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Business Accounting

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Business Accounting Assignment Help

     

 

Business accounting as the name suggest deals with the accounting related to any business. Business accounting is one of the most important fields in the world of management thus this makes it one of the most prominent and important subjects in the curriculum of every university. Business accounting is very important for management because it helps the business to know the financial position in the market outside and business accounting managers accordingly help the business to form strategies to improve the financial position of the business. Business accounting is not a very tough subject. However, students still don’t score high grades because it is an extremely time consuming subject and a university student who already has a list of things to do in the entire day with limited time finds it difficult to take out a significant amount of time for the business accounting assignment. Also, business accounting is not entirely a theory subject and does require practical knowledge and experience to deal with strategies and analysis, but high school does not give students such an opportunity to deal with such practicality and students end up finding learning the concepts instead of understanding and practically applying those concepts. Are you also one of those students who aspires to choose business accounting as a career path but fears the subject? Or are you also one of those students who has time constraints and is not able to give 100% to such an important like business accounting. If yes, then you are one step closer to your target.

Makemyassignments.com is here to help you achieve your targets of scoring high grades in business accounting assignments. We are a leading online assignment service website which has been providing high quality assignments to students across the globe. Students with the help of our assignments have managed to score an A+ grade and have achieved their dream of scoring top grades. We have been helping students not only with assignments but also with research papers, thesis papers etc. and we give a lot of benefits to the students. Makemyassignments.com has experts in every field who have done extensive research on topics and delivered high quality content which has been appreciated in universities.

If a student wants to choose the career path as a business accounting manager then he/she should make a strong base as it is a very leading profession with stiff competition. We recommend all the university students to take professional help from Makemyassignments.com to help you score high grades.

 

What is business accounting?

In the most lay man terms it is the accounting which deals with business. It is very important to understand both the terms in brief which are: business and accounting. Business means anything related to buying and selling. It could be buying and selling of product or buying and selling of strategies etc. any venture dealing with money will be known as business. On the other hand, accounting deals with numbers and the financial position of the business. Business + Accounting make up this very important profession. It consist of three very important functions which are- Identifying the financial & economical position of the business, recording and then communicating the analysis to the internal staff and to the external people such as the investors, lenders etc.

 

Use of business accounting small organizations:

We have always heard that a business can be large and small according to its scale of operation. Business accounting is vital for both large and small organizations.

It is generally an assumption that when a business is small it does not require core business accounting managers due its small scale financial transactions. However, this is highly mistaken as like the large scale organizations even small scale organizations require financial experts. Rather it is more important to them as they can showcase their financial position amongst the external market. A good financial position can talk volumes about the progress of the business.
Also, small business have less capital and these experts help them by guiding them to lower their expenditure by using their capital in the most efficient and effective way. Business account managers help the business to make a strong portfolio as these small organizations require capital regularly and investors check the profitability and the ability of the firm to give back the money on the basis of the portfolio.

 

Basic Business Accounting concepts:

The topics and sub topics related to Business accounting are vast and diverse. Each topic is inter related to each other and it is of vital importance to understand each one of them.

The experts of Makemyassignments.com have thoroughly researched on the topic of business management and given ample amount of time to this subject. They have used their prior expertise knowledge and with the help of that have jotted down a few very crucial topics related to business management which every student must have a brief knowledge about. These topics are:

Management of Cash flow: Cash flow as a topic in business accounting is very important and at the same time it is very easy also. As the name suggest cash flow deals with all the transactions related to ‘cash’ and how the business management managers manage this cash. Cash flow can be defines as the process of analyzing and keeping check on all the cash transactions which involves receipts as well as payments. Cash flow is divided into three parts:

1.      Operating activities- here transactions of business such as loss/profit on sale of a product, depreciation, amortization loss etc. are recorded.

2.      Investing activities: here transactions of business related to the tangible goods such as machinery and its sale and purchase are recorded.

3.      Financing activities: here transactions of business such as all the dealings of finance like purchase and sale of shares, share premium, debentures, loans etc. are recorded.

The Net cash flow which is a difference between the cash outflow minus the cash inflow is a crucial concept which decided the financial position of the business.

A business it its day-to-day dealings comes across various cash flow problems, a few common ones are:

