Studying Accounting in college or university is not an easy task. A university student must have a proper grip on different topics of accounting. However, many students face difficulty and get nervous during the examination. So, experts suggest about how they should prepare for their examination. It is true that accounting is not very easy, but it is also true that if you work hard and understand this subject, then it is not very difficult. Students make it messy because they do not study properly.
Accounting is none other than the study of bookkeeping in a systematic way. Students must know those processes, terms and concepts to develop their knowledge. They should also know about accounting principles.
What are accounting principles?
Accounting principles are man-made rules to give the exact flexibility. According to the different scenario, these principles get some changes and these changes make it more suitable according to the need. The different accounting principles are as follows –
- Basic concepts (Assumptions)
- Basic principles
- Accounting conventions or Modifying Principles
- Accounting standards
All these are very important for students because only with the help of accounting principles, students can easily follow the bookkeeping system.
What do you understand by the term basic concept? What are the basic concepts in accounting?
In accounting, there are some necessary assumptions. Along with assumptions, ideas and rules give a right path to the assumption. This is the fundamental of accounting. It has many terms which must be clear to the students. Concepts of accounting are sometimes considered as its postulates.
The important thing that one must know is the basic concept in accounting. These are –
- Business entity concept –
This indicates that all business entities separate from the owner. This means the monetary section of a business is always recorded as a business point of view and not as its owner’s point of view.
- Going concern –
This concept indicates purchasing of assets through a business unit. This means the purchased assets are used in business for a long time. Moreover, a business cannot purchase it as reselling purpose immediately.
- Money measurement –
Accounting records only monetary section or records those transactions which are measured in terms of money.
- Trading period or accounting concept –
This concept indicates that every owner of a business needs to know his gain through the business in a time interval. Basically this time interval is of one year. However, for an A-cap company, this
Other than above concepts others are as follows –
- Variable objective
- Dual aspect
- Industrial practice
- Substance over legal Form
With the help of these ones can easily distinguish among the different types of the bookkeeping system. Each student should have knowledge of these concepts before completing work related to it.
What are the basic principles?
- Principles of the dual concept
- Principle of revenue realization
- Matching cost and revenue principle
- Full disclosure
- Concept of objectivity
All these are basic principles in accounting. Moreover, some principles are modified and this modification is there only to grab the market.
What are the process and basis of accounting?
Students of university-level must have exact knowledge of each process related to accounting. What are the different processes? These are –
- Identification of different transactions
- Preparing vouchers
- Original entry recording in books
- Ledger Posting
- Preparing a trial balance as well as financial statements
- Analyzing and interpreting
Each student must have a piece of proper knowledge about vouchers and source documents. You should know that transactions are an essential source of a record and vouchers are prepared on that basis. So, vouchers need to prepare by getting exact data through source documents.
Understand the principle equation
Accounting equation needs three prime terms to state and these are assets, liabilities and capital. This is expressed in an equation as –
Assets = Capital + Liabilities
To understand this equation one must have proper knowledge about all these terms. Asset is the total valuation and capital is the amount invested in a business. Liabilities are the borrowed amount for increasing asset. Now, a business must have a greater value of capital than the liabilities to get a perfect strength.
If you have understood the equation, then you can easily understand that
Capital = Asset – Liabilities
Liabilities = Asset – Capital
Now, students also need to know that this simple equation is essential to solving many problems. Moreover, there are some effects of miscellaneous items on this formula. These are –
- Outstanding expenses
- Prepaid expenses
- Accrued Income
- Unearned income
- Interest on capital
- Interest on Capital
- Interest on Drawings
These are the grip through which a student can easily understand a transaction and keep the records accordingly. In case you have difficulty in understanding the points, then you should contact to seniors.
What are the topics of accounting that students must take care of?
Journal is the prime topic of this subject. Transactions are done according to the need of a business. Everything is essential to keep in records. So, when you will do entries at the very first time, then it must be done accurately. Some important topics for the students of the university are as follows –
- Accounting Equation
- Double-entry system
- Special purpose subsidiary books
- Trial Balance
A student must have a good practice on these. In case you feel difficulties or any issue in this, you will not be able to complete your project or any other task at a higher level. College or university students must have appropriate knowledge so that they can easily solve live cases.
Why students face difficulties?
Students face difficulties in accounting in university because of some following reasons –
- Improper time management –
Many students do not find out the time for learning or doing solutions. This situation takes place only due to improper time management. So, every student must have a time table for his work.
- Do not Practice every day –
Accounting needs hundred percent accuracy and this is the prime reason that any issue in a journal or cash book or any other bookkeeping process makes the solution completely wrong. So, a student must revise and practice the topics every day.
