Accounting is one of the scientific processes which are followed for making identification of events which are of financial nature, making of systemized recording of those events in journal book, making classification of respective accounts and then summarizing it in the profit and loss account as well as in company balance sheet. The result of accounting process gets communicated to people using such information, like company owner, government, debtors creditors, capital investors, and management department of stakeholders. Accounting is the sister subject of accountancy and one need to have the basic knowledge of accountancy. Students need to be aware of the accounting principles to score good marks in the subject and to develop a bright career in the accounting industry. The key objectives of accounting professional include the following:
- Recording systematically each and every business transactions
- Calculating the actual profit earned or actual loss incurred by the company in a financial year
- Analyzing the financial prospects of the company
- Assisting and helping management in developing accounting policies for the company
- Diagnosing the progress made by business
- Detecting and prevention of frauds and errors made in accounting entries
- Sharing accounting data to respective authorized users of the information
From the above description of the subject it is quite clear that it is a technical subject and students need to devote good time in understanding the principles and then making its application in resolving the problems related to accounting system. Professional assistance is needed by students which they don’t get in proper way in institutes due to limited time classes. As a result of which they find it really hard to complete the accounting homework given by the teachers. Lack of proper understanding about the methodologies acts as one of the major problems for the students when it comes to solving the homework assignments.
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