To write an assignment in the field of accounting and finance a student must be thorough with its basics. We here at AnAssignmentHelp bring up the accounting assignment help for the students in simple language for easy comprehension. The assignment help includes introduction and basic academic knowledge of accountancy and various methodologies used in the most famous branch types (types) of the subject.
Accounting can be termed as a business language. In technical terms, it is the processing of financial type of info about the organization. Everybody is aware of the importance of accounting for businesses. Homework on this subject provides a vital insight into the economic activities taking place in an organization. You might have opted for accounting considering the opportunities it offers in terms of a good career, however completing an academic degree in this sphere is difficult without working hard or taking assistance from the best experts for accounting homework writing online. We cover:
- Managerial/management Accounting;
- Cost Accounting;
- Financial Accounting.
Management or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.
In contrast to financial accounting information, management accounting information is:
- usually confidential and used by management, instead of publicly reported;
- forward-looking, instead of historical;
- computed by reference to the needs of managers, often using management information systems, instead of by reference to general financial accounting standards.
According to the Chartered Institute of Management Accountants (CIMA), Management Accounting is "the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non-management groups such as shareholders, creditors, regulatory agencies and tax authorities" (CIMA Official Terminology).
Management branch as practice extends to the following three areas:
- Strategic Management. Advancing the role of the management accountant as a strategic partner in the organization.
- Performance Management. Developing the practice of business decision-making and managing the performance of the organization.
- Risk Management. Contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.
Managerial accounting methods:
Activity based costing (ABC). This cost accounting technique involves identification of all the activities of the organization and assigning cost of each activity with resources to all products and services according to the actual consumption by each. It is an approach to the costing and monitoring of activities which involves tracing resource consumption and costing final outputs.
Grenzplankostenrechnung (GPK). GPK is a German costing methodology which defines accurate application of how to determine managerial costs and how to assign them to a product or service. Also, known as marginal planned cost accounting or flexible analytic cost planning and accounting.
Resource consumption accounting (RCA). Resource consumption branch is formally defined as a dynamic, fully integrated, principle-based, and comprehensive management accounting approach that provides managers with decision support information for enterprise optimization.
Throughput accounting. The most significant recent direction in managerial sphere is throughput accounting; which recognizes the interdependencies of modern production processes. For any given product, customer or supplier, it is a tool to measure the contribution per unit of constrained resource.
In management accounting, cost accounting establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. Managers use cost branch to support decision-making to cut a company's costs and improve profitability. As a form of management accounting, cost one doesn't need to follow standards such as GAAP, because its primary use is for internal managers, rather than outside users, and what to compute is instead decided pragmatically.
Direct Material Costs
Introduction to direct material costs. Material cost is the first and the most important element of cost. The material cost forms a very significant portion of the overall cost of production. The term material refers to all commodities which are consumed in the production process. The material which can be consumed in the production process can be basically classified as:
- Direct materials;
- Indirect materials.
Elements of Costs-direct Material Costs. Costs can be broadly divided into three elements namely:
This is the cost of commodities and materials used by an organization. It can be again direct or indirect. Direct material indicates that material which can be identified with the individual cost center and which becomes an integral part of the finished goods. It basically consists of all raw material, either purchased from outside or manufactured in-house.
Indirect material indicates that material which cannot be identified with the individual cost center. This material assists the manufacturing process and does not become an integral part of the finished goods. The examples of this type of material may be consumable stores, cotton waste, oils and lubricants, stationery material etc.
This is the cost of remuneration paid to the employees of the organisation. It can again be direct or indirect.
This is the cost of services provided to the organization. It can be direct or indirect.
Financial accounting is the field of accounting concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users. Financial accounting is used to prepare information for people outside the organization or not involved in the day to day running of the company. Management accounting provides accounting information to help managers make decisions to manage the business.
In short, Financial Accounting is the process of summarizing financial data taken from an organization's accounting records and publishing in the form of annual (or more frequent) reports for the benefit of people outside the organization.
Basic accounting concepts
Financial accountants produce financial statements based on Generally Accepted Accounting Principles (GAAP) of a respective country. In particular cases financial statements must be prepared according to the International Financial Reporting Standards.
Financial accounting serves the following purposes:
- producing general purpose financial statements;
- provision of information used by management of a business entity for decision making, planning and performance evaluation;
- for meeting regulatory requirements.
An interesting fact here is that while managerial accounting and cost accounting are similar, financial accounting is something completely different. Managerial one usually serves managers to perform planning and controlling functions. The people involved in managerial accounting are known as the managers or managerial accountants and they are not obliged to follow GAAP (Generally accepted accounting principles).
Finishing the Homework Pastime
The truth that comes along with finishing the homework pastime is related to the phrase postponement. This is mainly relevant to accounting challenge count number because it's miles in all likelihood to be uninteresting because it is usually about calculations and for this reason college students are commonly probably to get de-influenced and so, they lose interest in doing their tasks. That is where AnAssignmentHelp plays an essential or important function, the experts use techniques to inspire the scholars and help them with management of time so that university or college students are not wearied in fulfilling simply those accounting assignments.
The areas in accounting assignment in which we provide help online:
Activity Based Costing
Cash Flow Statement
Chart of Accounts
Debits & Credits
Evaluating Business Investments
Inventory and Cost of Goods Sold
Lower of Cost or Market
Present Value of an Ordinary Annuity
Present Value of a Single Amount