What Are the Common Areas of Accounting?

Accounting is divided into three parts:

• Financial accounting- This is the type of accounting in which students will learn the procedure of how to keep records of these business transactions. The main motive for proceeding with financial accounting is to learn how to calculate profits & losses in the business. Financial accounting grants such assignments in which students have to make p/l accounts, trading accounts, balance sheets, trial balance, cash flow statements, etc.
• Cost accounting- This accounting refers to the process of calculating costs that have occurred in the business. In this accounting, students will study the different types of costs that have occurred in manufacturing, and marketing of the services offered by the business. These costs will be identifying In specific terms such as total costs, variable costs, freight charges, etc.
• Management accounting- In management accounting, students will learn the process of managing business activities. Activities from the manufacturing process to the marketing process will come under management accounting. Students will learn some management functions such as planning, organizing, staffing, directing, controlling, and coordinating. These are the functions that students will study in detail and acquire in-depth knowledge.

What are the three main principles of accounting?

The three main principles of accounting are:

• The first principle signifies that students will debit whatever the asset is coming in the business and similarly credit whatever the asset is going from the business. (debit what comes in and credit what goes out)
• The second principle states that students will debit the person, who is receiving services from the business, and credit the person who is giving those services to your business. The debit term will be stated as a debtor and the credit term will be stated as a creditor.
• The third principle is logically based, in this, students will debit all expenses, and losses occurred in the business and the same manner, credit all the gains and income you will be receiving in your business.

These principles are the golden rules of accounting for which students often avail accounting assignments to help for the challenging questions, given by the colleges. By following these principles, you will make trading and p/l account, balance sheet, and trial balance. Assignments in accounting are performed on this basis.

How Students Can Attain Accounting Assignments Help Online?

Well, accounting is not an easy subject, hence, a lot of complexities have faced by the students in questions. Students are also pursuing these courses in Canada, and facing these complexities. Moreover, these problems can easily be resolved by contacting My Assignment Services. This website is renowned for providing samples for accounting assignment help in Canada. No, need to worry just contact and assignments samples over there.