Key Steps to Writing Assignments on Accounting

Unlock Success: Mastering Accounting Assignments with Key Steps. A Comprehensive Guide to Writing and Excelling in Your Accounting Tasks.

Accounting is one of the key processes in every organization. Students pursuing the subject to build a career in this field need to follow some strategic and systematic approach. Writing accounting assignments is one of the methods through which students learn the process of data mining, financial analysis, report-making, and problem-solving. When they write assignments, students analyze financial information and derive problem-solving techniques best suited for situations before coming up with a solution.

Writing an accounting assignment is no doubt complex, lengthy, and time-consuming. It demands precision, good research, and meticulous step-by-step calculations for retrieving desired solutions. Following these key steps recommended by our accounting assignment help experts, students can make this process seamless, less time-taking, yet highly effective.

Standard Template for Writing Accounting Assignments

While there isn't any specific template for accounting assignments similar to various business documents, they generally adhere to a standardized structure. By following a particular pattern, you can confidently ensure the correct format for your work and mitigate the risk of structural errors. If you feel unsure or doubt your writing abilities, you can seek accounting homework help from experts. It enables you to avoid potential mistakes and enhance the quality of your work.

Introduction, main body, conclution

Fundamental Steps To Follow When Writing Accounting Assignments

Understand the assignment requirements:.

The first step to writing accounting assignments is thoroughly understanding the instructions. Identify the specific assignment requirements before you address the accounting topic. If you have any doubts regarding the structure of assignments, topics, and concepts, it is better to ask your professor and have clarity beforehand. Comprehension of the topic and requirements ensures you present the assignment as expected.

Research and Gather Information:

Conduct comprehensive research to gather relevant data on the given assignment topic. Utilize multiple resources like textbooks, academic journals, financial reports, and other reputable sources. Note down all the information in one place. After jotting down, see whether the information is significant for your assignment. If not, scratch them; if yes, work on it to use the information correctly to support your arguments and analysis.

Create an Outline:

Develop a well-organized outline with an introduction, main body, and conclusion. Creating this outline helps you to explain the topic to your readers easily. You will learn what you write in the introduction to attract them. With the help of an outline, you can address the issues in the body copy. It assists you in presenting your arguments with relevant examples. Breaking down the main body into sections helps you give your opinion about the accounting principles in a logical sequence. With the outline, you can also decide how to conclude your assignment to leave a long-lasting impression that urges them to consider further actions.

Making Accurate Financial Analysis:

Most of the accounting assignments involve lots of financial analysis. If your assignment has such scope, experts recommend to be extra careful while examining the financial statements, ratios, and trends, ensuring you have not missed anything. Interpret the data accurately to draw meaningful conclusions that suggest an effective forthcoming action plan.

Problem Solving:

For problem-solving assignments, clearly outline the steps you take to arrive at solutions. Explain your approach and the examples where it resolves such problems. Show your calculations, use appropriate formulas, and thoroughly explain your reasoning.

Use Clear and Concise Language:

Maintain clarity in your writing, avoiding unnecessary jargon. Clearly articulate your ideas and concepts to ensure that your audience, whether it's your instructor or peers, can easily understand your analysis.

Refer to Accounting Standards:

If applicable, ensure that your work aligns with accounting standards such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Properly cite and reference accounting standards used in your analysis.

Proofread and Edit:

Carefully proofread your assignment to catch grammatical errors and typos. Ensure clarity. Pay attention to formatting, citation style, and the overall presentation of your work. You can also seek accounting assignment helpers to proofread, edit, and revise your homework.

Seek Feedback:

Before final submission, seek feedback from peers, instructors, or professional accounting assignment experts. Constructive feedback can help you refine your analysis and improve the overall quality of your assignment. For feedback, doubt clearance, and homework help, you can opt for accounting assignment assistance from Instasolving.

Problems & Solutions.png

Importance of writing accounting assignment

Experts have acknowledged that those students who do assignments are more likely to score higher than their counterparts. More than 60% of students have noticed their gradual progress whenever they continuously follow the method of practicing subjects through assignments. It effectively communicates your understanding of accounting principles and concepts. Following these key steps of a systematic methodology, students can improve their subject grasp and gain confidence. Doing your assignments ensures your work meets academic standards, and you get the opportunity to maintain good grades.

Thorough Subject Grasp:

Writing assignments allow students to demonstrate their understanding of accounting principles, concepts, and practices. It serves as a practical application of theoretical knowledge acquired in accounting courses. Without this deep knowledge or thorough grasp of accounting, students can face problems while determining the solutions for different problem statements.

Skill Development:

Assignment practice provides ample opportunities to develop skills in students. You become adept in research, organizing, team building, management, communication, or project handling. Not doing assignments can make your skills underdeveloped, hindering your learning experience. It could lead to learning gaps and many more study challenges that negatively affect academic performance.

Application of Accounting Standards:

Assignments offer an opportunity to apply accounting standards and principles, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), ensuring students understand and can work within industry standards.

Preparation for Real-world Scenarios:

Writing accounting assignments prepares students for real-world accounting scenarios. It encourages them to analyze financial statements and solve accounting problems efficiently. The problem-solving abilities of students are enhanced considerably.

Familiarity with Accounting Software:

Nowadays, advanced accounting software has become an essential tool for accounting professionals. It is vital for accounting students to become familiar with the use of these advanced software. Engaging with such tools during assignments ensures students are aware of industry-relevant software usage to enhance their efficiency.

Assessment of Knowledge:

Assignments serve as a means of assessing students' comprehension of accounting topics. They allow instructors to evaluate students' understanding, application of concepts, and depth of analysis. Depending on the assessment, it will be better for students to prepare according to their weaknesses and strengths.

Career Readiness:

Successful completion of accounting assignments prepares students for the demands of the accounting profession. It equips them with the skills and knowledge necessary for entry-level positions and future career success in accounting and finance.

In summary, writing accounting assignments is not only an academic requirement but a crucial aspect of developing the skills and knowledge necessary for success in the accounting profession. It bridges the gap between theoretical learning and practical application, preparing students for the challenges and responsibilities they will face in their accounting careers. We are hoping that these key tips help you to get rid of accounting assignment writing challenges and open up the path to attain academic success.

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How Do You Write an Assignment in Accounting? Expert Tips

Best Tips to Write an Accounting Assignment

Table of Contents

What Is the Purpose of Accounting?

What are the different types of accounting, 8 tips to write an assignment in accounting, need accounting assignment help hire us.

Assignments in accounting can sometimes be hard to write. On account of this, the blog will provide guidance and tips on writing an accounting assignment. But before moving there, we will briefly refresh our knowledge about what's accounting.

Accounting is a process that records the financial transactions of a business and will summarise, analyse, and report them for oversight. These transactions are called the financial statements. It helps a company collect and overview a concise summary of its cash flow, debits, credits, and position over a period of time.

You will have to do various accounting assignments after you choose the degree, which can sometimes be challenging to manage. So, to ensure the quality of work and achieve good grades, you can seek college assignment help to guide you.

So, let us now understand the purpose of using accounts in businesses and companies.

