How We Can Help With Your Accounting Assignment

We understand how stressful it can be when you are unable to achieve the expected grades. First Class Assignment is here to solve your problem! Our experts are fully qualified to assist with accounting assignments including: financial accounting, managerial accounting, audit, tax, and accounting cases. Our experts have strong academic backgrounds and years of public accounting practice and industry experience. This means our experts have the necessary expertise to ensure that your assignments are thoroughly answered to achieve top marks. Still having doubts? Check out the grades that we’ve earned for our students here.

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Financial Accounting

Financial accounting is one of the hardest fields in accounting. It is the process of identifying, measuring, recording, interpreting, and communicating the results of economic events. Its primary purpose is to provide the financial information that is useful for making economic or business decisions. Users need relevant, reliable, and timely financial information to make various decisions. These information are governed by standards called Generally Accepted Accounting Principles (GAAP) which provides the general framework for determining what information is included in the financial statements and the information presented.

Students find it hard to score points when doing financial accounting assignments because these assignments require multiple steps before arriving at the final answer. Failure to complete the initial steps correctly will cause more points to be lost in later steps.

Whether the accounting standards are US GAAP, ASPE, or IFRS, we know it all. Let our experts help you get through these difficulties and get the grade that you desire!

Financing accounting can be defined as the process of identifying, measuring, recording, interpreting, and communicating the results of economic events. The purpose of financial accounting is to provide financial information to users to assist them in making make economic or business decisions.

Financial accounting focuses on reporting to external parties in a standardized format. Members of the financial accounting profession apply their expertise in accounting standards to record business transactions and report aggregate results to external readers in a GAAP-compliant format.

Generally Accepted Accounting Principles (GAAP) are detailed standards and rules issued by the Financial Accounting Standards Board (FASB). Companies must adhere to GAAP when preparing their financial statements. This ensures high-quality financial reporting and that the characteristics of both relevance and faithful representation, are met.

There are two fundamental characteristics that make financial information useful: relevance and faithful representation.

  • Relevant: Financial statements are relevant if the information in them can influence user’s economic decisions or affect users’ evaluations of past events or forecasts of future events. Information should have predictive value, confirmatory value, or both.
  • Faithful representation: Information that is complete, neutral (absence of bias), and free form error.

Managers are responsible for issuing financial statements that are free from material misstatement to investors, government regulators, and other parties outside the organization.

There are 3 primary financial statements:

  • Balance sheet: This is also known as statement of financial position or statement. The balance sheet reports the firm`s financial position at a point in time.
  • Income statement: The income statement reports the revenues and expenses of the firm over a period of time. This report is also referred to as the statement of operations, statement of earnings, or the profit and loss statement.
  • Cash flow statement: The cash flow statement provides information about a company`s cash receipts, cash payments during an accounting period. It also provides information about a company`s operating, investing, and financing activities.

There are 8 steps in the accounting cycle:

  • Record business transactions
  • Post to general ledger
  • Prepare trial balance
  • Post adjusting entries
  • Prepare a adjusted trial balance
  • Prepare financial statements and disclosures
  • Post closing entries
  • Prepare post-closing trial balance

Students struggle when it comes to Financial Accounting because they have very little knowledge about what Accounting is. Not only that, there are 8 steps to the accounting cycle. This is a very hard task because each step is very significant and requires a lot of time to master. It is no wonder why students struggle with financial accounting! Failure to complete the initial steps correctly will cause errors in the later steps.

At First Class Assignment, we have a team of experts who have their Masters and PhDs in Accounting with years of public practice and industry experience to help with your accounting assignments. We assist students with their financial accounting assignment, cost accounting assignment, audit assignment, and tax assignment.

Our distinct advantage is that our Accountants were teachers and graders for accounting courses. Since our Accountants had graded numerous assignments, they specialize in getting the highest grade on your accounting assignment. They know the tricks of the trade to obtaining the perfect mark on your accounting assignment. Your assignment will be completed from scratch by our Accountants to ensure that each assignment is of the highest quality and plagiarism-free.

Managerial/Cost Accounting

Managerial accounting involves the development and interpretation of accounting information intended specifically to aid management in running the business. Internal users such as managers use these information in setting the company’s overall goals, evaluating the performance of departments and individuals, deciding whether to introduce a new line of products, and making all types of managerial decisions.

Majority of the assignments in Managerial Accounting requires students to solve cases and to make decisions that will ultimately benefit the company. This requires both qualitative and quantitative analysis and this is where students struggle with. Students often dwell too much on details, so they fail to see the big picture and to identify the problem.

Ratio and variance analysis are powerful tools that can help to analyze the problem but because it is difficult to calculate and interpret, so students usually leave this out in their quantitative analysis. This also leads to poor marks on the qualitative side because the decisions and recommendations are based upon qualitative analysis.

Stop repeating the same mistakes and allow us to help you score top grades on your assignment.

Managerial accounting focuses on reporting to internal parties. Members of the management accounting profession have expertise in both cost and financial accounting practices. They measure and report financial and non-financial information in a customized format that is most useful for managers when making decisions.

