The history of accounting is not complete without Luca Pacioli (1445 – 1517), also known as Friar Luca dal Borgo and the “Father of Accounting”. Pacioli is credited for the “birth” of accounting. In 1494, he wrote a textbook that was a compilation of the mathematical and accounting knowledge of his time. His textbook provided the first printed description of the double-entry accounting system used by Venetian merchants in the late 15th century including a similar accounting cycle as we know it today. The system described journals and ledgers with sections for assets, liabilities, capital, income, and expenses found on the modern accounting balance sheet.

Modern Accounting

As civilization evolved, businesses grew and so did capital markets and with that…accountability. Successes depended more and more on accurate and dependable financial documents. Through time, the role of the accountant has become an integral part of almost every aspect of day-to-day business and governmental regulation. The history of accounting has led modern accounting to become a global, real-time integrated information system driving the direction of accounting expertise and emphasis on the importance of the accounting profession.

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This video will walk you through analyzing transactions, recording them in the general journal then posting them to the general ledger. Download the workbook from google docs spreadsheets.google.com This is the third video in my series on financial accounting. The only way to get proficient with this material is to get out the green bar paper and PRACTICE! I want you to get an A in your first accounting class.

Gold Coast Accountants for Accounting Services

Many accountants these days help public as well as private limited companies by providing their accounting services. They maintain records, auditing accounts, helps in tax planning, verifying financial documents, budget analysis, legal services and the consulting services for their clients. They ensure about the firm and the company is running efficiently.

Financial services firms’ accountants act as a personal advisor for their clients. They do not help them only with the accounting and the tax planning, they also help them in developing and preparing their personal budgets, manage assets and investments, plan for retirement, and recognize and reduce their exposure to risks. Their role is to meet with all the financial needs for the clients. Their job is limited from providing these services to clients whose financial statements they also prepare.

Mostly accountants like to work in a typical office setting; they also like to do their part of their at home. Mostly accountants or the auditors are hired or the employed by the public accounting firms, government agencies, and organizations with multiple locations. Auditors they may have to travel frequently to perform audits at branches, clients’ places of business, or government facilities.

Most accountants and auditors usually work a standard 40-hour week, but many work longer hours, particularly if they are self-employed and have numerous clients. Tax specialists often work long hours during the tax season especially in the month of February.

In response to recent accounting scandals, new Federal legislation restricts the non-auditing services that public accountants can provide to clients. If an accounting firm audits a client’s financial statements, that same firm cannot provide advice on human resources, technology, investment banking, or legal matters, although accountants may still advise on tax issues. Accountants may also advise other clients in these areas and may provide advice within their own firm.

Accounting services also includes specific jobs duties among the four major fields of accounting and auditing: public, management, government accounting, and internal auditing.

Public Accountants include accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, or individuals.

Management accountants are also known as cost, managerial, industrial, corporate, or private accountants. They record and analyze the financial information of the companies for which they work. Their responsibilities also include budgeting, performance evaluation, cost management, and asset management.

Government accountants and auditors work in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulations or taxation.

Internal auditors verify the effectiveness of their organization’s internal controls and check for mismanagement, waste, or fraud. Internal auditors also have specialty titles, such as information technology auditors, environmental auditors, and compliance auditors. There are many accounting service providing companies which would take care of all the finance and accounts related problems of the firm and would help the firm in order to reduce the taxes also. One such company providing <a rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);” href=”http://www.jwa.com.au/”>Gold Coast Accounting Services</a> is Joe Walsh & Associates of Australia.

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Learn how to sell a fixed asset in accounting at www.teachUcomp.com. A clip from Mastering Accounting Made Easy. www.teachucomp.com – the most comprehensive Introductory Accounting tutorial available. Visit us today!

Cash Accounting or Accrual Accounting

The tax authority require bookkeeping records to calculate the tax due. The choice for small business is basically cash accounting or accrual accounting each of which has advantages and disadvantages.

The date of the sales invoice and the date of purchase invoice are known as the tax point. The tax point does not determine the spread of that transaction over the tax period which can be different when accounts are prepared on an accruals basis as opposed to a cash basis.

For the purposes of cash accounting the effective inclusion of the transaction in the financial records is the date the cash or bank receipt or payment was made. The tax point date on the document is not the deciding factor to include the item in the accounts. The date the amount was paid out or received into cash funds or bank account is the date to be used fopr inclusion in the accounts.

There are disadvantages to maintaining accounts on a cash basis in that records must be kept of all payments received and paid out and those records supported by the actual primary accounting documents to which they relate. That entails matching the financial documents to the payments and receipts records, a feature many small businesses might find onerous as record keeping ios often regarded by samll business as an administrative burden.

Virtually all professional accountants adopt an accruals basis for clients accounting purposes as it is based upon recording all financial information whether relevant to the tax period or not and then adjusting the management accounting profit indicated to produce the net taxable profit or loss.

By operating an accruals basis all financial documents are recorded according to the tax point date. If every transaction was paid or received within the year then the cash accounting and accruals basis would produce the same tax accounts.

The main adjustment a small business or the accountant might make to accounts prepared on the accruals basis is to first prepare the set of accounts according to the tax point of the primary accounting records and then examine those transactions and adjust them according to their relevance to the financial period for which the accounts are being prepared.

A typical example of the difference would be the rent invoice for the business premises. Let us assume a quarterly rent invoice was received dated 1 December for the 3 months from December 1 to February 28 which was paid by the small business owner by cheque on December 31 and a year end date also of December 31

On a cash basis the rent would not technically be included in the accounts as it would be shown as a rent payment from the business bank account on January 2 or later if cashed by the recipient at a later date. Therefore that quarters rent would be included in the following year accounts not the current year as issuing a cheque is not a payment but actually a promise to pay.

Assuming the rent was paid in cash prior to the 31 December then the whole 3 months rent would be included in the current financial year. That treatment may have distorted the accounts as more or less than 12 months rent might have been included in the tax calculations.

On an accruals basis the rent invoice would have been entered in the accounting records with an effective date of December 1. The accountant or small business owner preparing the accounts would deduct 2 months from the qaurterly amount leaving one months rent in the current year accounts with the other 2 months being included the following year.

That is more accurate as the other side of the accounting would be for that same accountant or bookkeeper to further include the 2 months rent not already claimed to be included in the tax calculation for the next financial year. Mvoing the prepayment not specific to the accounting period is how business treats a prepayment under accrual accounting.

When operating cash accounting only transactions actually paid for or received are valid. On an accruals basis provisions can be made for costs incurred by the business whicvh have not yet been invoiced.

Cash accounting might appear easier but has the disadvantage of maintaining receipts and payments records in addition to the primary documents which should also be matched to the financial transactions to support the accounts.

Accrual accounting is based upon recording all financial transactions and then adjusting the end result to determine the most accurate net taxable profit. The accruals basis is favoured by accountants as it reaches an accurate tax liability as opposed to more or less tax being payable on the cash basis according to the credit control policies and practises of the business its suppliers and clients.

Rep. Elijah Cummings (D-MD) and Chairman Henry Waxman of the Committee on Oversight and Government Reform question witness on the accounting arrangement that led to .8 billion in missing funds.
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