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Accounting plays a very significant role in the functioning of any business or industry. In most places, there are dedicated financial departments that work for it. They will generate reports to help the company make informed future decisions and work on its weaknesses. These reports will give you a basic idea of the operations of the business and its cash flows over a longer time frame. Therefore, it's playing a vital role in helping the industry know its position and what steps to take, keep, or withdraw according to its financial status.

Mentioning it all clearly and concisely can sometimes be hard for the students. Therefore, you can seek accounting assignment help to get the required support for doing it accurately.

Accounting is split into various groups that record specific transactions and information. There are several of them, some of the important ones are given below. It will help you do the assignment properly by categorising and understanding them better.

Financial Accounting

Financial accounting is the process that generates the annual financial statements audited by external firms. Its result of all the transactions performed during that year in the form of balance sheets, income statements, and cash flow statements. Most companies have an annual audit by some external firms for one reason or another.

So, if you have an assignment on this topic, feel free to seek guidance from finance assignment help available online.

Managerial Accounting

Managerial accounting is quite similar to financial accounting but organises the data differently. It's provided to assist with decision-making about how the business operates, on a monthly or quarterly basis. It will also include other factors such as budgeting, forecasting, and analysis of the company's transaction statements.

Cost Accounting

Cost accounting will help the business make decisions related to costs, such as management and production costs. It will help the company know the product cost and measure its overall economic performance.

So, if you have an assignment on this type of accounting, then cost accounting assignment help is available.

Tax Accounting

Tax accounting will note whether the company is following federal and government rules and help it take strategic measures to minimise its liability. The tax accountant will see the complete tax process of a company and ensure all the essential returns are filed on time.

Thus, these were some types of accounting that are commonly used in a business. Now, you will read about the major tips to guide you in writing a perfect assignment.

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Every student wants to know the secret behind a perfect accounting assignment with accuracy and detail. But honestly, it's not a secret at all. That's just the magic of some ways and things that make your assignment worth a perfect grade.

Worry not! We have compiled a list of tips that will guide you to do the same. Therefore, read below to learn about those details and get the assignment help you want for completing the work.

Know the Basics of Accounting

It is the most essential thing for performing any task with perfection. You should have a grip on the topic you want to work on with frequent insights about its principle ideas. It includes knowledge about its journals, ledger accounts, consignments and others.

Comprehend the Requirements

Have a clear understanding of what the assignment's requirements are for you. Clarify the basic standards to write with all the other necessities and details you need to include. Also, remember the funding aspect of the assignment you work on.

Form a Theory & Outline

It is easier to produce a better assignment when you have a good idea about its structure and flow. You can divert how a document will be when you know exactly how you want it to look and emphasise. Therefore, create a proper outline to present information and facts effectively in your work.

Furthermore, have an idea about its essential elements and theories with their implementation to support your assignment outline.

Practice and Discussions

You should do proper research to create a mind-blowing assignment. So, when you are working on an accounts assignment then it might not look as easy. You will need a lot of practice with various levels of research while working on the paper.

Also, it is essential to include all the points logically. Your facts should be systematic and with reasoning to support your topic. Therefore, practice is necessary for writing a good discussion in your assignment.

Give a Proper Introduction

The introduction of your assignment should receive significant attention and time. It will play a crucial part in hooking up your readers and presenting the assignment problem to them in a concise way. It will also help to showcase your content to bind their interest in knowing more about it.

Convincing Thesis Statement

It will attract your reader's attention and help you summarize the motto of your assignment. Accounting as a subject needs a solid thesis statement with a clear purpose and point of writing. Your arguments in the body of your content will also support this and try to find the solutions.

Editing & Proofreading

Proofread your work multiple times after completing and editing as per the requirements. Check if there is any spelling, grammatical, punctuation and readability error. Edit the document for any reading barrier and all the mistakes that might have missed your eyes the first time. A flawless assignment will raise your level bar in the eyes of your professor or reader.

To Conclude

A proper ending is a must in any assignment. Here, mention the characteristics of your whole document with the correct citations and references. Avoid including any new information here and conclude the extensive arguments and points. But if you still face any issues, seek help from academic writing services to support you in finishing the work.

If you still wonder - how to do your assignment in accounting, you are in the right place. We at the Assignment Desk have experienced experts who are always ready to help you. You should submit a flawless and error-free assignment for a better grade. Therefore, feel free to contact us for anything and get the required help to make your document perfect.

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Step-by-step guide on Writing an Accounting Assignment

The journey to completing an accounting course will require the successful completion of a variety of assignments. Everything from reports, essays, practice sets, and even projects are part of what to expect in the course of studying accounting. It can be difficult to navigate how to translate the knowledge learned in class into successful assignments. Hence the need for a guide to help you navigate it. Here is a detailed step-by-step guide that is extremely useful in helping you through writing an accounting assignment.

Accounting Assignment Help Blog

1. Planning

The planning process will involve two steps; understanding your assignment and creating an outline for your work. This step is the first and most important in successfully tackling your accounting assignment.

a) Understand your assignment

Depending on what your assignment is, i.e., a report, an essay, or a practice set, the first step in planning how to tackle it is understanding the requirements of the essay. This looks like, knowing what the topic of your assignment entails, looking at any mathematical tests assigned, and determining what the best way to tackle them would be. For example, an assignment on say, how to create a balance sheet could have different sections i.e., one question could have some definition of terms and one could include doing some workings of different components to get the totals needed to create your balance sheet. Understanding your assignment will give you the direction needed to start researching and writing your work. It will inform you on where to look to be able to successfully tackle your accounting assignment.

b) Create an outline for your assignment

The next step in planning is having an outline or a basic structure of your assignment. Having understood the assignment topic and requirements, you need to create a skeleton of how your work will flow. Different assignments take different formats depending on the assignments issued by the accounting instructor . It is therefore important to create an outline to help you focus on the different sections of your work. For example, in a report assignment, the structure will differ from a p-set assignment. The outline also offers direction on where to research your topic. For most accounting problems, the answer to one section feeds the other. For example, in the above, you cannot create a balance sheet without doing the workings to get the figures for the components of the balance sheet like the liabilities, depreciation, inventory, etc. To be able to get the depreciation figures to be used to get the net book value of the fixed assets, you have to have workings for the different assets. Hence the need for an outline.

2. Reading and researching

Once you have a plan for your work, the next step in writing your assignment is reading and researching. Reading is where you will go through your class notes and review them on the topic given. Reading gives you an idea of what additional information you need that will inform your research. There are 2 steps in reading and research;

a) Finding information

Research is mainly about finding more information on the topic you are tackling to be able to write a proper assignment paper. In an accounting essay or report, finding information involves using publications, web pages, and books to better define the different headings and subheadings in your essay. For example, if your essay is on formats of cashflow statements, finding information for this will be looking at different accounting books, International Accounting Standards (IASs) governing cash flow statements in this case IAS 7, and using this to better inform your essay. For accounting problem sets like say, creating the cash flow statement, finding information on this will be looking at examples on accounting books and web pages to have an example on how to complete your assignment. Find information in sources that are accurate and verifiable so that you get a correct paper free of errors. The credibility of your sources is also what makes the answers to your assignment credible and correct.

