Despite earning a bachelor’s degree in business administration, I know that I still have a lot to learn when it comes to financial management. I want to be an entrepreneur, but I need to know how to manage my finances well first. That’s why I want to start a blog. I’ll be writing about what I learn, so if you’re an entrepreneur or a business student, you can learn from me.
Finance Homework Help
For some of us, finance can be one of the most tangled and time-consuming topics to understand and deliver in an assignment, especially if you need factoring help. It takes a lot of hardship to understand, organize and plan to write homework about this theme. So, you are probably thinking of how you can get through this matter. Maybe you are looking for someone professional to assist you with your finance homework writing. Well, you’ve come to the right spot. We are here to make your academic life easier by doing your homework for you.
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What is Finance?
Mainly finance means money management. It’s a vast term that describes operations linked with banking, leverage, credit, capital markets, money, and investments. Primarily, it deals with how a company or a government, or an individual attains the needed money and how they plan on spending or investing that money.
Many fundamental concepts of finance evolve from microeconomic and macroeconomic theories. The one word which can replace finance is “Exchange.” Finance is nothing but an exchange of available resources. But it is not that simple to understand. It’s a huge phenomenon. We are related to finance in so many ways in our life. From saving and investing money of an individual to taxing, spending, budgeting policies of a government; all of these are included in finance.
Main Areas of Finance
As we already said, finance comprises a lot of topics that interlink with this enormous subject. It is one of the crucial functional areas of business, marketing, management, and so on. If anyone wants to have a small investment or plans to start a business or do any transactions with money, that individual must have basic knowledge about some areas of finance, and those are,
Money and Credit Markets
The credit market is when investors and institutions can buy debt securities, such as investment-grade bonds and junk bonds. By issuing these debt securities, governments and corporations increase capital. It is a complex area of finance to understand. But we will try to make it easy for you to understand.
Investment is a process by which a company or an individual can make maximum profit by engaging their money to buy. Namely, investment is the judgment about what to buy so that the company gains the most value. Investment is not only a great deal for big companies, but also it plays a huge role in personal finance too. For individuals, it allows you to grow your affluence over different ages.
Financial management is mainly planning, organizing, and controlling economic activities, even with MyEconLab answers. In other words, financial management is the area of a company that owns the profits, expenses, cash, and credit to perpetuate the company’s objective. It is an essential part of a company to predict its position shortly.
Types of Finance
Mainly there are two types of finance.
- Debt Finance
- Equity Finance
There are other subcategories of finance. Those are,
- Personal Finance
- Corporate Finance
- Public or government finance
When an individual or a company borrows money with a condition of paying back at a posterior date with interest is called debt finance. The borrower must pay back the primary amount, including the interest rate agreed with the moneylender. This section of finance has three types.
The method of raising capital by selling shares to the public, financial institutions, or institutional investors is called equity finance. It’s a traditional way of raising fresh money for startup businesses. And that is one of the significant differences between debt finance and equity finance.
The other types of finances are classified below:
This section of finance is mostly about personal financial goals. Personal financial goals primarily include the economic decisions of a family or an individual. The ways an individual or a family make a budget, spend and save financial arrangement over time, considering different life events in the future and financial risks; also contribute to personal finance.
It’s a section of finance that deals with the financial functions of a company. The primary concern of corporate finance is the maximization of shareholder value, which requires a lot of financial planning and shaping different strategies.
The management of a country’s revenue, consumption, and debt through various governments is called public finance. It is also called government finance, as the government performs most of the deals for the public.
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How to Get Finance Assignment Help Online?
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Search for Experienced Writers
The writer whom you are planning to hire should have proper knowledge about finance. It’s a must to conduct finance homework. Other than that, if your guy is an expert on this topic, it will be easier for you to make your writer understand how you want your homework to be done.
State Your Requirements Properly
Before searching for experts for your finance homework help, you must set your requirements properly and explain how you want your homework done. And, make sure you state the deadlines clearly. Then you should talk to him about your work and figure out if he is illegible for your job or not. If he matches your requirements, then you can hire him.
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Topics Covered in Our Finance Homework Assistance
Finance is a vast field to study. But we have tried to cover all the areas of finance assignment topics such as,
- Capital Budgeting
- Corporate Finance
- Finance Accounting
- Financial Ratio Analysis
- Financial Statement Analysis
- Financial Risk
- Investment Management
- International Business
- Public Finance
- Banking Terms
- Cash Management
- Cost of Capital
- Economics and Finance
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- Time Value of Money
- Working Capital
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We will learn about analyzing transactions, starting with, Introduction to the accounting cycle, followed by Debits and Credits, General Journal and General Ledger, and illustration of transaction analysis, and finally, the trial balance.
Let’s start by answering the question, what is the accounting cycle? The accounting cycle is the steps and procedures that accountants follow when recording accounting information. Now, these steps are always performed in the same order and have documents that match each step. The cycle starts by analyzing transactions from source documents, which is some sort of record like an invoice. They provide written evidence that a transaction has occurred. As we can see from the table below, once we’ve analyzed the source document and decide that we need to record a transaction, the next step in the accounting cycle is to journalize the transaction in the general journal. Post the transaction from the General Journal to the general ledger. Prepare a trial balance and prepare the financial statements.
