Financial Planning is a systematic accounting process. It involves the analysis, summery, recoding and reporting of all financial transactions of the business. In simple words, it manages and tracks the financial transactions of the company. There are standardized guidelines for recording, summarizing and presenting a financial statement. Financial report financial statement can be an income statement or a balance sheet. The main objectives of financial accounting include:. Two types of methods are approached for financial accounting.
These are cash and accrual. These both are distinct, from each other. But generally they both rely on the same double — entry accounting for all financial transactions recording, analyzing and reporting. Cash Accounting is the accounting method which involves the recording of receipts during the period in which they are received. And the expenses are recorded in the period when they are paid.
Cash accounting fails to provide the accurate picture of liabilities which have been paid for but not yet incurred. Another method used is Accrual Accounting. For example, Electem is a company which sells laptops. It sells a laptop to a customer who uses a credit card.
Now the cash methods and accrual methods will recognize the events differently. Cash method will only recognize the revenue, which is generated by the sale of the laptop when the company receives the money.
This revenue shall not be identified until sometime i. In our team, we have some of the best subject matter experts who possess unique intellectual skills. These experts writers and professional tutors have years of functional experience with many financial institutions. So, we assure that the assignment help which the students receive from us is one of the best online assignment help which they can get.
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The various principles are described below. Since the results of financial accounting are of such a great use to the stakeholders, legislations are made to ensure that the financial reports are subjective and a certain degree of uniformity is maintained while preparation of these statements. This statement lists all the revenues and expenses of the company and states the profit earned or loss incurred during the reporting period. This statement assesses the financial performance of an enterprise.
This statement is generally prepared on the last day of the reporting period and lists the various assets and liabilities of the firm as at that date.
Since it is prepared at a particular date, it is a position statement and it shows the financial position as on the given date. This statement provides information about the various sources and uses of cash within the organisation. It provides the net cash generation or usage from various operating, investing and financing activities. We provide detailed and step by step explanation so that you can understand it well. All our work is plagiarism free as well as backed by academic references which helps you to score high.
The best part of our financial accounting assignment help service is that its available 24x7 for you. Just email your assignment or talk to our accounting representative to get free quote. What is Financial Accounting? Examples of transactions included in financial records are: Sales of goods both, cash and credit Payment of taxes Payment of expenses such as salary of workforce, etc.
Purchase of goods for resale, or raw materials for manufacturing both, on cash and credit Purchase and sale of assets Financial accounting is very essential as it serves many decision making purposes. The following points highlight these uses of financial accounting: It helps the management to keep a check on the performance and profitability of the business.
It provides the required information to the external users. It serves as a basis for forecasting. It helps to analyse the current shortcomings in the organisation, thereby making plans and policies to overcome them in the future. It provides an effective tool for measuring the performance from time to time.
It provides a basis for computation of firm. The various external users of information generated by financial accounting are: The investors use the financial data in order to assess the functioning of the organisation to ensure the safety of their investment.
The customers are interested in financial information to be assured of efficient performance and thus, be assured of the quality of goods and services being provided by the organisation Government and taxation authorities: Government is interested in financial results to ensure compliance to the applicable laws. Taxation authorities use the results to determine the tax liability of the company.
They are interested in the profitability and operational efficiency of the organisation to ensure that they get timely interest payments and principle repayments.
Before supplying goods on credit, the suppliers look into the financial liquidity of the firm to assess their capacity to make payments at the specified time. Employees are interested in financial results for salaries and other perks and bonuses. Sound financial performance also gives a sense of job security to the employees as they know that the business is doing well. They are interested in the financial performance so that they can frame an appropriate strategy to face the competition in future.
They use the financial results to study the investment potential in the organisation on the basis of past and present performance.
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