Accounting Assignment Help Blog Image 3

b) Reading and taking notes

Once you have the sources of information sorted, the next step is reading and taking notes that are relevant to your assignment topic or problem sets. To avoid plagiarized work in essays and reports, make sure that you read the information to understand, that way, when you start writing, you will write in your words and therefore avoid the penalty that comes with plagiarized work. Try to solve some problem sets you find in your research to get an idea of how to solve the ones in your accounting assignments. For our above example, try to create 1 or 2 cashflow statements from examples on the books or on the web to give you an idea of how you will tackle your assignment. Take notes on the different principles that govern cash flow statements to avoid mistakes. Remember that the answer to one section of the assignment will most likely feed the other in accounting, hence take care to get each section correctly. Taking notes also enables you to distinguish between phrases that are yours and those that are of other authors.

Once you have read and understood your topic and have the notes necessary to tackle your assignment, then the final step is writing. Writing will take 2 steps, the actual writing of the assignment and then editing and proofreading your work to remove any errors.

a) Writing your assignment

Accounting Assignment Help Blog Image 4

Create several drafts of your work to give yourself room for error and correction. The first draft will be mainly filling out the outline you had created with the information obtained from your reading. Before incorporating your research findings into your research, try writing from your understanding. Try to tackle any problem sets in the first draft to allow yourself room for error and the chance to correct them if any occur. The second draft of your writing should take care to hit all the important points of your topic and should be relevant. This is where you now incorporate your findings into your work, ensuring that any definitions in your assignment are correct and ensuring problems are tackled to the best of your ability. For our assignment on cashflow statements, the first draft would be the workings to determine the different components that will make up your cashflow statement i.e. the sections of cash flow from operating, investing, and financing activities. The second draft will be putting together the different sections to see if they create the cash flow statement we were working on. The results from the workings section are what make up the statement which is what makes up our assignment.

b) Edit and proofread

The last step in your assignment will be editing and proofreading your work. This is one of the most important steps and will ensure that there are no errors in your work. For essays and report assignments, read your work out loud to be able to detect any missing punctuation, wrong use of words, wrong spelling, and any sentences and paragraphs that may be too long and illegible. Use grammar tools to better countercheck your work. Proofreading of accounting statements is checking if the statement formats are as dictated by accounting standards and for the example of the balance sheet if the equation balances i.e total assets= liabilities+ equity. Take care to also run your assignment through a plagiarism checker to ensure that you do not have any duplicate work that could lead you to get a low grade, especially in essay and report assignments. By following this step-by-step guide, planning, researching, writing then reviewing your work, you are assured that your accounting assignment will be successfully tackled.

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Most of the students are found struggling to complete the accounting assignment and homework. With the help of professionals and writers, the students can expect to get good grades in the examination. It is the ultimate solution for the students to check with the writers on due time.

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The students for their accounting assignment homework need to complete the accounting case study assignment. It is known to be the process of summarizing, recording, and analyzing financial transactions. It plays an important role in our business and organizations.

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7 Easy Tips to Frame your Accounting Assignment Rapidly

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Framing a Theory

To write an example of accounting assignment   it needs to discuss the importance of the elements that will help to understand the construction and implementation of the topic. It also needs to develop a strategy that is used to support the thesis statement.

Learn About Accounting Applications

While writing an accounting assignment solution, the students can learn about accounting and its applications. In this way, it helps them to develop an understanding of the financial accounting assignment questions and answers .

Understanding The Topic

There are assignments that require accounting assignment help . If you have any difficulties or you are unable to complete the example of introduction for accounting   assignment on time you need to understand the topic and hire services. They are always available to provide you with the best guidance.

Practice Work

Writing accounting assignments might not be as easy as it might appear. One needs a lot of practice and should go through the books of accounting and finance.

Ideal Outline

You need to create a perfect outline for the accounting assignment. A structure and outline of the assignment make it easy for a writer to complete the assignment. You need to present all the information and the facts effectively in the assignment to give it a proper read.

Good discussion and analysis are really important when it comes to concluding the assignment.

You need to spend some time to prove its assignment after completing it. If there are any spelling, grammatical or punctuation mistakes, and assignments, you need to rectify them while proofreading.

If this information is in-off, then okay, but still you have to need Experts help? So Get in touch with us at our official site and Connect with our Professional Accounting Experts .

Important Topics That Is Covered By Our Qualified Professionals

As accounting is a vast academic discipline of commerce, different areas which required to be covered.

Financial Accounting Theory

In this includes the history of the study and its description of how it has evolved with time.

Management Accounting

In order to achieve an objective of the business management accounting, the method of analyzing is the cost of Business and operations.

Cost Accounting

Cost accounting can be used to study the cause of the organization to improve the management of cost. It also examines the overall cost of the company.

Forensic Accounting

In this, it is used to investigate different methods to know the financial faults in an organization.

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I hope you will like this informative Blog Post! It will be helpful for your Accounting Assignment Writing Help. In this blog, we have included all informative thing that will be useful to frame a Perfect Accounting Assignment So that Students impress their Professors with a unique Accounting Assignment.

Why Should You Choose Us For the best Accounting Assignment Help?

The team of writers on always assists the students with the academic papers and assignments of the University. They have years of experience that can help in dealing with accounting assignments at the university or school level. They have the complete ability to understand the topic and provide content that is unique in nature.

Students can always clarify his or her doubts while taking  cash flow statement assignment help from the accounting case study assignment . These experts always help and guide the students in the best possible way to tackle the problems of writing assignments.

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  • The student can also get in touch with the team of writers if there is any problem or issue regarding writing the assignment.

The Final Note From Our Qualified Tutors

We at casestudyhelp.com try our best to provide help to the students. We believe in good quality customer service on a regular basis. It is known to be one of the best features of our services. We try to complete the assignment on time and make sure that we fulfill all the requirements of the student. We believe in making the students happy and resolve all the queries related to payment, subject, and writers.

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Understanding Assignments

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The first step in any successful college writing venture is reading the assignment. While this sounds like a simple task, it can be a tough one. This handout will help you unravel your assignment and begin to craft an effective response. Much of the following advice will involve translating typical assignment terms and practices into meaningful clues to the type of writing your instructor expects. See our short video for more tips.

Basic beginnings

Regardless of the assignment, department, or instructor, adopting these two habits will serve you well :

  • Read the assignment carefully as soon as you receive it. Do not put this task off—reading the assignment at the beginning will save you time, stress, and problems later. An assignment can look pretty straightforward at first, particularly if the instructor has provided lots of information. That does not mean it will not take time and effort to complete; you may even have to learn a new skill to complete the assignment.
  • Ask the instructor about anything you do not understand. Do not hesitate to approach your instructor. Instructors would prefer to set you straight before you hand the paper in. That’s also when you will find their feedback most useful.

Assignment formats

Many assignments follow a basic format. Assignments often begin with an overview of the topic, include a central verb or verbs that describe the task, and offer some additional suggestions, questions, or prompts to get you started.

