Accounting Homework Help | Accounting Assignment Help

11/25/2014

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About Accounting: The term accountancy is derived form

the French word “Computer” which means to calculate. It is

an instrument within organizations that helps to regulate the

financial stability of organizations. The growth of accountancy

can be traced to ancient Mesopotamia where accounts were

maintained to keep record of cattle and crops. In the ancient

times there was only record keeping. Gradually with the

growth of business and changes in the form of businesses

there was need for a structured approach to the subject. This

led to the development of various concepts and conventions

that made the approach to the process of accounting similar

across business organizations. The various conventions that are standardized are the

Generally Accepted Accounting Principles, or GAAP and International Financial Reporting

Standards.

Accounting homework help today is regarded as the language of business. The

information provided by the accounts are of use to the internal business as well as to the

outside parties. The process of reporting to the outside parties is called management

accounting. This provides a financial premise to the various decisions taken by the

management.

The basic formula of accountancy is assets=liabilities + equity. It is the Balance Sheet that

is the last report of accountancy.

Sample Accounting Homework Help Questions:

INVENTORY VALUATION PROBLEM & SOLUTIONS:

Calculate by FIFO method of inventory valuation, the cost of goods sold and value of ending

inventory from the following data:

Date Transaction Units Price Per Unit

Jan 1 Opening stock 1,500 20

Feb 10 Purchases 750 25

March 15 Purchases 600 22

March 15 Sold FIFO 1,800 _

April 10 Sold FIFO 750 _

May 15 Purchases 600 25

June 10 Sold FIFO 750 _

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Solution:

Stock ledger Sheet (Assumption: FIFO)

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Cost of goods sold =$ 37,500 + $ 17,850+ $ 17,850 =$ 73,200

Date Receipts Issued Balance

1 Jan

10 Feb

15 March

10 April

15 May

10 June

-

750x25=18,750

600x22=13,200

_

600x25=1,500

_

-

1,500x20 + 300x25 = 37,500

450x25 + 300x22 = 17,850

-

300x22 + 400x25 = 17,850

1,500x20 =30,00

1,500x20 + 750x25 =

48,750

450x25 + 600 x 22

=24,450

300 x 22 = 6,600

300x22 + 600x25 =

21,600

150 x 25 =3,750