Accounting is a vast area
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·
Economic entity applications
Most of the college assignments love to
test on your understanding of how business set-ups keep their book of accounts.
Therefore, you should develop your
expertise in preparing all kinds of financial statements.
·
Matching concepts
In these applications, you need to show how
revenues and expenses are related in given financial statements. Ensure there
is no deferred expense in all the transactions.
·
Accrual applications
In organizations, accounting expenses are recognized as
money outflow, while revenues are treated as money flow in. Therefore, you need to be careful about given
financial statements in showing profits and losses earned in that fiscal
period.
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