An Overview of Some Kind

The instructor might set the stage with some general discussion of the subject of the assignment, introduce the topic, or remind you of something pertinent that you have discussed in class. For example:

“Throughout history, gerbils have played a key role in politics,” or “In the last few weeks of class, we have focused on the evening wear of the housefly …”

The Task of the Assignment

Pay attention; this part tells you what to do when you write the paper. Look for the key verb or verbs in the sentence. Words like analyze, summarize, or compare direct you to think about your topic in a certain way. Also pay attention to words such as how, what, when, where, and why; these words guide your attention toward specific information. (See the section in this handout titled “Key Terms” for more information.)

“Analyze the effect that gerbils had on the Russian Revolution”, or “Suggest an interpretation of housefly undergarments that differs from Darwin’s.”

Additional Material to Think about

Here you will find some questions to use as springboards as you begin to think about the topic. Instructors usually include these questions as suggestions rather than requirements. Do not feel compelled to answer every question unless the instructor asks you to do so. Pay attention to the order of the questions. Sometimes they suggest the thinking process your instructor imagines you will need to follow to begin thinking about the topic.

“You may wish to consider the differing views held by Communist gerbils vs. Monarchist gerbils, or Can there be such a thing as ‘the housefly garment industry’ or is it just a home-based craft?”

These are the instructor’s comments about writing expectations:

“Be concise”, “Write effectively”, or “Argue furiously.”

Technical Details

These instructions usually indicate format rules or guidelines.

“Your paper must be typed in Palatino font on gray paper and must not exceed 600 pages. It is due on the anniversary of Mao Tse-tung’s death.”

The assignment’s parts may not appear in exactly this order, and each part may be very long or really short. Nonetheless, being aware of this standard pattern can help you understand what your instructor wants you to do.

Interpreting the assignment

Ask yourself a few basic questions as you read and jot down the answers on the assignment sheet:

Why did your instructor ask you to do this particular task?

Who is your audience.

  • What kind of evidence do you need to support your ideas?

What kind of writing style is acceptable?

  • What are the absolute rules of the paper?

Try to look at the question from the point of view of the instructor. Recognize that your instructor has a reason for giving you this assignment and for giving it to you at a particular point in the semester. In every assignment, the instructor has a challenge for you. This challenge could be anything from demonstrating an ability to think clearly to demonstrating an ability to use the library. See the assignment not as a vague suggestion of what to do but as an opportunity to show that you can handle the course material as directed. Paper assignments give you more than a topic to discuss—they ask you to do something with the topic. Keep reminding yourself of that. Be careful to avoid the other extreme as well: do not read more into the assignment than what is there.

Of course, your instructor has given you an assignment so that he or she will be able to assess your understanding of the course material and give you an appropriate grade. But there is more to it than that. Your instructor has tried to design a learning experience of some kind. Your instructor wants you to think about something in a particular way for a particular reason. If you read the course description at the beginning of your syllabus, review the assigned readings, and consider the assignment itself, you may begin to see the plan, purpose, or approach to the subject matter that your instructor has created for you. If you still aren’t sure of the assignment’s goals, try asking the instructor. For help with this, see our handout on getting feedback .

Given your instructor’s efforts, it helps to answer the question: What is my purpose in completing this assignment? Is it to gather research from a variety of outside sources and present a coherent picture? Is it to take material I have been learning in class and apply it to a new situation? Is it to prove a point one way or another? Key words from the assignment can help you figure this out. Look for key terms in the form of active verbs that tell you what to do.

Key Terms: Finding Those Active Verbs

Here are some common key words and definitions to help you think about assignment terms:

Information words Ask you to demonstrate what you know about the subject, such as who, what, when, where, how, and why.

  • define —give the subject’s meaning (according to someone or something). Sometimes you have to give more than one view on the subject’s meaning
  • describe —provide details about the subject by answering question words (such as who, what, when, where, how, and why); you might also give details related to the five senses (what you see, hear, feel, taste, and smell)
  • explain —give reasons why or examples of how something happened
  • illustrate —give descriptive examples of the subject and show how each is connected with the subject
  • summarize —briefly list the important ideas you learned about the subject
  • trace —outline how something has changed or developed from an earlier time to its current form
  • research —gather material from outside sources about the subject, often with the implication or requirement that you will analyze what you have found

Relation words Ask you to demonstrate how things are connected.

  • compare —show how two or more things are similar (and, sometimes, different)
  • contrast —show how two or more things are dissimilar
  • apply—use details that you’ve been given to demonstrate how an idea, theory, or concept works in a particular situation
  • cause —show how one event or series of events made something else happen
  • relate —show or describe the connections between things

Interpretation words Ask you to defend ideas of your own about the subject. Do not see these words as requesting opinion alone (unless the assignment specifically says so), but as requiring opinion that is supported by concrete evidence. Remember examples, principles, definitions, or concepts from class or research and use them in your interpretation.

  • assess —summarize your opinion of the subject and measure it against something
  • prove, justify —give reasons or examples to demonstrate how or why something is the truth
  • evaluate, respond —state your opinion of the subject as good, bad, or some combination of the two, with examples and reasons
  • support —give reasons or evidence for something you believe (be sure to state clearly what it is that you believe)
  • synthesize —put two or more things together that have not been put together in class or in your readings before; do not just summarize one and then the other and say that they are similar or different—you must provide a reason for putting them together that runs all the way through the paper
  • analyze —determine how individual parts create or relate to the whole, figure out how something works, what it might mean, or why it is important
  • argue —take a side and defend it with evidence against the other side

More Clues to Your Purpose As you read the assignment, think about what the teacher does in class:

  • What kinds of textbooks or coursepack did your instructor choose for the course—ones that provide background information, explain theories or perspectives, or argue a point of view?
  • In lecture, does your instructor ask your opinion, try to prove her point of view, or use keywords that show up again in the assignment?
  • What kinds of assignments are typical in this discipline? Social science classes often expect more research. Humanities classes thrive on interpretation and analysis.
  • How do the assignments, readings, and lectures work together in the course? Instructors spend time designing courses, sometimes even arguing with their peers about the most effective course materials. Figuring out the overall design to the course will help you understand what each assignment is meant to achieve.

Now, what about your reader? Most undergraduates think of their audience as the instructor. True, your instructor is a good person to keep in mind as you write. But for the purposes of a good paper, think of your audience as someone like your roommate: smart enough to understand a clear, logical argument, but not someone who already knows exactly what is going on in your particular paper. Remember, even if the instructor knows everything there is to know about your paper topic, he or she still has to read your paper and assess your understanding. In other words, teach the material to your reader.

Aiming a paper at your audience happens in two ways: you make decisions about the tone and the level of information you want to convey.

