Clear Your Concepts with Generally Accepted Accounting Principles Assignment Help
Accountancy is a very important subject in your academics. This subject helps a student to pursue their career in the fields of accounts and finance. Overall accounts and finance are the pioneers for the growth of a company. It records and forecasts the financial transaction which is very important in a business organization.
Although accounting specialization opens an array of career option for students, it is also a tedious subject to study at the same time. Since accounting involves a lot of mugging up of Accounting Standards, student face time crisis. Therefore, 24x7assignmenthelp.com helps students to manage their time and complete generally accepted accounting principles assignment help at ease.
What is accounting?
Accounting can be defined as the process, method or action of recording financial or business transaction in a systematic and scientific manner.
What is GAAP?
The methods of accounting follow a guideline known as GAAP (Generally Accepted Accounting Principles). GAAP lays down the rules and regulation which needs to be followed while recording business transactions.
How does Generally Accepted Accounting Principles help?
- Generally Accepted Accounting Principles(GAAP) helps provides a fair image of the company- Financial image is very important for a company because this will determine the creditworthiness of a company.
- Generally Accepted Accounting Principles(GAAP) provides other information as well.
- Revenue recognition
- Balance sheet classification
- Outstanding share measurements
Generally accepted accounting principles homework help: categories
Assets are items which are valuable that companies own. Most of the time the value of the assets increase with time.
These are items of value which get transferred to another party from the company. Liabilities are always added disadvantage because they tend to depreciate and decreases the value of the company.
It is the value of the owner’s investment in assets or many assets.
Segregation of GAAP
Generally Accepted Accounting Principles Assignment Help are divided into 2 parts
- Accounting concepts–
These are concepts and assumptions as per which the science of recording financial transactions is followed
- Accounting conventions–
These are customs and practices an accountant follows while preparing a financial statement.
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