Credit, debit, asset, liabilities, customers, account, balance, transactions, profit, loss…Woah! Sounds crazy, right? Only a student pursuing a degree in finance or accounts can understand the true value of these words.
Finance is a tough subject, but the toughest part is writing a financial accounting assignment. Many students struggle with this task and turn to Instant Assignment Help Australia for reliable support and financial accounting assignment help.
When it is about financial accounting, the accounting cycle is a very important topic that explains the whole process and stages in brief to you. So, our experts have drafted this blog, including all the different stages in a simple manner. So, let’s go check them out in detail.
Financial accounting is the process of preparing statements for a company that can be used to reflect its financial performance. The main objectives of financial accounting are:
This is a field of accounting that is related to summarizing, analyzing, and reporting the transactions that take place in an organization. Now, let us take an insight into the most popular topic of this subject, “Accounting Cycle.”
The accounting cycle is a collection of processes, such as identifying, analyzing, and recording the accounting events of a company. This includes a step by step process which, when followed, makes the things easier for everyone, right from drafting to analyzing the drafted data. Here is the 7-step process that should be followed for productive results in a simple approach.
Transactions are the basic fundamentals of financial accounting. They form the backbone of the whole process. If you are wondering how to do accounting transactions, then just follow these steps below:
Daybook is a record of all the transactions that you make in a day. It is organized systematically to facilitate in fetching the data from any particular day easily. There are mainly six types of daybooks that are used commonly, which are:
Ledgers are used to record all the transactions that have happened in the entire organization under different departments or branches. Even though you already use a journal for a similar purpose, it is not as effective as this since here you have a clear tabular representation of all the transactions:
Trial balance plays a very crucial role in predicting the financial results of a business. So, it is very important that you know how to calculate and write down a trial balance for your organization. If you are wondering how to do that, then do not worry! It just takes a few simple steps to prepare a trial balance for your account, which is as mentioned below:
A balance sheet is one of the most important financial sheets that a student is needed to prepare during the accounting cycle. If you are a beginner and do not much idea on this topic, simply follow the steps below and draft a perfect balance sheet in no time.
P&L stands for Profit and Loss statement. This is an income statement prepared to measure the business revenue and expenses during a given period. There are many uses of preparing the P&L statement, but the primary objectives are to calculate net operating profit or loss. If you are planning to prepare a P&L statement by yourself, then here are some steps that can guide you through the process:
Cash flow statements are one of the most popular finance statements. It reports the cash generated and spent during a specific period of time. There are mainly three sections in the statements of cash flow, which are: operating activities, investing activities, and financial activities. If you want to know how to prepare cash statements, then follow these simple steps:
These are the different stages of the accounting cycle that you need to know about for scoring better grades in your assignments. Writing a good assignment in financial accounting is complex and tedious. This is why students seek professional help and save themselves from the stress and burden. If you are wondering why one should go for professional assistance, then turn to the next section and find all answers to your queries.
Many students are curious about why to seek financial accounting help from experts. From the above sections of this blog, we can observe that writing a financial accounting is complex. This is a tedious job that cannot be performed by everyone with ease. Also, on the other hand, there is no escape from this task. At such times, it is advised to seek help from the experts of Instant Assignment Help Australia. If coursework writing is your concern, then do not miss the 7 coursework writing steps to follow to get good grades.
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