  • Tone means the “voice” of your paper. Should you be chatty, formal, or objective? Usually you will find some happy medium—you do not want to alienate your reader by sounding condescending or superior, but you do not want to, um, like, totally wig on the man, you know? Eschew ostentatious erudition: some students think the way to sound academic is to use big words. Be careful—you can sound ridiculous, especially if you use the wrong big words.
  • The level of information you use depends on who you think your audience is. If you imagine your audience as your instructor and she already knows everything you have to say, you may find yourself leaving out key information that can cause your argument to be unconvincing and illogical. But you do not have to explain every single word or issue. If you are telling your roommate what happened on your favorite science fiction TV show last night, you do not say, “First a dark-haired white man of average height, wearing a suit and carrying a flashlight, walked into the room. Then a purple alien with fifteen arms and at least three eyes turned around. Then the man smiled slightly. In the background, you could hear a clock ticking. The room was fairly dark and had at least two windows that I saw.” You also do not say, “This guy found some aliens. The end.” Find some balance of useful details that support your main point.

You’ll find a much more detailed discussion of these concepts in our handout on audience .

The Grim Truth

With a few exceptions (including some lab and ethnography reports), you are probably being asked to make an argument. You must convince your audience. It is easy to forget this aim when you are researching and writing; as you become involved in your subject matter, you may become enmeshed in the details and focus on learning or simply telling the information you have found. You need to do more than just repeat what you have read. Your writing should have a point, and you should be able to say it in a sentence. Sometimes instructors call this sentence a “thesis” or a “claim.”

So, if your instructor tells you to write about some aspect of oral hygiene, you do not want to just list: “First, you brush your teeth with a soft brush and some peanut butter. Then, you floss with unwaxed, bologna-flavored string. Finally, gargle with bourbon.” Instead, you could say, “Of all the oral cleaning methods, sandblasting removes the most plaque. Therefore it should be recommended by the American Dental Association.” Or, “From an aesthetic perspective, moldy teeth can be quite charming. However, their joys are short-lived.”

Convincing the reader of your argument is the goal of academic writing. It doesn’t have to say “argument” anywhere in the assignment for you to need one. Look at the assignment and think about what kind of argument you could make about it instead of just seeing it as a checklist of information you have to present. For help with understanding the role of argument in academic writing, see our handout on argument .

What kind of evidence do you need?

There are many kinds of evidence, and what type of evidence will work for your assignment can depend on several factors–the discipline, the parameters of the assignment, and your instructor’s preference. Should you use statistics? Historical examples? Do you need to conduct your own experiment? Can you rely on personal experience? See our handout on evidence for suggestions on how to use evidence appropriately.

Make sure you are clear about this part of the assignment, because your use of evidence will be crucial in writing a successful paper. You are not just learning how to argue; you are learning how to argue with specific types of materials and ideas. Ask your instructor what counts as acceptable evidence. You can also ask a librarian for help. No matter what kind of evidence you use, be sure to cite it correctly—see the UNC Libraries citation tutorial .

You cannot always tell from the assignment just what sort of writing style your instructor expects. The instructor may be really laid back in class but still expect you to sound formal in writing. Or the instructor may be fairly formal in class and ask you to write a reflection paper where you need to use “I” and speak from your own experience.

Try to avoid false associations of a particular field with a style (“art historians like wacky creativity,” or “political scientists are boring and just give facts”) and look instead to the types of readings you have been given in class. No one expects you to write like Plato—just use the readings as a guide for what is standard or preferable to your instructor. When in doubt, ask your instructor about the level of formality she or he expects.

No matter what field you are writing for or what facts you are including, if you do not write so that your reader can understand your main idea, you have wasted your time. So make clarity your main goal. For specific help with style, see our handout on style .

Technical details about the assignment

The technical information you are given in an assignment always seems like the easy part. This section can actually give you lots of little hints about approaching the task. Find out if elements such as page length and citation format (see the UNC Libraries citation tutorial ) are negotiable. Some professors do not have strong preferences as long as you are consistent and fully answer the assignment. Some professors are very specific and will deduct big points for deviations.

Usually, the page length tells you something important: The instructor thinks the size of the paper is appropriate to the assignment’s parameters. In plain English, your instructor is telling you how many pages it should take for you to answer the question as fully as you are expected to. So if an assignment is two pages long, you cannot pad your paper with examples or reword your main idea several times. Hit your one point early, defend it with the clearest example, and finish quickly. If an assignment is ten pages long, you can be more complex in your main points and examples—and if you can only produce five pages for that assignment, you need to see someone for help—as soon as possible.

Tricks that don’t work

Your instructors are not fooled when you:

  • spend more time on the cover page than the essay —graphics, cool binders, and cute titles are no replacement for a well-written paper.
  • use huge fonts, wide margins, or extra spacing to pad the page length —these tricks are immediately obvious to the eye. Most instructors use the same word processor you do. They know what’s possible. Such tactics are especially damning when the instructor has a stack of 60 papers to grade and yours is the only one that low-flying airplane pilots could read.
  • use a paper from another class that covered “sort of similar” material . Again, the instructor has a particular task for you to fulfill in the assignment that usually relates to course material and lectures. Your other paper may not cover this material, and turning in the same paper for more than one course may constitute an Honor Code violation . Ask the instructor—it can’t hurt.
  • get all wacky and “creative” before you answer the question . Showing that you are able to think beyond the boundaries of a simple assignment can be good, but you must do what the assignment calls for first. Again, check with your instructor. A humorous tone can be refreshing for someone grading a stack of papers, but it will not get you a good grade if you have not fulfilled the task.

Critical reading of assignments leads to skills in other types of reading and writing. If you get good at figuring out what the real goals of assignments are, you are going to be better at understanding the goals of all of your classes and fields of study.

You may reproduce it for non-commercial use if you use the entire handout and attribute the source: The Writing Center, University of North Carolina at Chapel Hill

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Course Resources

Assignments.

icon of a pencil cup

The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. Answer keys are available to faculty who adopt Lumen Learning courses with paid support. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.

If you import this course into your learning management system (Blackboard, Canvas, etc.), the assignments will automatically be loaded into the assignment tool.

You can view them below or throughout the course.

  • Module 0: Personal Accounting— Assignment: Creating a Budget
  • Module 1: The Role of Accounting in Business— Assignment: Lopez Consulting
  • Module 2: Accounting Principles— Assignment: Accounting Principles
  • Module 3: Recording Business Transactions— Assignment: Recording Business Transactions
  • Module 4: Completing the Accounting Cycle— Assignment: Completing the Accounting Cycle
  • Module 5: Accounting for Cash— Assignment: Accounting for Cash
  • Module 6: Receivables and Revenue— Assignment: Manilow Aging Analysis
  • Module 7: Merchandising Operations— Assignment: Merchandising Operations
  • Module 8: Inventory Valuation Methods— Assignment: Inventory Valuation Methods
  • Module 9: Property, Plant, and Equipment— Assignment: Property, Plant, and Equipment
  • Module 10: Other Assets— Assignment: Other Current and Noncurrent Assets
  • Module 11: Current Liabilities— Assignment: Calculating Payroll at Kipley Co
  • Module 12: Non-Current Liabilities— Assignment: Non-Current Liabilities
  • Module 13: Accounting for Corporations— Assignment: Collins Mfg Stockholders’ Equity
  • Module 14: Statement of Cash Flows— Assignment: Kachina Sports Company Cash Flows
  • Module 15: Financial Statement Analysis— Assignment: Coca Cola FSA

Discussions

The following discussion assignments will also be preloaded (into the discussion-board tool) in your learning management system if you import the course. They can be used as is, modified, or removed. You can view them below or throughout the course.

