Normally, Business courses are not perceived to be difficult. A lot of respect is given to courses like Engineering and Medicine because of the rigorous curriculum and the amount of time that students spend studying for them. However, a Business course that is often overlooked is Accounting. It is considered to be one of the most difficult business majors because of the attention to detail that is required. Accounting is not just about knowing how much money has been used and how much has remained, but also understanding how such information will impact the overall financial position of a company or an institution.
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Generally, a lot of people struggle with asking for help. Whether it is because they are shy or because they see it as an insult to their ego, people rarely ask for help. Whichever the case, you shouldn’t shy away from asking for help with your assignment. If anything, you might even learn more from a tutor who is assisting you. You get a different perspective from what was presented in class and you also get to challenge what was presented or taught. Accounting, in particular, does not have to be the reason you hate school. If nothing balances, just log onto acemywork.com and get all the help you need.
Financial accounting is a specialized branch of accounting that keeps track of a company’s financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
Companies issue financial statements on a routine schedule. The statements are considered external because they are given to people outside of the company, with the primary recipients being owners/stockholders, as well as certain lenders. If a corporation’s stock is publicly traded, however, its financial statements (and other financial reportings) tend to be widely circulated, and information will likely reach secondary recipients such as competitors, customers, employees, labor organizations, and investment analysts.
It’s important to point out that the purpose of financial accounting is not to report the value of a company. Rather, its purpose is to provide enough information for others to assess the value of a company for themselves.
Because external financial statements are used by a variety of people in a variety of ways, financial accounting has common rules known as accounting standards and as generally accepted accounting principles (GAAP). In the U.S., the Financial Accounting Standards Board (FASB) is the organization that develops the accounting standards and principles. Corporations whose stock is publicly traded must also comply with the reporting requirements of the Securities and Exchange Commission (SEC), an agency of the U.S. government.