Accounting can be a troublesome subject for many. The multitude of rules, laws and processes is a hurdle for many and the reason behind the incessant demand for expert assignment paper help. Even the best accounting minds out there sometimes need some specialist help to score well.
With that in mind, here are three wise tips to help one ace their accounting assignments without breaking a sweat.
Be Brilliant at Book-Keeping
Book-keeping lies at the heart of accounting. No matter how much advanced the processes or applications one uses, nothing can ever make bookkeeping redundant.
Here are some excellent pointers that can boost your bookkeeping skills to the max.
· When you are up against both personal and business financial details, always maintain separate records for both.
· Identify, classify and categorize the different types of expenses, such as drawings or personal costs, private vs business expenses, fund injection, etc.
· If your accounting assignments involve utilizing a software application, then be thorough with its bookkeeping features and processes. It will be best if you can master using the cashbook, ledger, and inventory options of the software.
· Noting down all data in an organized fashion should always be the first objective in any bookkeeping and accounting process.
Book-keeping and balance sheets are critical for any accounting process and an integral part of every accounting assignment. If you are weak in bookkeeping, then it is wise to seek accounting assignment help urgently.
Know your Assets, Liabilities and Transactions
Remember the age-old financial accounting equation,” Assets= Liabilities + Owner’s Equity”? Well, two kinds of transactions or cash flows affect a company’s assets and thereby, the owner’s liabilities & capital.
They are Capital Transactions and Revenue Transactions.
Here’s a simple example.
Online assignment help services, which offer accounting and essay help, possesses assets that include the company capital and maybe several liabilities. It is the company’s transactions determines the profitability of its operations and the realization of its business assets at the end of a particular accounting period.
Capital transactions have a long-term effect on the assets, whereas revenue transactions have a relatively short-term effect.
Keep in mind that most capital transactions are capital expenditures, such as the likes of:
· Buying and delivery of fixed assets
· Installation of fixed assets
· Enhancement of fixed assets
· Legal costs of buying property
· Demolitions cost and architects fees for property improvement
Revenue expenditures, on the other hand, are those that involve repair & maintenance of assets. Some examples are:
· Fixed asset maintenance
· Business administration
· Business expenses such as manufacturing, selling and distributing
Identify different transactions
While classifying transactions, remember the following tips:
à Expenditures sustained in the purchase of long-term assets should be treated as capital expenditures.
à Expenditures for the improvement or repair of any working asset are capital expenditures, whereas maintenance costs fall under revenue expenditures.
à Transportation and installation of any assets are capital expenditures too.
à Buying property or shifting premises also fall under the capital expenditure category.
Now, take a look at the kind of expenses that should be classified as revenue expenditures.
à Salaries and wages of employees and contractors
à Rents and rates of premises
à Depreciating costs
à Consumables
à Supply and inventory management
à Insurance premium
à Taxes and legal expenses
à Miscellaneous expenses
Getting excellent grades in your accounting assignments requires hard work and solid knowledge. Let’s hope this article was able to brush up your knowledge and motivates you further!
Good luck!
Summary: This article contains three handy tips that are crucial to scoring well in any accounting assignment. Go through it and find out the details.
Author-Bio: Clara Smith is a financial accounting professor from a reputed college in US. You can also find him offering his expertise as a part-time tutor and delivering some excellent Essay writing Services to students online. Visit allessaywriter.com to avail her knowledge.
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