  • Module 0: Personal Accounting— Discussion: Winning the Lottery
  • Module 1: The Role of Accounting in Business— Discussion: The Crafty Coffee Crook
  • Module 2: Accounting Principles— Discussion: SoftSheets
  • Module 3: Recording Business Transactions— Discussion: Baker’s Breakfast Bars
  • Module 4: Completing the Accounting Cycle— Discussion: Closing the Books in QuickBooks
  • Module 5: Accounting for Cash— Discussion: Counter Culture Cafe
  • Module 6: Receivables and Revenue— Discussion: Maximizing Revenue
  • Module 7: Merchandising Operations— Discussion: Inventory Controls
  • Module 8: Inventory Valuation Methods— Discussion: LIFO, FIFO, Specific Identification, and Weighted Average
  • Module 9: Property, Plant, and Equipment— Discussion: Cooking the Books
  • Module 10: Other Assets— Discussion: Other Assets
  • Module 11: Current Liabilities— Discussion: Current Liabilities
  • Module 12: Non-Current Liabilities— Discussion: Off-Balance Sheet Financing
  • Module 13: Accounting for Corporations— Discussion: Home Depot
  • Module 14: Statement of Cash Flows— Discussion: Facebook, Inc.
  • Module 15: Financial Statement Analysis— Discussion: Financial Statement Analysis

Alternative Excel-Based Assignments

For Modules 3–15, additional excel-based assignments are available below.

Module 3: Recording Business Transactions

  • Module 3 Excel Assignment A
  • Module 3 Excel Assignment B

Module 4: The Accounting Cycle

  • Module 4 Excel Assignment A
  • Module 4 Excel Assignment B
  • Module 4 Excel Assignment C
  • Module 4 Excel Assignment D

Module 5: Accounting for Cash

  • Module 5 Excel Assignment

Module 6: Receivables and Revenue

  • Module 6 Excel Assignment A
  • Module 6 Excel Assignment B

Module 7: Merchandising Operations

  • Module 7 Excel Assignment

Module 8: Inventory Valuation Methods

  • Module 8 Excel Assignment A
  • Module 8 Excel Assignment B
  • Module 8 Excel Assignment C

Module 9: Property, Plant, and Equipment

  • Module 9 Excel Assignment A
  • Module 9 Excel Assignment B

Module 10: Other Assets

  • Module 10 Excel Assignment

Module 11: Current Liabilities

  • Module 11 Excel Assignment

Module 12: Non-Current Liabilities

  • Module 12 Excel Assignment A
  • Module 12 Excel Assignment B

Module 13: Accounting for Corporations

  • Module 13 Excel Assignment A
  • Module 13 Excel Assignment B
  • Module 13 Excel Assignment C

Module 14: Statement of Cash Flows

  • Module 14 Excel Assignment A
  • Module 14 Excel Assignment B

Module 15: Financial Statement Analysis

  • Module 15 Excel Assignment

Review Problems

There are also three unit review assignments and a final review. These reviews include a document which sets up the problems and an excel worksheet.

Unit 1 Review Problem (After Module 6)

  • Review Problem Document

Unit 2 Review Problem (After Module 8)

Unit 3 review problem (after module 9), final review (after module 15).

  • Assignments. Authored by : Cindy Moore and Joe Cooke. Provided by : Lumen Learning. License : CC BY: Attribution

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Tips To Write Accounting Assignment

Tips To Write Accounting Assignment

There is no denying it, accounting feels strange to every aspirant, regardless of their love for crunching numbers. This occurs, especially, when students lose themselves in the labyrinth of numerous pending accounting assignments.  Of course, taxes and assignment writing are heavy, but the latter can easily lighten up when you have a couple of foolproof strategies up your sleeves. So, have you forgotten to laugh and been labeled a stodgy by your acquaintances? It is time to free yourself from the web of accounting assignments by understanding the basics of writing one. Go through the tips mentioned below and live up to your professor's expectations. Let’s get started!

Begin with the basics

You can never make advances on a subject without properly mastering its basics. This saying holds even more value when dealing with a subject is as challenging as accounting. You ought to have a firm grip on the basic concepts of accounting. Only after you know the kit and caboodle of accounting will you be able to show your expertise in writing an assignment on it. Understanding the basics of accounting includes strengthening your knowledge of the principles of journals, joint venture accounts, ledger accounts, consignment accounts, etc. 

Know the requirements

You will be provided with specific assignment writing guidelines and a requirement list. So, before you even decide on a topic, it is essential to have clearness on the fundamental requirements that should comprise your assignment. These requirements will be sent to you to understand the guidelines properly. So, before you set off to embark on the venture, you must get your hands on the fundamental ideas. This way, it gets simpler to have the task turned out as per the specific requirements of your professor.

Frame a theory

After knowing about the requirements, it is time to craft a paper with the right thought and core interest. How do you do it? By framing a theory based on the topic, you are provided with. So, if you have been struggling with preparing a related theory, the struggle is real and needs to be discussed. Writing an example (theory) of an accounting assignment requires a thorough discussion of the elements that will help you understand the construction and implementation of the theory. Based on the implementation of the theory, you should also have a strategy developed that can serve to support the theory. 

Learn about accounting applications

It is impossible to write a sentence before learning the alphabet, right? Accounting works similarly. To draft an assignment on the subject, you must have the basics of accounting principles sorted. Now, if learning accounting applications seems an uphill battle, remember you are living in a tech-driven world. You can Google how to learn application accounting and get a huge drop-down of apps that make learning application accounting easy. So, you can have a software program that captures and records all accounting transactions. This way, you can become fully versed in accounting applications and proceed with writing an accounting assignment.

Read Also: How to cite a Ted Talk?

Understand the topic or assignment

You are fortunate if you have an assignment writing topic in hand because finding a suitable topic that is modern and informative can be tremendously time-consuming.  So, if you have not been provided with a topic, you may consider finding one is a tough row to hoe and start worrying over it. Well, this blog has covered this struggle as well. So, look below to find topics that you can choose to elaborate on in your accounting assignment- 

Project accounting and analysis of risk – ways to identify and quantify the risk

Concept of Strategic Management in accounting and How it can benefit the Hotel Industry

Discuss how activity-based costing can help an organization by adding value to a project

Discussion on strategic management and its significance in organizations

How does cost accounting act as a managerial tool to help the inflow of material in administrative industries?

Discuss the influence of the cost of goods generated on pricing in the process of strategic decision making

Discuss the challenges thrown upon organisations accessing and correctly managing the risk

An elaborative discussion of risk management in the defence sector in the US

Literature review on managing the risk in nations having unstable economic conditions

Discuss the concept of key account management in the banking sectors

Broad research on the theoretical model of mental accounting

How to verify the yearly depreciation of an asset?

How can you use quantitative and qualitative methods of research in cost accounting?

Define the role of time in the process of cash flow

What is earning management – discuss the significance of making management.

What is accounting information? How can accountants make the correct decisions for the organization?

