Accounting Principles and Concepts Assignment Help Australia

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Accounting is a subject that is considered as the language of business. It is taught in all colleges and universities. Students pursuing the field of commerce are taught accounting in great detail. There are several assignments on accounting concepts and principles given by the teachers to complete and submit. It is often advised to seek Accounting principles and Concepts assignment help from dependable sources.

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There are many fields, concepts, and principles of accounting. Let us understand these with our experts.

Various fields in accounting

Accounting is a subject that records the business transactions that take place in a year. The accounts are prepared, analyzed, and evaluated for the profits earned. There are different types of accounting fields that support different types of accounts.

1. Management Accounting- To help the manager to decide to fulfill the goals of the organization by focusing on measurement, analysis, and reporting of the information is known as the management accounting. Management accounting gives future-oriented reports.
2. Tax Accounting- The preparation, analysis, and presentation of tax payments, and the tax return are known as tax accounting. There is a separate set of accounting principles for tax purpose that may differ from GAAP.
3. Cost Accounting- Cost accounting is a branch of accounting that records all the costs that are incurred in business to improve the management of the business. The elements of cost accounting are material, labour, expenses, and overheads.
4. Financial Accounting- Financial accounting reports the financial information of the organization to the external users who require information such as investors, creditors, etc. Financial Accounting gives reports based on past financial statements.
5. Auditing Or External Accounting- The systematic and conventional professional service regarding the verification of payoffs made by others is known as auditing.

Accounting Principles Explained By Accounting Concepts and Principles Assignment Service

1. Accrual principle- According to the accrual concept, the transactions are recorded at the time that they take place rather than cash paid or received.
2. Conservatism principle- This principle states that the liabilities and expenses should be recorded immediately and assets and revenues should be recorded after they are received.
3. Consistency principle- The accounting method or principle selected should be used consistently. The methods should not be changed during the tenure of the business.
4. Cost principle- According to the cost principle, the transactions should be recorded on the actual purchase cost.
5. Full disclosure principle- According to this principle all the information should be disclosed for the reader and user of the information.
6. Going concern principle- According to the going concern principle, the business does not close. It operates till the foreseeable future.
7. Economic entity principle- Economic entity principle says that the identity of the business is different from its owner.
8. Matching principle- Matching principle says that while recording the revenues all the related expenses also should be recorded simultaneously.

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1. Business entity concept- The business and the owner are separate according to the concept of the business entity concept.
2. Money measurement concept- The money measurement concept says that the transactions should be recorded purely in money terms. The other transactions can be recorded separately.
3. Dual aspect concept- According to the dual aspect concept, there is a two-way effect for every transaction. The transaction and books are considered complete when there is a dual effect for the transactions.
4. Cost concept- According to the concept of cost, the fixed assets are recorded based on their actual cost in the first year. Further, it is recorded after subtracting the depreciation. The cost concept applies to only the fixed assets.
5. Accounting year concept- The accounting years are decided based on the fiscal year or calendar years. The accounts can be prepared on a monthly, quarterly, or yearly basis.
6. Matching concept- The matching principle states that the expenses should be equal to the revenue.
7. Realization concept- The realization concept states that the profits are to be recognized when they are earned. The revenues are realized after the action has taken place.

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Have a look at the assignment question and solution files done by our expert. In this question, we have books of business. and requirements were to give an income statement, balance sheet, creditors account and debtors account.

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