Financial Accounting Assignment Help

Table of content

• What is Financial Accounting?
• Some Important Points Uses in the Financial Accounting
• Why Choose Our Financial Accounting Assignment Help Services

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What is Financial Accounting?

It is the process of preparing financial statements that companies use to show their business performance and position to people outside the company, including investors, creditors, suppliers, and customers. That is called financial accounting.

Types of Financial Accounting

There are two types of accounting

• Cash Accounting

It is an accounting method in which payment receipts are recorded during the period they are received. And expenses are recorded in the period in which they are paid. In other words, revenues and expenses are recorded when cash is accepted and paid, respectively. Cash accounting is also called cash-basis accounting.

• Accrual Accounting

Accrual accounting is the recording of a financial transaction by a firm at the time a sale takes place, not when the money reaches the bank account. This method allows the firm to account for all sales, cash, and credit, in that month’s figures, giving a clearer picture of the financial health of the business.

Characteristics of financial statements

These are the following

• Understandability

The information must be readily understandable to users of the financial statements. This means that information must be presented, with additional information supplied in the supporting footnotes, as needed to help in clarification.

• Relevance

The information must be relevant to the needs of the users, which is the case when the information influences the economic decisions of users. This may involve reporting particularly relevant data or information whose omission or misstatement could affect the financial decisions of users.

• Reliability

The information must be free of material error and bias, and not misleading. Thus, the information should faithfully represent transactions and other events, reflect the underlying substance of events, and prudently represent estimates and uncertainties through proper disclosure.

• Comparability

The information must be comparable to the financial accounting presented for other accounting information so that users can identify trends in the performance and financial position of the reporting entity.

Some Important Points Uses in the Financial Accounting

• It helps the management to keep a check on the performance and profitability of the business.
• It provides the required information to external users.
• It serves as a basis for forecasting.
• It helps to analyze the current shortcomings in the organization, thereby making plans and policies to overcome them in the future.
• It provides a useful tool for measuring performance from time to time.
• It provides a basis for the computation of the firm.

The results obtained from financial accounting are of extensive use for various partners of a business organization. The financial information is generally for users external to the organization as it helps them to analyze the performance of the business.

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