“In spite of giving 100% efforts, I am unable to improve my scores in accountancy. I really want to learn the skill of writing precise accountancy and revenue association homework answers to obtain higher grades. “
Accountancy is a subject which comprises of both mathematical and theoretical concepts. It is all about recording, classifying, and reporting financial transactions occur in a business. Since the major part of the subject is about keeping records of business transactions, thus, there involves lots of mathematics. Accountancy problems are not same as algebra or arithmetic problems; they have their own principles and formulas. Students need to write accountancy and revenue association homework answers precisely to achieve a higher grade in the subject.
Three important aspects of accountancy- Recordation, Classification, and Reporting
In any business organization, some tasks take place on a repetitive basis, such as issuing customer invoices, receiving cash from buyers, making payment to the suppliers, and making payment to the employees. Recordation means keeping an accurate record of all these tasks. While studying accountancy, students must clear their concepts about journal entries to keep a record of the non-repetitive tasks in a business.
In a business, several types of transactions take place, and an accountant needs to record different types of information. Therefore, the students of accountancy have to learn classification of ledgers and must have the knowledge that which information should be recorded under which ledger.
The General Ledger is a document which consists the record of all the tasks that takes place in a business- both repetitive and non-repetitive. It contains several accounts and each account stores information regarding a particular transaction, including sales, receivable accounts, depreciation expense, and so on.
Sub ledger is a document to store the records of some high-volume transactions, such as customer billings, while the totals transferred to the general ledger. While handling general entries, students also have to learn how to adjust entries at the end of each month to balance the account. Adjusting entries is mostly for recording expenses incurred but yet to record.
A student can only write accurate accountancy and revenue association homework answers when he prepares the general ledger correctly. The general ledger is an important document for preparing financial statements. It also provides some useful information for making internal management reports.
There is two division of Accounting- Financial Accounting and Management
In financial accounting, students learn how to accumulate business transactions into financial statements. Students learn about sets of rules known as accounting frameworks to prepare financial statement. Two popular accounting frameworks are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Management Accounting is an area of interest of the cost accountant and financial analyst. They are responsible for investigating how to enhance the profitability of a business and submit their observations to management.
Financial accounting involves more mathematics, while management accounting is more theoretical.
Revenue is an important topic of financial accounting
Revenue means the income that a business earns from its regular business transactions, mainly by selling goods and services to buyers. However, income from interest, royalties, or other fees are also known as revenue. Total profit or net income of a company depends directly on revenue because profit is equal to the difference between total revenue and total expenses during a given period.
Students have to learn all types of revenues, such as sales revenue, tax revenue, gross receipts in case of non-profitorganization, etc. Students are often given homework on calculating periodic income on the basis of particular standard accounting practice or the government’s guidelines.
While writing accountancy and revenue association homework answers, students need to keep in mind that revenue accounts are general ledger accounts in a double-entry bookkeeping system. They need to enter the revenue details under the heading Revenues on an income statement. Practically, accountants summarize revenue accounts at regular intervals.
Revenue is a huge topic in which with multiple subtopics. Students have to understand all the subtopics and to attain proficiency in the subject.
Subtopics of revenue are:
- Bill and revenue
- Cost to cost method
- Cost recovery method
- Completed contract method
- The instalment method
- Membership fees
- Revenue at gross or net
- Revenue recognition
- Criteria for revenue recognition
- Methods of revenue recognition
- Services revenue recognition
Accountancy is an interesting subject with great employment opportunities, a good salary and lots of growth prospects. It is a right subject for those with mathematical minds. However, the subject is not that easy. Each chapter is linked to the previous chapter. Therefore, you have to understand each and every chapter carefully otherwise you will have a hard time in the final year.
Few tips for accounting students
- Clearly, understand each and every chapter.
- Try to find answers for every “Why” because accounting is a technical as well as a logical subject
- Solve as many problems as possible. It is a do-it-yourself course.
Accountancy and revenue association homework answers are usually logical and need great mathematical skill to solve them. Students can also take online homework help to write their answers in more accurately in lesser time. Students need to be very careful while preparing ledgers because a single mismatch in the figure can make your entire financial statement wrong.
It is always better to take the advice of experienced professional accountant regarding ledger preparation, journal entries, adjusting entries and preparing financial statements. It is better to take advice of experienced professional accountant regarding ledger preparation, journal entries, adjusting entries and preparing financial statements.