Accounting is a language that deals with economic certainties in market conditions. The international and general definition of accounting states that accounting is the comprehensive study of recording and classifying events and business transactions. It classifies and records the financial character of reports and events. Also, the interpretations, communications, and events are recorded for the comprehensive evaluation to make effective decisions. 

Accounting has two divisions that are the internal accounting or management accounting and external accounting or financial accounting. Here, My Assignment Services deals with financial accounting. Financial accounting is based on double-entry bookkeeping and deals with the chronological records management of actual transactions. Financial accounting fulfils the need for information by the external users of accounting information such as tax authorities, owners, banks, regulators, banks, and statistics. This is the basic purpose of financial accounting. As an example, the company wants a bank loan, the company must show its financial statements. 

Types of financial statements

There are five types of financial statements: 

1. Balance sheet: A balance sheet is a transcript that contains current and fixed assets, short-term and long-term liabilities, and shareholder’s equity of the organization. 
2. Income statement: The income statement contains recognized expenses, results, and revenue generation in a specific period. 
3. Cash flow statement: Cask flow statement is combined with the sources of income, the way they are used, and different activities such as financial, operating, and investment activities. Operational activities include cash receipts from commissions, sales, fees, and royalties of business. The investment activities deal with the cash payments done which include acquiring property, participation in capital ventures, and future contracts. The financial activities deal includes sales from the share’s issues, payments done to owners, and securities of a business. 
4. Statement of changes in equity: Changes in the capital due to withdrawal by the owner, realization by expenditures and revenues, changes in policies, distribution of profit, covering the loss, and overvaluation of assets. 
5. Notes to the financial statement: Notes to financial statement provides information for basic preparation of financial statement and accounting policies. 

To fulfil the mission of the organization, specific accounting policies are framed along with financial statements. This is a very hard task for the students. So, the students search for accounting homework help online. We, here at My Assignment Services, delivers the online assignment help the USA by 24*7 to help the students with accounting homework and clarity of concepts. Accounting homework helps online tutors help students with all types of projects such as small as well as large. We accept the challenges faced by students related to financial accounting. So, our online assignment help USA is there to deliver value-added services such as:

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