Accounting is considered as one of the tough courses for college students based on its preparation and time allocation. Accounting course needs knowledge of many subjects like mathematics, economics and business. Usually students get stuck with accounting questions assigned to them in their accounting assignment. HelpwithAssignment offers best accounting assignment help in Australia with best tutors. So if you are get stuck with your accounting assignment and looking for expert help, then HelpwithAssignment is the best place for all your accounting assignments and accounting projects.
What is Accounting?
Accounting is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. In 1494 Italian mathematician Luca Pacioli established this modern field and through the ages it has been called as “Language of Business”. Accounting analyses the economic activities of organization and conveys it to a variety of users like investors, creditors, management and regulators.
Accounting is divided into several subfields like financial accounting, management accounting, auditing, taxation and accounting information systems.
Financial accounting focuses on the reporting of an organization’s financial information to external users of the information, such as investors, regulators and suppliers. It calculates and records business transactions and prepares financial statements for the external users in accordance with generally accepted accounting principles (GAAP). GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers.
Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfill the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP).
Auditing is the verification of assertions made by others regarding a payoff, and in the context of accounting it is the “unbiased examination and evaluation of the financial statements of an organization”.
Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.
Accounting Information Systems
An accounting information system is a part of an organization’s information system that focuses on processing accounting data.
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