Accounting is referred to the process of recording, verifying and reporting financial information. In other words, accounts are maintained to keep a record of transactions entered into by a company, LLP, partnership firm, sole proprietor, etc. An account is about recording entries in the journal by debiting and crediting the transaction, posting them to the ledger and finally preparing the statement of profit and loss account, balance sheet, and cash flow statement. The one who practices accounting is called accountants. It is really crucial to maintain accounts as they form a basis for its maintainer to take financial decisions. For example – financial ratios are calculated on the basis of these accounts. At the end of the financial year when these accounts are audited by an audit firm, such audited financial statements are considered by different people as it serves a different purpose for each individual. There are internal users such as manager, employees and there are external users, for instance, investors, creditors, financial institutions, government, mass media, etc. Accounts are majorly categorized into three parts namely real accounts, personal accounts and nominal accounts. A balance sheet consists of owner’s equity, liability, and assets, and recording of changes in these is also known as accounting.
Homework is an inescapable part of student’s life. They will have to do it as long as they are studying in school, college, universities. At school it is homework and at college or university level, class projects and assignment takes a form of homework. In the school where students are supposed to complete it within a day or two; an extension of around five days is given for the same when students move to college or universities. Lengthy questions and twice the lengthy answers are one of the problems that are faced by students in doing their accounts homework. Also, retaining and maintaining the format is crucial in case of accounts’ homework. Even though students were attentive in class yet they fail to solve the problems given for homework, variation in each accounting problem could be one of the reasons.
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