Achieving an A grade is no child’s play especially when it comes to accounting. The subject in itself is so complicated. While it takes some help from friends and instructors writing accounting assignments is a long and difficult journey. Some students can write an accounting assignment in a matter of days while others take weeks and even a month. So, what is the difference here? The problem is the lack of knowledge that can make students feel like a lost boat in the sea. During such a situation, many seek accounting assignment help from professionals like BookMyEssay. The company is known for providing reliable writing services at an affordable price. Leaving this behind let’s go back to the main topic which is important concepts and principles of accounting that can help you write effective quality accounting assignments.

The Most Crucial Concepts of Accounting

In the below post, we are going to mention the most important accounting concepts that you need to ace in your writing task. We are going to briefly explain each concept to make sure you clearly understand them and use it in the right place.

The Concept of Money Measurement

The very first concept on the list is the concept of money measurement. You may have heard about this concept in your high school. According to this concept, you should record only those transactions that can be represented in monetary terms and avoid those that cannot be quantified. Every transaction that you record or took place in the company should be in monetary terms. The base of this accounting concept is certain factors such as labor unrest, sales policies should not be included in the accounting even though they are relevant to the business. What limitation of this concept is it treats the value of money as a constant factor even though the value of money change with time. In-depth details could be found with the accounting assignment help.

The Concept of a Business Entity

This is the second and most important concept of accounting students should know about. The objective of this concept is to make students understand the difference between a proprietor and a business. In short, it focuses that the personal expenses of the proprietor should never be mixed with other accounting records of the firm as both of them are separate entities. Students must know that the role of proprietor should be limited to being a creditor only who provides credits for time to time investment. This concept helps you to build a wall between the firm and proprietor.

Concept of Cost

As the name suggests the concept of cost revolves around the recording of all fixed assets and the price they were purchased upon. The price firm paid in exchange for those assets is known as the cost. The cast recording of these assets is based on the initial cost which means at the end of each year the cost of the fixed assets would be constant. However, the price shown in the balance sheet is represented as cost minus the depreciation.

These are the three main concepts of accounting you should learn. Well, will further continue this blog with principles of accounting in the next blog. Until then, visit the BookMyEssay and hire assignments on accounting for academic assignments and dissertations.