skip to Main Content

Step 1: Place your order

Fill in the order form and provide all details of your assignment.

Step 2: Proceed with the payment

Choose the payment system that suits you most.

Step 3: Receive the final file

Once your paper is ready, we will email it to you.

Answer questions about accounting theory and merchandising accounting. Introduct

Answer questions about accounting theory and merchandising accounting.
Introduction
A legal firm’s operations are different than Ford or GM operations. Lawyers provide a service whereas Ford is a manufacturing business that needs to maintain an inventory of various parts used in their vehicles. Each requires its own accounting approach.
We now delve into accounting theory in greater depth. Now that you have learned some accounting procedures, you are better able to relate these theoretical concepts to accounting practice. Accounting theory is a set of basic concepts, assumptions, and related principles that explain and guide the accountant’s actions in identifying, measuring, and communicating financial information.
Your study of accounting began with service companies as examples because they are the least complicated type of business. You are now ready to apply the accounting process to a more complex business type: a merchandising company. This type of company is represented by manufacturers, wholesalers, and retailers.
Overview
This assessment focuses on accounting assumptions, concepts, principles, modifying conventions, objectives, qualitative characteristics, accounting policies, and the income statements for service and merchandising organizations. It requires knowledge of the following:
The effects of accounting assumptions on the accounting process.
The effects of accounting concepts on the accounting process.
How generally accepted accounting principles (GAAP) affect financial reporting.
The impact of modifying conventions on the accounting process.
How accounting objectives, qualitative characteristics, and policies affect financial reporting.
The differences and similarities between income statements for service and merchandising organizations.
The methods used to determine the amount of merchandise inventory on hand.
How to use the gross margin percentage as a tool for financial analysis.
Preparation
Complete the Assessment 4 Template [DOCX].
Review all suggested readings.
Note: Accuracy in accounting is paramount so take your time and double-check your work for errors or omissions.
Instructions
Answer questions correctly. When you are satisfied with your responses, save and submit your template in the classroom.
Step 1: Discuss the effects of the five major accounting assumptions on the accounting process.
Step 2: Describe the five concepts’ impact on the accounting process.
Step 3: Describe the five major accounting principles.
Step 4: Describe the impact on the accounting process of the three modifying conventions.
Step 5: Identify the accounting procedures of Principles, Assumptions, Concepts.
Step 6: Complete the equations of merchandising accounting.
Step 7: Describe the two methods used to determine merchandise inventory.

What We Can Do For You

Academic Essays

Get essays written on whichever topic or subject you require tailored by our essay writing experts. You will be furnished inventive and ingenious essays fashioned step by step on your directives.

Research Paper Writing

We proffer 100% original and plagiarism free research papers. We acquire highly qualified writers who are expert researchers as well. Every paper is well researched and formatted just like you yearn.

Help With Homework

No need to fret about your homework anymore. As we bring to you the most trustworthy and affordable professional homework help service ever. Procure essays written with perfection and professionalism.

Assignment Writing

Are you struggling with assignment writing? We are here to take away your entire academic burden. Be it high school, college or universities all academic level help is imparted with the assurance of premium quality.

Why TheScholarEssay?

 

    • Premium quality 100% original academic document
    • Free unlimited revisions to further polish and refine your academic document
    • Proper format and citation used.

 

 

    • Academic document 100% free of plagiarism
    • Every document is a custom product written from scratch, constructed entirely on the client’s instructions
    • Highly certified professional writers having good command over English language are hired.

 

    • Most affordable prices for the best custom written academic papers
    • Our client support service is at your service round the clock!
    • Safe and secure payment gateways used
    • Privacy and confidentiality of client’s safe guarded and will certainly not be revealed to a third party.
Back To Top