Discussion on strategic management and its significance within enterprises

How does cost accounting act as a managerial tool to help the inflow of material in manufacturing companies?

Discuss the influence of the cost of goods generated on pricing in the process of strategic decision-making

Discuss the challenges thrown upon organizations accessing and rightly managing the risk

Discuss the measures banks take to minimise and manage the risks with an example

What is the significance of account management in healthcare industries?

How can key account management play a crucial part in the reformation of the Russian mining industry?

Distinguish between differential costing and marginal costing

Discuss the fundamental dynamics of corporate governance

How do you think the Internet has played an essential role in the life of an accountant?

What is depth management? Discuss the ideas that can minimize the growth of debt.

Discuss the ways through which a company cuts taxes

What role do forensic accountants play?

What skills do you require to be a forensic accountant? How do the skills play a vital role in the life of a forensic accountant?

Is there any impact of culture on accounting theories?

What are the problems of normative and positive accounting theories? Discuss the differences between the two theories.

Evaluate the significance of bookkeeping practices in medium and large-scale companies

Discuss credit management and bad debt's consequences in commercial banks

Forensic accounting in the context of fraud detection and prevention

The implementation of an effective audit system to enhance corporate accountability

Increasing rural development by using social auditing as a tool

Reliability of independence of audits and financial reports in the banking industry

Supply chain relations and managing possible risks

How can managers equate debits and credits within the company?

How can organizations escape financial fraud?

So, now you have 40+ topics to write your next accounting assignment on. Choose one that interests you and draws your professors' attention to get brownie points for submitting it.

Beginning with an outstanding introduction

It can be helpful if you begin to write your assignment with a hooking introduction. The introduction must explicitly describe the purpose of documenting the project in a way that keeps the reader engaged throughout. In addition, the introduction must contain a detailed thesis statement and background information regarding the assignment topic. Bear in mind, that the introduction is considered to give a concept to the readers of what is expected of them from the entire assignment. 

Starting the main discussion

The main discussion is the body of the assignment to detail the topic covering the A-Z of the issue. Here, you must ensure that every logical point is included ideally. You can also provide every fact based on the topic and back them up with properly researched evidence. The key argument must be presented with strong reasoning. Providing shreds of evidence will only make the stated facts valid. So, consider using to-the-point evidence every time you use them. 

Writing a hard-hitting conclusion

Ending your assignment with a proper conclusion is inevitable. Though the conclusion covers 10% to 50% of your whole assignment, it must be given the attention it deserves. Reading the conclusion must not be challenging for your readers. They must start by picturizing the entire project in the concluding note. You can wrap up with a question like why readers must wait for the undiscovered parts in the assignment, leaving scope for them to know more about the topic.

Parting words

Being an accounting student, you must know how to crack the code of creating an accounting assignment with perfect accuracy and finesse. Now that you know the tips for creating impeccable accounting assignments and some topics at your disposal, you are expected to do magic with numbers. Here’s wishing you all the luck!

Get Unmatched Accounting Assignment Writing Help

How often have you allowed accounting assignments to take a toll on your mental health? Of course, writing assignments that deal with finances can overwhelm you. But you cannot just allow yourself to be engulfed by its difficulties, provided you have ways opened for you to secure better grades. So, if you lack adequate time to write an accounting assignment while also hoping to get better grades, you have one option open – get accounting assignment help from our experts.

Our agency offers unmatched accounting assignment help   online by writing impeccable assignments for you. Moreover, they never breach deadlines, provide round-the-clock support, and do not burn a hole in your pockets.  So, what are you pondering about? It is your chance to grab the opportunity of premium service at the most competitive price.

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How To Write Accounting Assignment

Assignment writing is nothing new to students these days. But let’s first talk about the initial problem they faced while dealing with it. They are usually seen asking who can write accounting assignment for them, effectively. Indeed, not all students are smart enough to make a perfect copy for themselves. But, anyhow, we have presented our needy stunts with some great examples, tips, and useful steps to make their assignment more professional.

Students need to understand the fact that a well written accounting assignment can win you higher grades in your class. Therefore, always lookout for a way to make your assignment better than others.

How to write an accounting assignment introduction?

When starting with your accounting assignment, stunts need to follow one simple thing and that is to make their introduction the best one. The introduction of your assignment should be catch and well researched. Because it’s the introduction itself that hooks the readers to the end of your copy. Therefore, it is highly important to make your introduction precise, explanatory, and unique to impress the readers instantly. Use simple words and avoid making long sentences.

How to write an accounting assignment example?

To write accounting assignment is a simple thing to follow. It normally comprises basic steps that can be easily understood by the students. When you sit down to write your accounting assignment, go ahead with it while following our stated points.

Your accounting assignment example consists of;

  • Introduction

It is advisable for the students to utilize these categories with care and devotion to making them impressive and worth reading.

How to write a good accounting assignment?

It is one of the common concerns of the students. To write accounting assignment, it is vital to use the perfect language and follow its internal steps. However, we have compiled some amazing tips that can brilliantly let you uniquely craft your assignment.

  • To make your assignment stand out, it’s vital to craft it tailor made. Later, following with the lesser searched aspects.
  • Plagiarism is something not acceptable in the eyes of your professors. Hence refrain from it and other grammatical mistakes like spelling, sentence structures, etc.
  • Students should know what type of assignment they’re making. Just in case, there is any confusion related to it, you can ask for help with accounting assignment from our top tutors.
  • Another crucial thing is to do proper citation. If you have not cited your assignment properly, there are chances that your paper will not get approved.
  • Proofreading and editing your assignment are quite necessary. Don’t risk your precious grades by not doing this time raking jobs. You can hire our proofreaders to help you out in this aspect as well.
  • Just before you have decided to submit your assignment make sure to double check it. Look out for the proper introduction, conclusion and, the main body it would be great to take a second opinion from a friend or acquaintance.
  • One of the impressive things students can do with their accounting assignments is to write them with relevant examples. The more examples you use in your assignment, the greater you will convince your teacher about the implication of those examples on practical terms.

There is no good in wasting time. Whenever you feel stuck with your assignment worries, choose our legit assistance right away.

How to write accounting assignment in style

Students can deal with their complex accounting assignments like a pro. All you have to do is to focus on the following important points to make your accounting assignment stylish and impressive both the same time;

  • Understand and analyze your topic fully.
  • The topic should be well researched. Note down the important points in the end.
  • Create an effective outline and draft your complete assignment.
  • Now start writing your assignment.
  • Lastly, edit your assignment and proofread as well.

What are the steps to write an accounting assignment?

To make your assignment worth reading, it should include various useful steps. If students follow these steps carefully, nothing can stop you from impressing your tutors with your accounting assignment.

Here goes the step to step guide to make your assignment extra professional;

  • Follow the definite structure for your accounting assignment.
  • While writing the introduction, use the hook sentence followed by the thesis statement.
  • Explain at least in one line why you have chosen the selected topic.
  • If you wish to cover various aspects, separate them into different paragraphs.
  • Rearrange the word count as the causes discussed.
  • The first point of your assignment should highlight your topic with specifications.
  • The rest of the steps should bear the arguments followed with evidence and examples.
  • It’s time to get a concussion now.
  • Your conclusion will have to include the final statement.

