Accounting Concept Assignment Help
Accounting concepts are the established rules of accounting that need to be followed for preparing all relevant accounts and financial statements. BookMyEssay extends expert help to the students looking for assignment help on accounting concepts. There are various concepts and standards that are required to apply in these assignments, which may not be possible for the students of accounting. But the expert writers with their vast experience could handle these assignments quite efficiently. They make the assignment writing jobs of the students easier, and faster.
Students of finance and accounting are given in-depth knowledge on these various concepts of accounting. On the other hand, students are expected to show their maturity in adopting these concepts of accounting wherever required.
Accounting Concepts: A Brief Overview
Following are different types of accounting concepts –
1. Business Entity Concept:
This concept opines that business and the owner are two separate legal entities. Hence, the accounting process carried out for the business should have completely separate existence and maintenance process. The accounting process is carried out for the business and that for the owner should be separate. This concept is appropriate for both the corporate and non-corporate organizations.
2. Dual Aspect Concept:
Dual aspect concept opines that every business transaction has two-way effect. That is to say, the total asset of a business entity should be exactly equal to its total liabilities. If that is not resembling, that means there is some discrepancies in the accounts.
3. Going Concern Concept:
The going concern concept assumes that a business entity will continue their business for ever. That is to say, the entity will not be forced to stop their operations and liquidate its assets in the near future which may lower their sale price.
4. Accounting Period Concept:
According to accounting period concept, from the perspectives of accounting, the unlimited period of time is divided into smaller time periods. Each of these time periods which is also known as accounting period facilitates the preparation of financial statements on periodical basis. Selection of such accounting periods depends on types of business conducted by the organization, statutory requirements, laws governing business and accounts in that area or country etc.
5. Cost Concept:
As per the cost concept, an asset is to be recorded at the cost at which it is acquired instead of taking current market price of the asset.
6. Money Measurement Concept:
This concept suggests that only those transactions which can be expressed in terms of currency should be considered in accounting. That means accounting is concerned with the quantitative evidences, rather than qualitative.
7. Matching Concept:
According to this concept, while calculating the profits or loss during an accounting period, all, all the expenses done on that period, whether paid or not, should be considered along with the income generated during the period.
Assignments on this subject are given just to understand how much they have conceptualized these various concepts. Thus, without detailed knowledge on these accounting concepts it is really tough to complete the assignments successfully.
Tougher Aspects of Accounting Concept Assignments:
Accounting concepts are a set of certain conventions that are created to keep an exact framework for financial reporting. The parameters laid down in these concepts are actually international rules that all major finance and accounting bodies abide strictly. Accounting concepts helps to create and deliver financial information in an internationally accepted framework. Assignments thus given to the students of finance and accounting covers all major and minor concepts and principles of accounting that are relevant across the industries.
Thus, students must be very focused and judgmental while writing assignments on this topic, because in most of these assignments students are asked to write on the basis of his or her own decisions. They are also expected to show their ability to logically represent the reason being accepting a particular concept for analyzing a given issue.
Hence, accounting concept assignments are not easy to approach. At so early stage of study, students face both subjective as also conceptual problems. But with the help of expert guidance from experienced accounting concept assignment writers, these hurdles could be easily crossed.
Support Provided by the Experts:
Experts in this field are all highly qualified people having relevant experience in finance and accounting. They know how to approach these assignments and how to make impression on the examiners to get higher grades. They also use right references and latest information for writing these assignments. With the help of their expert guidance students of finance and accounting always obtain good remarks from the examiners.
Overall Support Extended by BookMyEssay:
The entire organization works with a single motto – keeping the students absolutely de-stressed with their accounting concept assignments. Right from the students’ help desk to the management of the organization working relentlessly to make the assignment writing task easier, faster and perfect for the students. As a result, students never feel helpless once they contact BookMyEssay. In every step and in every aspect of assignment writing process a student gets real time updates. It is really an absolute professional service at very affordable cost.