Managers use this information to plan, choose, communicate, and implement strategy. They also use management accounting information to both monitor actual performance and coordinate interdependent product design, production, and marketing decisions to improve profit and achieve strategic goals.

The majority of managerial accounting assignments are in case format. Students struggle with managerial accounting assignments because they have very little background in accounting and have trouble tackling cases. Another big problem is that students that take managerial accounting courses don’t fully understand the differences between management accounting and financial accounting which is why most of the analysis that students make are incorrect. They tend to use their knowledge from financial accounting to answer managerial accounting questions. This is the wrong approach.

Major Differences Between Management Accounting and Financial Accounting

Management Accounting Financial Accounting
Purpose of information The information is used by managers to make decision to fulfill the company’s goals The information is used to communicate the company’s financial position to external users such as investors, banks, regulators, and other external parties
Primary users Managers External users such as investors, banks, regulators, and other external parties
Focus and emphasis Future Past
Rules and measurement and reporting Reports don’t need to be GAAP compliant but are based on cost-benefit analysis Must be GAAP compliant
Time span and type of reports Hourly, quarterly, semi-annually, annually, and could be 5-10 years depending on the circumstances Annual and quarterly financial reports
Behavioral implications It is primarily used to influence the behavior of managers and other employees It is primarily used to report economic events but it can also influence the behavior of the manager as the manager’s compensation is often based on reported financial results

We use managerial/cost accounting to describe the approaches and activities of managers who undertake both short-run and long-run planning and control decisions intended to lower the cost of products and services, and increase value for customers. Examples include decisions regarding the amounts and kinds of materials being used, changes in plant process, and changes in product design.

At First Class Assignment, we have a team of experts who have their Masters and PhDs in Accounting with years of public practice and industry experience to help with your accounting assignments. We assist students with their managerial/cost accounting assignment, financial accounting assignment, audit assignment, and tax assignment.

Our distinct advantage is that our Accountants were teachers and graders for accounting courses. Since our Accountants had graded numerous assignments, they specialize in getting the highest grade on your accounting assignment. They know the tricks of the trade to obtaining the perfect mark on your accounting assignment. Your assignment will be completed from scratch by our Accountants to ensure that each assignment is of the highest quality and plagiarism-free.

Corporate/Personal Tax Accounting

The greatest challenge here is not the preparation of income tax return but tax planning. Tax planning means anticipating the tax effects of business transactions and structuring these transactions in a manner that will legally minimize the income tax burden.

If you have trouble with personal and corporate taxes, we can definitely help!

The 3 taxable entities that are required to file income tax returns are:

  • Individuals: Different countries have different tax regulations but in general, residents are subject to tax on their worldwide income and non-residents are subject to tax only on their income earned within a specific country.
  • Corporations: Corporations are taxed on their worldwide income.
  • Trusts: Trusts are taxed as a separate legal entity, similar to the taxation of individuals.

There are 4 types of income to be included in the Net Income for Tax Purposes:

  • Employment income or loss
  • Business income or loss
  • Property income or loss
  • Taxable capital gains or allowable capital losses

Students struggle with taxes, corporate tax in particular, because taxes are a whole separate branch of accounting. Students need to learn how to use the Income Tax Act in order to do their tax assignment. This is a difficult task because the Income Tax Book is packed with immense information and tax assignment often requires citations from the Income Tax Act to justify why items are included or omitted in the tax calculations. The vocabulary used in the Income Tax Act is very difficult to interpret and understand because it is all in legal terms which students have never been exposed to before. The greater problem is, the rules and rates are subject to changes after every taxation year, so students need to be up to date with the correct information or their calculations will be incorrect.

Students also face great difficulty in the first step of tax calculations, which is to convert accounting net income into net income for tax purposes because if this first step is wrong, then all the latter calculations are incorrect as well. This reconciliation process is difficult because students need to understand the differences of why certain items are added or omitted for tax income calculations. For example, depreciation can be deducted for accounting net income but must be added back to calculate for net income for tax purposes. This is because for tax purposes, every capital asset has a different Capital Cost Allowance (CCA) rate and this is the rate that needs to be used in order to calculate CCA deductions for asset classes. The bottom line is what was taught in previous accounting courses may not apply to taxes because taxes have their own rules, which is why students find tax assignments extremely difficult to do.

The great news is that we can help! At First Class Assignment, we have a team of experts who have their Masters and PhDs in Accounting with years of public practice and industry experience to help with your accounting assignments. We assist students with their tax assignment, financial accounting assignment, cost accounting assignment, and audit assignment.

Our distinct advantage is that our Accountants were teachers and graders for accounting courses. Since our Accountants had graded numerous assignments, they specialize in getting the highest grade on your accounting assignment. They know the tricks of the trade to obtaining the perfect mark on your accounting assignment. Your assignment will be completed from scratch by our Accountants to ensure that each assignment is of the highest quality and plagiarism-free.

