An Overview of Accounting & Its Objectives

Accounting Assignment Help

Accounting is basically defined as the systematic recording, analysis, and summarizing of financial transactions of an organization. In simple words, it can be described as a systematic process of maintaining financial records. It consists of accounting terminologies such as credit, debit, assets, liability, expenses, revenue, equity, etc. many students studying in Perth, Australia find it challenging to compose accounting assignments. Hence, they seek accounting assignment help in order to compose assignments in accordance with the university guidelines.

The Basic Functions of Accounting

There are mainly the three main functions of accounting provided by the accounting assignment helpers which are written below:

  • Data gathering, compilation, and storage for financial transactions in a business.
  • Through managerial reports, financial statements, and strategic planning, accounting collects data and information that can be used to make decisions.
  • Accounting aids in the accurate, effective, and efficient recording and processing of data.

Essential Objectives of Accounting

Recording:

The elementary role of accounting is to maintain accurate, systematic, and complete business transaction records so that they can be reviewed or retrieved. The financial record must be reliable as it is the foundation of an accounting system.

Planning:

An organization or business must look and plan for allocating their limited sources and capital concerning machinery, cash, equipment, and material at regular intervals.

Budgeting:

It is a very important component as it helps decide the business’s resources and needs.

Decision:

Accounting helps in decision-making and developing efficient policies for the proper working of an organization and its processes.

Performance:

Accounting helps determine quantifiable measures like profit, sales, expenses, and revenue by summarizing and briefing all the financial information. The key performance indicator assists in determining their position by comparing themselves with their competitors and with their own past.

Financial Position:

By evaluating the financial statements, the financial position of an organization can be calculat. Knowing about the financial position helps in making important business decisions and also reflects the condition of an organization.

Liquidity:

Accounting helps meet the financial commitments of a business by determining the position of the liquid resources and the funds in real-time to reduce the risks. Knowing about a company’s liquidity position is important for the working capital management of a company or business.

Financing:

Knowing about a company’s financial position is important when they need a stakeholder to invest in their company or want to take a bank loan. It becomes necessary for them to provide financial records and projections for the next three years. The financers take this information and get it verified by the auditors.

Control:

The main objective of accounting is to have internal controls for protecting a business’s assets and valuable resources. Controlling is an essential objective as it minimizes the risk of fraudulent payments in an organization.

Accountability:

Accounting generates a long-term performance evaluation report that aids responsibility at all stages of a business.

Legal:

Accounting is a legal requirement for each organization that gives financial rights and obligations by accurately tracking payables, receivables, payments, and receipts. It mandates that a company keep financial records and report them to its shareholders, tax authorities, and regulators regularly.

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By Mussarat Zafar

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