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What is accounting?

Accounting refers to the process of recording all financial transactions of an entity. The process includes recording, summarizing and reporting all financial transactions of an entity to regulators, agencies and tax collection bodies. Ideally, the financial statements used in the process of accounting highlight:

  • an in-depth summary of the financial transactions over a certain period
  • a summary of the entity’s business operations
  • cash flow
  • the financial position of the company.

The Process of Accounting

As one of the key features in an entity’s business operation, accounting should be handled by authorized and competent personnel. If the business is a small firm, it can be handled by an accountant or a bookkeeper. However, accounting activities should be conducted by a sizeable finance department with several employees in the department for larger companies. The reports generated from accounting activities such as managerial accounting and cost accounting go a long way in helping the management predict trends and make informed business decisions.

The general financial statements that summarize an entity’s operations, cash flow and financial position over a certain period should be concise and provide consolidated reports based on a collection of separate financial transactions.

Major Types of Accounting  

The three different types of accounting that efficiently track the income and expenses of an entity include:

  1. Financial Accounting
  2. Managerial accounting
  3. Cost accounting

Financial Accounting

Financial accounting focuses on external entities that have expressed interest in the business. Ideally, the accounting personnel generate interim and annual financial statements that can be presented before investors.

In financial accounting, all financial transactions during an accounting period are analyzed and summarized into a balance sheet, income statement and statement of cash flows. Such documents help investors to understand the financial positions of a company before making long-standing decisions.

The financial statements of most entities are normally audited annually by external auditors. The results of the audit usually have several implications in different business operations of a company. For instance, bodies that consider extending credit to a company would require the financial statements before making the decisions.

Managerial Accounting

Managerial accounting uses the data as financial accounting but organizes the data and uses it in different ways. Generally, in managerial accounting, an accountant generates monthly or quarterly financial reports used by the management to make decisions on the business operations. As a result, managerial accounting makes use of several facets of accounting, including forecasting, budgeting and different financial analysis tools.

In general terms, any financial information that would help the management make informed decisions fall under this category.  

Cost Accounting

While managerial accounting helps make informed decisions on the management of a business, cost accounting helps in making cost decisions. Ideally, cost accounting takes into account all costs sued in producing a product or the desired result. After that, business owners, analysts and managers use the information to determine the cost of the product. In cost accounting, money is considered an economic production factor, while in financial accounting, money is considered a measure of an entity’s economic performance.

The Requirements for Accounting

Most accountants often use the Generally Accepted Accounting Principles (GAAP) when preparing an entity’s financial statements.  The GAAP provides set standards and principles designed to create uniformity of financial processes across the industry.

Accounting can be referred to processes of recording and analyzing the financial transaction of a company in order to understand financial position and make informed decisions.

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Essay writer 4me accounting writing services is an online platform that provides students from all academic levels with quality accounting solutions. The website connects accounting students to accounting experts with high academic qualifications and long-term experience in the accounting field. At Essay writer 4me, we are strongly invested in realizing all our clients’ short term and long goals by providing top quality services at affordable pocket-friendly prices. Submit your “do my accounting papers” request today, and let us help you in your accounting journey.

Why Choose Essay writer 4me Essays for accounting help?

With the numerous online accounting help websites, students might be spoilt for choices. However, it is always wise to select a website that is genuinely committed to the success of the students. At Essay writer 4me, we ensure that all accounting papers are handled by competent writers to provide high quality and content-rich solutions.  The section below shows all our guarantees one of the best accounting help websites.

Our Guarantees

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Essay writer 4me guarantees students of a strict quality control process that ensures that we meet the expectation of students and beyond. Our quality control team review all order requirements and ensure that every entry in the instruction section has been met before submitting the assignment to the client. In addition to this, the team ensures that submitted papers are free from plagiarism, mistakes and errors before sending the completed work to the client.

  • Step-wise Accounting Solutions

In order to help you understand accounting concepts, we always provide step-wise explanations on how we arrive at the answers. This way, you can

  • On-Time Delivery Of Papers

Essay writer 4me is committed to meeting all deadlines set in the order of form. In addition, we will ensure transparency throughout the writing process so that you can track the progress of the paper.

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Among our most prevalent attributes is that we always stick to the instructions provided by the student to produce customized accounting solutions.

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In the rare cases of dissatisfaction, we will ensure to provide free unlimited revision. However, all revision requests must comply with our Revision Policy.

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Essay writer 4me strives to produce original papers through intensive research and logical reasoning in order to provide papers with no plagiarism.

Our writers used advanced plagiarism checking tools to eliminate any similarities with previously completed papers.

We are open to provide plagiarism reports upon request.

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All private and personal data shared with us is handled with the utmost privacy and confidentiality.

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Once we submit a paper to the client, we consider the paper a private property of the clients and can never be reused or resold.

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