Audit

Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. To audit effectively, you need to learn the rules and procedures of auditing but only after you’ve studied accounting, tax, finance, and management information systems. Not only that, you need to practice this knowledge in a variety of real world situations to gain experience in order to understand audits completely. No wonder why this topic is one of the dominant topics that students often have trouble with!

Almost all audit assignments are in case formats. While learning the audit concepts seems to be common sense, applying these concepts to the case is a very difficult task. Students do not perform as well as they would expect, because they do not know what to write or where to begin. This branch of accounting is not the typical number crunching accounting. Students must learn how to tackle the cases by having a professional skepticism mindset, a skill that is not easily developed. They need to be aware of the accounting-related issues, the control environment, and the factors that could contribute to high risk items on the financial statements. Further, if you are pursuing a career as an accountant, this topic is guaranteed to be on the professional chartered exams.

Learn through our writing style and how we tackle your cases.
Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria.

There are three types of audits that auditors perform.

  • Financial Statement Audits: This type of audit is to determine whether the financial statements of anorganization are stated in conformity with an applicable reporting framework such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
  • Compliance Audits: This type of audit reviews an organization’s financial records in order to determine whether the organization is following specific procedures, rules, or regulations set from senior management or the government.
  • Operational Audits: This type of audit is a review of the operating procedures within the organization to evaluate its economy, efficiency, and effectiveness.

The Audit Process

  • Risk Assessment
  • 1. Preplanning
  • 2. Plan the audit
  • 3. Client risk profile
  • Risk Response
  • 4. Design further audit procedures
  • 5. Tests of controls
  • 6. Substantive tests
  • 7. Ongoing evaluation, quality control, and final evidence gathering
  • Reporting
  • 8. Complete quality control, and issue auditor’s report

Regardless of the type of audit, auditors who perform audits must be independent, competent, and approach the audit with upmost professional scepticism. This is because there are many stakeholders that will be affected with the result of the audit. For example, banks usually request for the company’s audited financial statements before a loan is given. This is to ensure that the financial statements are not materially misstated which reduces the risk of defaults. Whether or not the company gets the loan depends on the result of the financial statement audit.

Auditors need to determine whether the client is risky because if they issue an opinion that is not supported with concrete evidence, they are held accountable for and can potentially be sued by the stakeholders who have been impacted. Audits have a process that they go through.

Most students struggle with their audit assignment because they don’t have a solid background in accounting. Students fail to think like an auditor because don’t have any experience or knowledge with audits which means that, students don’t know where to start. Not only that, audit assignments are in case format which are very similar to the cases that will be on the professional charter exams. This is why students do poorly on because these cases are packed with lots information which they need to learn and filter out what is relevant, and integrate these key information to see the big picture. These cases touch almost every aspect of accounting including: tax, financial accounting, cost accounting, and even finance. Students need to master these areas in accounting in order to succeed with the audit cases. This is definitely not an easy task! Fortunately, we can help!

At First Class Assignment, we have a team of experts who have their Masters and PhDs in Accounting with years of public practice and industry experience to help with your accounting assignments. We assist students with their audit assignment, managerial/cost accounting assignment, financial accounting assignment, and tax assignment.

Our distinct advantage is that our Accountants were teachers and graders for accounting courses. Since our Accountants had graded numerousassignments, they specialize in getting the highest grade on your accounting assignment. They know the tricks of the trade to obtaining the perfect mark on your accounting assignment. Your assignment will be completed from scratch by our Accountants to ensure that each assignment is of the highest quality and plagiarism-free.

First Class Assignment not only offers Accounting Assignment Help, a lot of other students use our other popular services such as “Essay Assignment Help” and “Write My Essay”. We strive our best to help students achieve top grades in every way we can. For some of the samples of essay and case studies that we completed for our students who earned A+, please click here. We employ the best writers in the industry to help assist with your essay assignments. Most of these writers are PhDs in English. We ensure that your essays will be written from scratch and will meet all the requirements based on grading rubric and your instructions to ensure that you get your desired grade.

Other common assignment help service that accounting students use are:

Statistics Assignment Help: We know that Statistics and highly correlated with Finance. As a Finance student it is important to understand probability and to measure certain outcomes and/or risks. Our PhD Statisticians have been helping students from all Statistics background. Students compliment that our solutions are one of the best within this industry as we show detailed step by step solutions for students to easily grasp complicated concepts such as probability and hypothesis testing.

Finance Assignment Help: It is important that Accountants know corporate and personal finance. On the consulting side, accountants need to make great recommendations for companies and/or personnel hence, they need to see the big picture. Lots of companies want to take on new opportunities hence capital budgeting and time, value, and money is something very critical that an accountant should know in order to make the best recommendations. Let First Class Assignment show you what a great finance solution look like so you can our solutions as a study guide!

Other Assignment Assistance: As an Accounting major student, we know that you will be taking other courses such as Economics, Business Law, Management, and Finance. First Class Assignment has a team of PhD and Masters experts to help with these subjects. Our goal is to help students from the start to finish and it is only then, we feel accomplished.

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