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Indeed, writing a flawless accounting assignment is not everyone’s cup of tea. However, it is not an impossible act as well. If a student is determined to create a perfect paper for their teachers, then nothing can stop them. But, in the case of an emergency, our quality writing services always react to serve you. Being in the industry for years. Our writers know how to crack a brilliantly written assignment.

Think no more. If you are not able to create one good assignment for yourself. Run to us instantly. Ask our writers to help you out with their utmost professionalism and talent. All of our writers are PhD’s or Master’s degree holders in the subject of accounting. They can offer immense help in any topic of this course. Get the timely deliveries at the most affordable rate by selecting us as your savior. Be wise to Opt for us to write accounting assignment. Because we are only eager to provide you with high quality content and nothing else.

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Accounting for Writers

Accounting for Writers

Have you sold any writing at all, any place, any time? Yes? That means you need to know about accounting for writers. You know – the tax people want to know how much money you made, and what you spent to make that money, and if you have anything left over as profit at the end of the day. That accounting.

Unfortunately, I’ve never had a course in accounting. When I opened Mims House five years ago, I knew nothing. It’s been a painful five years, partly because I was doing everything on a tight budget which didn’t stretch to hiring an accountant. My husband and I have always done our own taxes, so I thought I could do it. Besides, if I had to spend $500 on something, I wanted to spend it on great art for a picture book, not an accountant to take care of numbers. The choices were always easy to make. To my regret.

Accounting for Writers – Getting Started

I’m still not an expert! You should hire an accountant! Don’t do what I did, but be wiser! Standard disclaimer: I am not an accountant or a lawyer. You should consult professionals for all your needs.

OK. If you didn’t believe me or if you’re so broke like I was that you really can’t afford an accountant, then I want to tell you my story.

At first, after investigating tons of programs, I went with the standard Quickbooks program. It’s relatively inexpensive, and is widely touted as a good program. It is good–if you know what you’re doing.

I hired an accountant friend to set up the systems for me, and then did my own bookkeeping. I’m using the terms accounting and bookkeeping separately here. Bookkeeping is the practice of recording daily transactions, either purchases or sales. Accounting is slotting all those transactions into categories that make sense and will give you an overview of your business.

Here’s the sad truth: I’d rather write a new chapter than do bookkeeping. Everything was put off and put off and put off. Twice a year, I spent a couple weeks of bookkeeping to catch up, and I moaned during the whole process. I did it twice a year because for a couple projects, I had a partner who needed an accounting twice a year. Until I was required to do that for her, I flat refused to do anything.

Quickbooks worked for a couple years, but it’s been badly broken. I could report my income for taxes, but everything was a mess. I also knew that my accounting wasn’t set up correctly. When you first set up accounting, there’s a chart of accounts that you must create. These are the categories into which transactions are slotted. At first, with only a few books out, I set up an account for each book. Now that I have over 30 books out, that’s cumbersome, redundant and foolish.

A New Accounting Day

This year, I determined that I would sort this out and not let the accounting get so out of hand. For self-published or indie writers it’s all difficult anyway. We want to write, not play with numbers. And it’s complicated. Let’s say that you upload ebooks directly to Apple’s iBookstore. Let’s assume that you sell one ebook to someone in Norway and make a profit of $0.50. You must account for that $0.50, each and every time. Multiply that times 59 countries times the different ebook stores such as Kobo, B&N Press, Publish Drive, Smashwords, StreetLib and so on and so forth. It can be overwhelming.

I wanted something simple that would allow me to keep up on a daily basis. And I wanted to totally redo my chart of accounts to reflect the current status of my business. In other words, I decided on priorities for my accounting, and then went looking. I wanted to remove all the obstacles to doing good accounting, such as manually inputting transactions.

After investigating, I went with Xero.com as the accounting program. It’s an online subscription, so it costs more. However, it has several advantages. First, it pulls in data from my bank daily. In order to make that happen, I changed to an online-only banking account. I still have the local bank account which I have to manually upload once a month. But I’m switching almost all transactions over to the online banking program so that eventually 90% of my transactions will be pulled daily into Xero. To deposit a check, I take a photo of the check to upload. I also chose Xero because I have an eye on selling books online via Shopify , and Xero integrates with that platform. In other words, I was also looking forward and trying to make sure I don’t have switch again anytime soon.

The biggest disadvantage is that Xero is a subscription-based service. I pay monthly. But my business is at a point where I can pay for this convenience, if it makes a difference in my bookkeeping.

And it’s made a huge difference. Instead of manually adding transactions, or manually downloading/uploading from my local bank, the transactions appear like magic in Xero. My new rule is that I must check Xero daily and reconcile all outstanding transactions THAT DAY! So far, it’s working. I am, as of this writing, completely up to date on my bookkeeping and accounting.

While I was at it, I totally redid the chart of accounts. For any given business, the chart needs to be customized. After struggling through a bad chart of accounts for a couple years, I knew the pain points and where I wanted to change it.

It’s not enough, though, to just do bookkeeping and accounting. You need to know what it all means. Are you making a profit? How do you know?

[amazon_link asins=’0814434320′ template=’ProductAd’ store=’patty0d-20′ marketplace=’US’ link_id=’c30748b6-3c1e-11e8-84bf-33479943c7f6′]For me, the answers have been in an amazing book, Accounting for the Numberphobic: A survival guide for small business owners .

  • Net Income Statement . Fotopolus says this is comparable to the speedometer of a car, telling you how fast your business is growing.
  • Cash Flow Statement . This report is likened to a gas gauge, which tells you how much fuel you have, which in turn tells you how much farther you can go before filling up again.
  • Balance Sheet . If you want to know the overall state of your car, though, you should check your oil pressure gauge. Likewise, this report, tells you the overall health of your business.

Fotopolus puts financial terms into simple analogies that make it easy for me to understand. After setting up my new accounting system, I generated these reports and decided that everything is healthy! Fortunately!

Writers don’t talk about accounting much, because we’d rather talk about plotting and characterization. Even subplots and placement of commas is more interesting than accounting. However, if you’re an author, you’re a small business person. That means you should take the time to learn the basic accounting practices. I’m finally on a more solid foundation than before because I took the time to find ways to streamline the process and make it manageable. Probably, your answers won’t be the same as mine, but I urge you to find ways to solve your own accounting problems.

2 thoughts on “ 0 ”

Your advice here is spot on. In my non-writing day job, I am self-employed, teaching financial analysis and related skills to commercial lenders. Financial management is a key answer to the big question: Is this business set up to be successful? Understanding basic financial concepts and accounting, acquiring appropriate tools, such as the program you mentioned, and seeking professional accounting advice when needed–these are investments of time and resources that pay for themselves over the long run. Great, great article!

Thanks for the info, this is something I have struggled with for several years. Very helpful! Cary

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How to have a long, memorable writing career | DarcyPattison.com. Curving bookshelves.

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Your writing career: how to have a long, memorable one, writers beware, finding time to write, long cooling off period – stuff your mss in a drawer, are you being a lazy writer stop it, building a writing career.

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