In addition to the accounting cycle, there are a few more concepts we need to know about. The first of these is the account, which is a record that documents increases and decreases in a specific asset, liability, equity, revenue, or expense item. In this post, you need to know about prepaid expenses and unearned revenues. Prepaid Expenses are items that you pay for now but use the benefit in the future. For example, let’s say that you paid three hundred dollars for a three-month gym membership. At the start of the three months, you have an asset, not an expense, because you have three more months to enjoy pumping iron. It is only as each month passes when you use up the benefit of going to the gym that the decrease in the asset is recorded as an expense. The thing that we need to remember is prepaid expenses are classified as assets, not expenses.
The other account, Unearned Revenue, records the cash we receive from clients for goods or services that we plan to provide them in the future. Now because we still owe them the goods or services, unearned revenue is classified as a liability. Now that we’ve discussed the accounting cycle let’s talk about Debits and Credits.
Debits and Credits
In accounting, Debit means the left side of an account, and Credit means the right side of an account, which we can see using a T account. We can calculate the account balance for each account, which is the difference between the debits and credits recorded in the account. So if we debit an account for 100 dollars and credit it for 80 dollars, the difference is 20 dollars more debits than credits. So the account is said to have a debit balance of 20 dollars.
Each account type has what we call a normal balance, which is the side of the account where an increase in that account is recorded. The debits and credits rule states that assets, expenses, and withdrawals have normal debit balances, while liabilities, equity, and revenue accounts have normal credit balances. It is important that you know if debits or credits increase an account because you use this when journalizing transactions.
General Journal and General Ledger
Now that we’ve revised the rules of debits and credits, the next section to be covered is the General Journal and General Ledger. Remember, these are two different documents. They summarize the same information, but just in different ways. And you need to remember which is which. The General Journal is like a diary that records the transactions of the business in chronological order. The general ledger is the record that contains a collection of accounts of the business. It is like a filing cabinet. The drawers represent the elements of financial statements such as assets or expenses, while the files within each drawer represent specific accounts such as cash or advertising expenses. Finally, the pieces of paper inside each file represent the transactions of the business. The best way to explain the General Journal in General Ledger is an illustration of transaction analysis.
For this example, we’re going to use a transaction n from the textbook, which is where the business 900 dollars for services to be provided in the future. The first thing we have to do is analyze the transaction to determine which accounts are to be debited and credited. In this case, the cash account increases by the 900 dollars received in cash. Now cash is an asset account, and Asset accounts have no debit balances, so the increase in cash is recorded as a debit of 900 dollars. The other account affected by the transaction is the unearned revenue account, which is a liability account. Liability accounts have normal credit balances, so the increase in unearned revenues is recorded as a credit of 900 dollars.
So now we can go ahead and record the transaction in the General Journal. The first item to be recorded is the date of the transaction, December 14. Next, write in the name of the account, debit cash. For the moment, Leave the posting reference column blank and fill in the nine hundred dollar amount of the transaction in the debit column. Next, we enter the credit side of the transaction by entering the account’s name to be credited unearned revenue in the line below where we recorded the account debited. Just note that we entered the account credited to differentiate it from the account debited. Then into the amount of the transaction in the credit column.
The final step is to record below the journal entry a short description of the transaction. After generalizing the transaction, the next step is to post it to the ledger accounts. To do this, we need to find both the cash and unearned revenue accounts in the general ledger. If we’re using the T account format for the ledger accounts, we enter the nine hundred dollars in the debit side of the cash account, which is the left side of the account. We then record the posting reference in the general journal by entering the account number of the cash account, in this case, 100 in the Post ref Column. Similarly, to post the credit entry, we go back to the general ledger and into the nine hundred dollars in the Credit or right side of the unearned revenue to account. Again, we record the account number of the unknown revenue account 230 in the Post ref column of the General Journal.
So now we know how to record an unearned revenue transaction in the General Journal and post it to the general ledger. But there are many other transaction types in your Perdisco textbook that you need to know. The best way to learn how to record these transactions using debits and credits is to practice journalizing as many transactions as you possibly can, which is where your perdisco workbook can help. You find many transactions to practice, such as this one where tennis lessons were provided on Credit.
We can select the accounts to be debited and credited. Topping the value of the transaction. Submit that, and now we get personalized feedback for our answers and an explanation for the question. Once transactions have been Journalized in the general journal and posted to the general ledger, we are ready to prepare the trial balance.
The trial balances a list of all general ledger accounts held by the business and the balances at a specific point in time. We prepare a balance to verify we have not made any mistakes in Journalizing and posting. We do this by checking the total debits equals total credits recorded in the accounts. While this will not identify all types of errors in the accounts, it can identify some common ones, which we can then correct before preparing the financial statements. We can look at the balance in our Perdisco textbook. After all, transactions have been analyzed and posted.
We can see all of the account numbers and account names used by the business and the debit or credit balance of those accounts. Down the bottom, total debits and total credits have been calculated now because they are equal. This trial balance is said to be balanced, so it can help prepare the financial statements.