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    Accounting Homework Help

    As one of the most common academic disciplines, accounting covers a significant and highly fundamental part of business language. Accounting focuses on the financial aspects and decisions in different areas of life but mostly in the corporate world where financial transactions are comprehensive. Financial decisions are integral to core business operations. Accordingly, it is a highly respected discipline and most students undertake it with the hope of preparing and growing themselves in a number of ways. Accounting is considerably diverse and its professional holders can fill a variety of gaps in the corporate world. All industries have opportunities for accountants. As for those who do not seek employment opportunities, it is possible to start accountancy firms.

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    We cover different areas of accounting but most of the questions cover the following areas; financial accounting, management accounting, tax accounting, cost accounting, forensic accounting, and auditing.

    Managerial Accounting

    Managerial accounting emphasizes on the provision of accounting information for internal use. The information is provided to managers (mainly product and sales) and executives so that they can use it to make important business decisions. Managerial accounting is focused on decisions that affect the future of a business or organization. Its information looks into the future and it is model-based. It involves mobilization of financial resources and human resources through skills such as planning, controlling, and directing. The three main areas covered by accounting management include strategic management, risk management, and performance management. Overall, managerial accounting data is highly detailed because of its critical nature.

    Financial Accounting

    Unlike managerial accounting, financial accounting focuses on the provision of information to external users. This are external parties that influence the operations of an organization and they include parties and institutions such as shareholders, public regulators, creditors, and analysts. External parties do not interact with internal business information and do not determine the details provided to them.  Financial accounting is historical in nature. It consists of past financial data and thus it is not future-oriented like managerial accounting.

    Tax Accounting

    Tax accounting covers tax-related transactions and issues based on income in an organization. Companies pay taxes such as business tax, corporate tax, withholding tax, transfer tax, custom/ excise tax, payroll tax, and capital gains tax. Since each country is governed by a specific set of rules and regulations, the taxation ratios and procedures followed by organizations is dependent on their country of operation.

    Cost Accounting

    Costing is an accounting branch that deals with techniques of ascertaining costs. These techniques include processes of collecting, assigning, and interpreting costs. Overall, costing helps with recoding and allocation of expenditure thereby fostering the regulation of production costs. Cost accounting is the process of recording income and expenditure to prepare statements and reports that are used for cost control and determination. Cost accounting addresses some of the issues that financial accounting fails to address. Both types of accounting are designed to facilitate the smoothening of business operations but certain limitations of financial accounting create the need for cost accounting. For example, financial accounting limits data comparison and it focuses on historical data only.

    Forensic Accounting

    Forensic accounting can be defined as applying the principles of accounting when investigating fraud-related issues and conducting financial analysis on information that is intended for use in legal proceedings. As cases of financial fraud continue to increase in recent years, the forensic account has gained massive popularity. Data collected during forensic accounting forms a foundation for debating and resolving disputes.

    Auditing

    Auditing is the process of examining books of accounting to ascertain the financial status of a business during a given financial period.  It involves the variation of the information provided in loss and profit accounts and eventually in the balance sheet. It cannot be done without the provision of important information and documents by the relevant authorities. Auditing is highly systematic and it is carried out by duly qualified but independent individuals. It requires thorough scrutiny, comparison, and analysis of vouchers and other relevant documents to establish the authenticity of all the details. Once an auditor has completed the auditing process, he/she determines the true status of a business. The information obtained from an auditing process, informs a company of its true and fair status. Auditing is extremely fundamental when it comes to the identification and prevention of errors and fraud.

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