In business, big or small, the concept of accounting is used for recording and managing financial transactions. Accounting helps organize the financial data in a meaningful way, and it can also be used to make crucial managerial decisions. Therefore more relevant decision making takes place with the involvement of accurate financial data. Proper utilization of the accounting data also leads to higher organizational efficiency. Accounting processes have considerable importance in all the business activities, thus doing the business to earn an optimum profit. With the help of the Accounting Assignment Help the students understand the basic concept of accounting.

Important Principles of Modern Accounting

The principles of modern accounting have a massive importance in the business. It helps in the revenue growth of an organization. These important principals are as discussed below.

The Expense Principle: In this principle, the organization’s expenses should be recorded in the accounting books as they are incurred. On accepting any goods or services from another entity, the costs relative to it should be recorded formally in the QuickBooks. This principle doesn’t take into account the way of billing, and when it takes place. This principle is considered almost similar to the revenue principle. Out writers always provide quality content in accounting assignment writing help.

The Revenue Principle: According to the revenue principle, any revenue earned by the company should be recognized as well as recorded at the point of sale. Most of the businesses intend to drag their revenue recognition process out of procrastination despite using QuickBooks, which is against the revenue principle. According to most businesses’ processes for formally recognizing the revenue, they wait for the customer to make the cash payment. On gaining a legal possession of any commodity by a buyer, the sale thus made should be recorded in the accounting book.

The Cost Principle: To have an idea about this principle, it is required to know the meaning of historical cost. A historical cost is defined to be the value of an asset at a specific time when it is initially acquired. However, the opposite of historical cost is referred to be the current prevalent market price. According to this principle, when recording the cost of any item in the QuickBooks account instead of the resell cost, the historical cost is always used. As per the GAAP provisions in the US for measuring the value of fixed assets, the historical cost method is used.

The Matching Principle:  The matching principle helps balance and match out the revenues and expenses of a business. According to this principle, every time some revenue is recorded, it should also be matched up for an item of revenue. This means every time if one sells a product, then some expenses must be incurred to make it happen. The students can access the service of assignment essay help from the experts of BookMyEssay at any time.

Objectivity Principle: This principle of accounting indicates that one should only use data that is factual and verifiable on entering data into the QuickBooks. The transaction values should never be estimates or subjective whenever they are entered into the accounting software.

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