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Financial Accounting Assignment With Solutions
Financial accounting assignment with solutions is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The purpose of this assignment is to provide students with an understanding of the role of accounting in the business world and to give them a hands-on experience in recording financial transactions. This assignment includes four different parts: journal entries, ledgers, trial balance, and income statement.
How to Ace Your Financial Accounting Assignment With Solutions
Financial accounting can be difficult to understand, especially when you’re trying to juggle school and other obligations alongside your career or business. In order to ace your financial accounting assignment and get the best grade possible, it’s important that you have a good understanding of the basic concepts that are inherent in all financial accounting assignments, such as double-entry bookkeeping and classifications of assets, liabilities, equities, revenues, and expenses. Using this list of tips as well as keeping up with general financial accounting best practices will ensure that you get the results you want from your assignment and class overall.
Introduction
Financial accounting is an important field in finance and is used to measure the performance of the company. In order for financial accounting information to be accurate, it must be recorded accurately and processed efficiently. Errors in financial records often result in inaccurate data which can affect the decision-making process.
Financial accounting is often part of a company’s internal control procedures. In order to achieve accuracy, it is important that all transactions are processed in a timely manner. The success of financial accounting information management can be measured by its impact on a company’s profitability and liquidity. Financial accounting information management involves recording and processing data using four types of financial statements: balance sheets, income statements, statements of cash flows and statements of stockholders’ equity. These four statements are also referred to as the four financial statements.
Setting Up The Exam
When you sit down for your financial accounting assignment, there are a few things you should do before actually starting the exam.
First, read over the instructions and make sure that you understand what is expected of you. For example, does it say that graphs are required? If so, make sure you have graph paper handy for when it’s time to start your project.
Second, take a look at the examples given on the exam. This will give you an idea of what is expected and where in the syllabus they will be located.
Finally, review all of your notes from lectures and readings.
Scenario 1: Normal Depreciation With Straight Line Method
In this problem, you are asked to calculate the straight-line depreciation for a truck purchased in 2018. The truck has an estimated residual value of $10,000 and an expected useful life of 10 years. You can use the following formula:
Depreciation = (Cost – Residual Value) / Estimated Useful Stated Life
$5,000 = ($5,000 – $10,000) / 10
The depreciation is equal to $500 per year or $41.67 per month. In this example, you would compute your monthly depreciation expense as follows: 500/12 = 41.67
Scenario 2: Accelerated Depreciation Using Double Declining Balance Method
The process for calculating the depreciation expense is as follows:
- Compute the straight-line depreciation over the estimated useful life of the asset.
- Subtract any scrap value or salvage value.
- Multiply by two (double declining balance).
- Divide by the number of years in a half-year convention or by 12 months if not using a half-year convention.
Scenario 3: Modified Accelerated Cost Recovery System (MACRS)
The Modified Accelerated Cost Recovery System (MACRS) is a depreciation system that determines how quickly the cost of an asset is recovered. It classifies assets into six groups and uses different recovery periods, or schedules, for each group. The six groups are: 3-, 5-, 7-, 10-year property, 15-year property, 20-year property, and residential rental property. These groups can be further broken down into individual categories that use the same schedule. For example, 3-, 5-, and 7- year properties are all considered short term properties because they have the same recovery period of three years.
Scenario 4: Capitalizing Costs Under GAAP, IAS And IFRS Standards
The accounting of capitalized costs depends on the standards in which the company operates. In Generally Accepted Accounting Principles (GAAP), a company is required to capitalize costs until they are incurred. Once incurred, the company would then expense the cost over its useful life. Under International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), companies are required to capitalize all costs regardless of when they are incurred in order for them to be reported on their balance sheet.
Conclusion
Financial accounting assignments with solutions can be a difficult task, but it is vital for any business. Not only does it help you see how your company is performing financially, but it also helps you plan and make important decisions in the future. If you need help with financial accounting assignments or other classes, we offer a free consultation.
FAQ
What is the website about?
In the Financial Accounting Assignment With solutions you will find a step-by-step guide on how to do your financial accounting assignment. You will learn how to handle the end of year activities, which includes preparing your financial statements, calculating and analyzing income statements, balance sheets and cash flows. You will also learn about fixed asset depreciation, as well as some common errors in financial accounting assignments. The solutions are based on an annual company with $100 million in revenue for example purposes only.
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Every college student faces challenges when it comes to their assignments, but for those who take on a Financial Accounting assignment, there are few challenges as big as this. That is why we want you to ace your Financial Accounting assignment with our solutions.
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Students are looking for help with their financial accounting assignment. This website has a question and answer forum where students can post questions and get answers from experts. The forum is organized by subject, so students can easily find the type of help they need.