  1. The business problems related to real estate have been on a high radar and the constructors are always prone to high cash flow problems. Construction is an area of business which requires ample amount of initial investment and wherever there is a huge investment, that area is prone to a lot of problems. Their ongoing cash outflow is also very high to pay to all the workers etc. It is a very common problem that the developers often run out of cash before selling off and thus give rise to problems. It is a very rare case very a few developments are sold out without been fully constructed, in such a case the developers are at a little ease. Property dealers have been regularly seen getting bankrupt due to having low capital and huge amount of loans which they are unable to pay. Any business that is undergoing rapid expansion can run into cash flow problems. Business expansion generally involves increasing labor costs as new employees are hired, increased rent for additional space, higher advertising costs, and more capital investment for new facilities, equipment, etc. Having to maintain increased levels of inventory can also quickly eat into excess cash.
  2. Giving loans to other business firms when you have the capacity to do so is also one of the major business problems in terms of cash flow that a business faces. The invoicing is done for a specific time period majorly being from 60-120 days with a low % of interest, however delay of payments are a very normal thing and as a result the lender business has a cash crunch in the long run.
  3. Bad debts: These are those debts which are not recoverable even after a hefty amount is paid to purchase them. Such a situation may arise, due to a customer unable to pay and has become insolvent. Bad debts are generally treated as an expense in the books of accounts. There is one more important sub topic to the broad concept of bad debts. This concept is called as the provision for bad debts. Provision for bad debts is defined as the process of making a provision of anything whose value decreases every year. For example, if we take machinery, if we assume its life for 10 years then for 10 years we will make a provision for a percent (example 5%) of the value of machine and show it in the expenses. This is done to anticipate the loss and now treat it as a shock suddenly.
  1. Bills receivables and bills payables: These are very common terms used in a business. In simple language, bills receivables is treated as an asset. Whenever an amount is given by the business to a customer as a loan with the promise of receiving money from them at the stipulated time is known as bills receivables. Bills payable on the other hand is treated as a liability. It is the promise made by the creditor or the borrower to pay back the lender as per the decided date. Both bills receivables and payables are guaranteed by instruments.
  2. Accounting of inventories: In basic language, inventories are generally meant to be sold out for earning profits by the business or they are a form of material which is either sold or used in the process of production for providing services.
  3. Depreciation of assets: Our experts have analyzed that majority of the students are not very clear with this topic and this topic is every important in any business. In simple language, every fixed asset such as machinery depreciates in years and its value always decreases. We can take an example of a car which almost is there in every household. The resale value of car is always much lower than the price at which it is bought. In the same ways fixed assets of any business also depreciate. A few examples of fixed assets are: buildings, equipment’s and furniture etc. Land is an exception to the fixed asset and the value of land always appreciates rather than depreciating. There is a principle in the accounting standards known as the ‘matching principle’ which states that while recording the revenues the expenses associated with the revenues have to be pre anticipated and recorded in the given period.
  1. The business problems related to real estate have been on a high radar and the constructors are always prone to high cash flow problems. Construction is an area of business which requires ample amount of initial investment and wherever there is a huge investment, that area is prone to a lot of problems. Their ongoing cash outflow is also very high to pay to all the workers etc. It is a very common problem that the developers often run out of cash before selling off and thus give rise to problems. It is a very rare case very a few developments are sold out without been fully constructed, in such a case the developers are at a little ease. Property dealers have been regularly seen getting bankrupt due to having low capital and huge amount of loans which they are unable to pay. Any business that is undergoing rapid expansion can run into cash flow problems. Business expansion generally involves increasing labor costs as new employees are hired, increased rent for additional space, higher advertising costs, and more capital investment for new facilities, equipment, etc. Having to maintain increased levels of inventory can also quickly eat into excess cash.
  2. Giving loans to other business firms when you have the capacity to do so is also one of the major business problems in terms of cash flow that a business faces. The invoicing is done for a specific time period majorly being from 60-120 days with a low % of interest, however delay of payments are a very normal thing and as a result the lender business has a cash crunch in the long run.
  3. Bad debts: These are those debts which are not recoverable even after a hefty amount is paid to purchase them. Such a situation may arise, due to a customer unable to pay and has become insolvent. Bad debts are generally treated as an expense in the books of accounts. There is one more important sub topic to the broad concept of bad debts. This concept is called as the provision for bad debts. Provision for bad debts is defined as the process of making a provision of anything whose value decreases every year. For example, if we take machinery, if we assume its life for 10 years then for 10 years we will make a provision for a percent (example 5%) of the value of machine and show it in the expenses. This is done to anticipate the loss and now treat it as a shock suddenly.
  1. Bills receivables and bills payables: These are very common terms used in a business. In simple language, bills receivables is treated as an asset. Whenever an amount is given by the business to a customer as a loan with the promise of receiving money from them at the stipulated time is known as bills receivables. Bills payable on the other hand is treated as a liability. It is the promise made by the creditor or the borrower to pay back the lender as per the decided date. Both bills receivables and payables are guaranteed by instruments.
  2. Accounting of inventories: In basic language, inventories are generally meant to be sold out for earning profits by the business or they are a form of material which is either sold or used in the process of production for providing services.
  3. Depreciation of assets: Our experts have analyzed that majority of the students are not very clear with this topic and this topic is every important in any business. In simple language, every fixed asset such as machinery depreciates in years and its value always decreases. We can take an example of a car which almost is there in every household. The resale value of car is always much lower than the price at which it is bought. In the same ways fixed assets of any business also depreciate. A few examples of fixed assets are: buildings, equipment’s and furniture etc. Land is an exception to the fixed asset and the value of land always appreciates rather than depreciating. There is a principle in the accounting standards known as the ‘matching principle’ which states that while recording the revenues the expenses associated with the revenues have to be pre anticipated and recorded in the given period.

Various software’s of accounts used in business accounting

In the world of technology where every day there is a new transaction it becomes very important for the business account managers to get familiar with technologies which can help them in their workings. The experts if Makemyassignments.com have researched and jotted down a few most important software’s used in the business, these are:

 

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