- Students do not solve extra problems –
More than 80% of students do not solve some extra problems. This is very important to understand your ability to solving different types of problems. If you do not practice accounting in this way, then it will be very difficult to increase your ability, even at the university level.
- Do not do group study –
The students need to solve problems in a group. They do not follow these criteria. If you do your work in a group, then it will be easier to solve-out problems easily. One more thing is a proper and clear concept. In case you have any confusion, then you can make it clear in a group.
- Do not complete their work on time –
This happens due to the lack of interest in the subject. Sometimes students start doing their work at the last moment and unable to complete it on time. If you do not take care of your study, then it will be difficult to get the exact outcome on time. So, you have to be careful about it.
A student requires improving the confidence level by pursuing the exact way of study. There are many students who take good care of their study and can easily achieve success.
What are the best ways of making accounting simple?
- Prepare notes everyday –
Whatever terms or topics you follow in your class, you must write down immediately. However, noting down immediately is not possible many times. So, you should write the important points during your class, but you must write down everything in a proper way just after the class. This will assist you during an assignment or before your examination.
- Complete your assignments on time –
This is always essential to complete homework on time. When you write a solution according to your knowledge or through different books, then you can easily learn. /many students are unable to complete due to lack of knowledge. To overwhelm this issue, you should contact your faculty or friends. In the internet era, students take care of their assignments through an online help facility.
- Try to solve out problems as much as possible –
It is clear that transactions are an essential part of accounting. Moreover, you will learn to do transactions in its initial part of the study. Try to practice balance sheet, trial balance and others from the initial level. If you do that regularly, then you can easily solve different types of problems even miscellaneous one.
- Theoretical concepts must be clear –
It is always important to have a clear knowledge of different terms. Basic terms are very essential to know so that you can easily fill the right data at the right place.
- Solve projects –
Live projects enhance the ability of a student. In case you are not in apposition of taking live projects, then also you should take some old projects to develop your confidence level. If you are a school student or college student, then you must solve small projects.
If you follow these above points properly, then it will be easier to achieve the target. University accounting will be easier for those students who have a good grip on accounting up to college. However, these days students take online assistance of experts and get the exact solution they require.
How much reliable online accounting assistance?
Many students ask the same question before they opt for online assistance. It is better to understand the fact that students get a positive reply only when the service provider is reliable and has a good experience. Now, you will easily rely on, when you get an assignment solution as they are experienced and they know how to write in a systematic way.
All mentors are highly qualified and can easily understand the need of students. They know the difficulties of students and thus provide solutions according to their level of study. They always provide information according to the current syllabus, so many students rely on and take assignment solution whenever they require.
What are the prime services that students take online help in accounting?
To some extent, the services are beneficial because of the following facilities –
- Mentors always provide a solution with great accuracy. It means concepts are clear. Moreover, students do not have to waste their time finding out answers or solving one problem several times.
- On-time service is very essential for students. You must know that assignments are there to submit in an announced date, but many students are unable to complete. What should they do? They have the opportunity of taking online assistance. Mentors solve all problems on behalf of students. Now, they can easily submit on time. However, they should learn and understand the solution for their future need.
- Accounting needs error-free solution by means of calculation mistake as well as grammatical mistake.
- All-time service is also an important facility for students. Mentors are always available for students and thus anyone can easily apply any day and on any time as per their requirement. They are available 24 hours a day and all days in a week.
- Different tasks are done by the mentors as they are ready to assist students of school level, college level, university level, and also those who are doing the thesis. So, projects, reports, graphs, transactions and different related work of accounting can easily be done by the experts.
- Online classes are also available to students. You just need to apply for that.
- Free from plagiarism in their solution. It is always important to have a plagiarism-free solution and a reliable service provider always do that.
- Affordable service charge is important for all to take service any time. Charges of a reliable service provider are always reasonable.
Now, it is clear why students opt for online assistance. You can also select this option if you feel any difficulty in accounting. Moreover, you will have a good skill in writing, and you can easily represent projects as per the requirement.
Preparation for your university examination should be top-notch. So, if you follow the steps and enhance your knowledge by understanding the concept and doing practice, then you can easily achieve your target.
Yuan Zou is a popular name in the US. She is an assistant professor in the Accounting and Management unit. She teaches Financial Reporting and Control (FRC) in the MBA required curriculum. Professor Zou earned a Ph.D. in Accounting from Columbia Business School. If you have any difficulty, then you can easily contact through online to take any assistance in accounting.