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Accounting is a process that allows recording, processing, interpreting, summarizing, verifying and presenting of the financial transactions. Hence, the complete process of accounting forms a cycle, and can be termed as Accounting cycle. This Accounting cycle includes nine major steps. The initial step of this cycle is recording and the final step is presenting of record, also termed as accounting statements.
These are 9 important steps involved in Accounting cycle. The process of Accounting is important for any Business firm since it is a medium that helps in identification of profit and loss in any business.
Accounting is basically the practice or profession in a business to maintain financial records including book-keeping and preparation of statements regarding assets, liabilities, and operating results. On the other hand, finance typically focuses on the planning and direction of financial transactions. Both, accounts as well finance, how familiar they may seem, are distinct branches with respective specialization. Although an accounting and finance assignment helps students to inculcate the financial prowess and ability to multitask, however, the outdated teaching in the modern education system is accountable for the birth of the new trend – Accounting and finance assignment help.
Additionally, accounting or finance are the subjects that many people want to learn. Some people study the subjects not only to pass exams, and do well in their career with shining academic certificates, but also to apply the techniques in their day-to-day business processes of keeping financial accounts. This discipline equips you with knowledge that will help you operate every type of business, or start a partnership accounting firm. Besides, you can also become an accountant, financial broker, financial analyst, manager, planner or advisor in non-profit organisations, as well as private or government sectors. If your dream is to become a CPA, then you need to have an excellent accounting background.
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