Accrual Concept Accounting Homework Help
Best UK, USA, Australia,Canada ,China UAE Accrual Concept Accounting homework help online services
Accounting is keeping records of all the transactions performed by a company. These transactions can be cash inflow or out flow. On basic terms either the transaction is done on cash terms or on accrual basis. Accrual Concept accounting homework help is an initiative from our experts to make the students aware about the perks and flaws of accrual accounting. Recording the revenues when they are earned and not recording them when they are in cash is called as accrual concept of accounting. So basically when the revenue is incurred, it is recorder and nit recorded when it is paid.
GAAP instructs regarding the preparation of financial statements in the terms of accrual basis and not on cash basis. The period to which the transactions are related are easy to extract from the accrual basis system which is not that easy in the case of cash based system. From accrual based system, our Accrual Concept Accounting homework help experts say, a person get exact and correct information about the liabilities, incomes, assets and retained earnings of a firm. This classifies the firm’s financial position and performance over a due period of time. Adjusting journal entries are introduced by the firm at the end of each reporting period in order to record any accruals. Utility expense accrual, interest expense accrual, salary and wages accrual, etc. area few examples for adjusting journal entries.
Services for Account Homework
Accounting Management Homework Help Services
Accounting management homework and projects create lot of fear and stress in the mind of students. But with Best Homework Helpers, you will get amazing quality solutions for your Accounts homework and assignments:-
- Financial Accounting Homework Help
- Accounting Homework Helpers
- Australia Taxation Homework Help
- Advanced Accounting Homework Help Online
- Project Finance Case Studies Help
- Finance Case Study Help
- Accounting Case Study Help
- Finance Assignment help
- Financial Management Assignment Help
- Financial Analysis Business Case study Homework Help
- Healthcare Finance Case Studies Homework Help
- Ratio analysis case study assignment help
- Financial statement analysis assignment help
- Managerial Accounting case study homework help
- Company Financial Statement Analysis Case Study Homework help
- Finance accounting case studies homework help
- Trade Finance case study help
Our Features for Accounting management Homework Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to firstname.lastname@example.org and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
What Clients said about us?
Asim Khan, Student Finance, UK
“They have some of the best finance management expert to help you out. Love their services”
Liza, Student MBA, USA
“I have given them my finance management report to write. They have some of the best experts in this field.”
Smith Roy, Student Finance , Australia
“I feared finance management in MBA but then I came across this website. They have some of the best CPA qualified expert to help you out.”
The following examples compiled by our Accrual Concept Accounting homework help elaborate the accrual concept in detail.
1. A bus service sells its tickets days or even weeks before the journey is scheduled. But it restricts to record the receipts as revenue because the bus on which the revenue is based has not occurred yet.
The bus journalizes receipt of cash as follows
Unearned revenue XYZ
Unearned revenue is also called as the current liability which is differentiated when the bus is made.
Unearned revenue XYZ
2. A bank obtained its office on lease and paid $1, 20,000 on January 1 as final rent. As the building is still unused it does not record the payment as an expense and rather it records the payment as prepaid rent. This prepaid rent is a current asset.
Prepaid rent JKL
The bank identifies the rent expense over the due course of time. For example, while making its quarterly income statement on March 31, the bank expenses out two months’ rent i.e. 20,000 (= $120,000/12 × 2] as 2 months of time has expired certainly (from 1 January till 31 March).
Rent expense JKL
Prepaid rent JKL
Benefits and importance of the accrual approach
1. . All the expenses related to the reported revenues for a specific period of time are showed in financial statements under accrual concept of accounting.
2. It satisfies the protocols provided by GAAP & IFRS. It maintains the accounting standards provided by them.
3. It is also one of the general assumptions while decrypting the financial statement by different users.
4. The comparison method is also one of the major benefits regarding this. The financial entity of one when compared to other is an ability that is restricted.
5. Much accurate and reliable financial information can be achieved.
Looking for best Accrual Concept Accounting Homework Help Online,please click here