Accounting Assignment Support

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Accounting is a process that allows recording, processing, interpreting, summarizing, verifying and presenting of the financial transactions. Hence, the complete process of accounting forms a cycle, and can be termed as Accounting cycle. This Accounting cycle includes nine major steps. The initial step of this cycle is recording and the final step is presenting of record, also termed as accounting statements.

1. Collection and study of data
2. Recording of transaction in Journal also called Journal Entry
3. Posting in Ledger
4. Preparation of unadjusted trial balance
5. Correcting record
6. Adjusting trial balance
7. Preparation of financial statements
8. Closing the records
9. Post- closing of trial balance

These are 9 important steps involved in Accounting cycle. The process of Accounting is important for any Business firm since it is a medium that helps in identification of profit and loss in any business.
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Accounting is a key process of any business. Whether private sector or public sector, governmental or non- governmental organization; the process of Accounting is followed in every area. This is the reason this subject is also termed as heart of business. Hence, some of the important area of accounting are:

1. Financial Accounting: It mainly involves book keeping and preparation of financial statements. The main aim of financial accounting is to prepare a report on the economic performance of the company or firm.
2. Cost Accounting: This area is based on preparation of report on production and manufacturing cost of goods and services. Hence, cost accounting serve as an important tool in the decision making process.
3. Managerial Accounting: This area deals with the preparation of report on future values. Hence, Managerial Accounting focuses on confidential report making process of a firm.
4. Tax Accounting: This area of accounting focuses on filing of tax return of an enterprise as enforced by the government.
5. Auditing: Auditing is the area that involves examination of financial statement or record of the firm. Hence, it is done to maintain accuracy in the decision making process.
6. Non-Profit Accounting: This area of accounting deals with those statements and transactions that have the motive other than adding profit to the business. It includes charities, donations, events etc.
7. International Accounting: The accounting area that deals with the foreign exchange or foreign trade is termed as International Accounting.
8. Budgetary Accounting: This area of Accounting is based on the measurement of accepted plan or budget. The main aim of this accounting area is to help in control of budget.
9. Government Accounting: This system of accounting is developed to measure the inflow and outflow of government capitals or resources.
10. Accounting Education: This field is for those who have special interest in teaching and providing accounting knowledge and education to the interested students of this sector.

These are few listed areas that include the principle of accounting for smooth functioning of any firm or company. Though small firms or companies generally apply basic rules of accounting, still the principles are applied in all those areas that deals with monetary transaction.

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