Accounting Theory And Current Issues Assignment Help

Accounting Theory And Current Issues Assignment Help By Assignment Hippo

In this Accounting Theory and Current Issues Assignment Help, we will be discussing about the application of accounting theory in the business world. Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

Financial transactions include purchases, sales, receipts, and payments. Accounting information is used in financial planning, budgeting, forecasting, and decision-making. The purpose of accounting is to provide useful information to investors, creditors, and other interested parties. Financial statements show a company's financial position, performance, and cash flow.

There are two basic types of accounting: financial accounting and managerial accounting.

Financial accounting is concerned with the reporting of a company's financial position, performance, and cash flow to external parties such as investors, creditors, and government agencies. Financial statements are prepared on a periodic basis and include a balance sheet, an income statement, and a cash flow statement.

Managerial accounting is concerned with providing information to managers so they can make informed decisions about how to run the business. Managerial accounting information is not reported to external parties. Instead, it is used internally to help managers plan and control the business. Managerial accounting data includes cost information, budgeting information, and performance metrics.

There are several important accounting principles that govern the preparation of financial statements. The most important principles are the revenue recognition principle, the matching principle, the conservatism principle, and the full disclosure principle.

The revenue recognition principle states that revenue should be recognized when it is earned, not when it is received. The matching principle states that expenses should be matched with revenue. The conservatism principle states that financial statements should be prepared in a conservative manner so that they present a company's financial position and performance in the most favorable light possible. The full disclosure principle requires that financial statements include all information that is relevant to an understanding of the financial condition and performance of the company.

There are several different financial statements that are used to report a company's financial position. The most common financial statements are the balance sheet, the income statement, and the cash flow statement.

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The balance sheet shows a company's financial position at a specific point in time. It lists the company's assets, its liabilities, and the shareholders' equity. The income statement shows a company's income and expenses for a specific period of time, usually a year. The cash flow statement shows how much cash a company has generated and used during a specific period of time.

Accounting theory is the study of the principles that underlie the accounting process. Accounting theory provides guidance for the proper recording and presentation of financial information.

There are several important accounting theories that are used in the business world. The most important theories are the historical cost theory, the dual-aspect theory, the objective evidence theory, and the going concern assumption.

The historical cost theory is the principle that financial information should be recorded at the amount of cash paid or received. The dual-aspect theory is the principle that financial information should be recorded in two ways: at the actual transaction amount and at the present value of the transaction. The objective evidence theory is the principle that financial information should be based on verifiable evidence. The going concern assumption is the principle that a company should be accounted for as if it will continue operating into the foreseeable future.

Accounting Theory and Current Issues Assignment Sample Assignment

Introduction

  1. Accounting theory is the body of knowledge that defines and explains the principles underlying financial accounting.
  1. It enables the development of financial statements that accurately represent the financial position and performance of an entity.
  1. Accounting theory is based on two fundamental concepts – the accrual principle and the matching principle.
  1. The accrual principle dictates that revenues and expenses should be recognised in the financial statements when they are incurred, not when they are paid or received.
  1. The matching principle dictates that revenues and expenses should be matched in the financial statements so that the net income or loss for the period is correctly portrayed.
  1. Other key accounting concepts that underpin accounting theory include the prudence principle, the going concern assumption, and the cost principle.
  1. Accounting theory is constantly evolving as new issues and challenges arise.
  1. The Financial Accounting Standards Board (FASB) is the organisation responsible for setting accounting standards in the United States.
  1. Other countries have their own accounting standard-setting bodies, such as the International Accounting Standards Board (IASB) and the Accounting Standards Board (ASB) in the United Kingdom.

3

  1. The accrual principle is the fundamental principle underlying financial accounting.
  1. It dictates that revenues and expenses should be recognised in the financial statements when they are incurred, not when they are paid or received.
  1. This ensures that the financial statements accurately reflect the financial position and performance of the entity.
  1. The accrual principle is based on the assumption that economic events are recognised in the financial statements when they generate or alter the entity’s financial position.
  1. Revenues are recognised when they are earned, and expenses are recognised when they are incurred.
  1. This ensures that the financial statements reflect the underlying economics of the business and not just the timing of cash receipts and payments.

The Matching Principle

  1. The matching principle is another key principle underlying financial accounting.
  1. It dictates that revenues and expenses should be matched in the financial statements so that the net income or loss for the period is correctly portrayed.
  1. This ensures that the financial statements provide a true and fair view of the financial position and performance of the entity.
  1. Revenues and expenses are matched by linking the revenue earning activity to the expense generating activity.
  1. This can be done by matching the revenue recognised with the related expenses incurred, or by matching the revenue recognised with the cash received or payable.
  1. The matching principle is essential for accurate financial reporting as it ensures that the net income or loss for the period is not distorted by the timing of cash receipts and payments.

Other Key Accounting Concepts

  1. The prudence principle is a key accounting concept that dictates that accountants should exercise caution when reporting financial information.
  1. This ensures that the financial statements are not overstated or misleading.
  1. The going concern assumption is another key accounting concept that dictates that the financial statements should be prepared on the basis that the entity will continue to operate in the foreseeable future.
  1. This assumption is based on the belief that the entity will be able to meet its obligations as they fall due.
  1. The cost principle is another key accounting concept that dictates that assets and liabilities should be recorded at their acquisition cost.
  1. This ensures that the financial statements are not distorted by the effects of inflation.
  1. The accounting standards bodies regularly issue new standards and amendments to existing standards in response to new issues and challenges that arise.
  1. The Financial Accounting Standards Board (FASB) is the organisation responsible for setting accounting standards in the United States.
  1. Other countries have their own accounting standard-setting bodies, such as the International Accounting Standards Board (IASB) and the Accounting Standards Board (ASB) in the United Kingdom.

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