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There is a lengthy procedure to be followed from initialization to the final draft of the project. Sometimes it becomes more of a personal opinion than a formal assignment in the absence of expert guidance. Similar is the Online Tutors Helps; they help you figure out the probable methods to do a project with accurate information. Then what is worry? Have a closer look at the aspects that need to be taken care of before finalizing and penning down an Accounting project.

What is Accounting? and Why Accounting Assignment is not Easy to be Done by Itself

Accounting is a sequential process that begins with identification, measuring, recording and ends with the final communication of information after analysis in concern with the economic acts. It helps the organizations narrow down all the expenses and revenue sources then allocate the scarce resources efficiently for the projects.

Advantages and Disadvantages of Accounting

Though Accounting is the process towards efficiency and helps the organizations grow to achieve their set milestones, the opposing sides of accounting cannot be eliminated, so it has certain disadvantages. Here are the most common ones-

Tells Profit and Loss: Accounting helps the organization to figure out the exact profits and losses the business goes through. It gives the numerical figures and enables the organization to look at the drawbacks and the potential opportunities coming in the way ahead.

Tells Financial Position: Besides formalizing the financial and economic aspects, accounting is crucial to determine the whole enterprise’s financial position. Does it contribute to identifying the state of finance? What are sources of finance? Is the organization financially sound? Is it drowning in debts? Etc.

Comparative Study: The financial statements of the organization of a particular financial year help the organizations to make a healthy comparison with the results and reports of the subsequent years. This exercise enables the organization to develop probable and sustainable solutions and bridge the imbalance if any.

Disadvantages of Accounting at a glance

Partial Picture: Accounting principles and standards do not depict the overall picture of the organization. These accounting methods are partially correct as they focus on the financial aspect only.

Does Not Indicate Realizable Value– The final accounts, such as the balance sheet, do not show the assets’ transitions. It only reflects an organization’s inventory transactions, which is a shadow representation of the entire organization.

Accounting Based on Historical Costs– The financial accounts are prepared based on historical cost and rate. These costs are of the proceeding period and do not show inflated prices of the assets and inventories.

Segments of Accounting Assignments

Accounting assignment is a complete gambit including many subjects of Accounting in it. They include:
Cost Accounting: Costs of products and services (determining, managing, and controlling cost aspects).

Management Accounting: cost accounting, inventory control, budgetary control, and working capital management are included in this accounting sphere. 

Financial Accounting: The complete bookkeeping of financial accounts takes place in this branch.

Inflation and Tax Accounting: Matters related to taxes and rise in prices are looked out here.

Social Responsibility Accounting: The responsibilities towards society and the ordinary people.

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