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Double-Entry Accounting System
There are two fundamental equality requirements of the double-entry accounting system such as: assets must equal claims and debits must equal credits. For instance, as per the “assets must equal claims” a business organization’s total amount of assets must be the same or equal to the claims made against the assets. These claims are liabilities made by lenders and equity made by owners. Additionally, a company’s debits should be also equal to the credit. It is because, if debits do not equal the credits, that means an error has been made in the books of accounts. In contrast, if the debits are not equal to the credits, the accounts books are ‘out of balance. If you need any assignment or homework help in these regards, please do send us an email to firstname.lastname@example.org
Debit and Credit
Debit and credit are the two fundamental aspects of financial transaction in the double-entry bookkeeping system. In addition, as per the accounting standards, debits represent increases in value of assets and expenses and decreases in income, liabilities and equity. On the other hand our assignment help experts says that, credits represent increases in liabilities, equity and income and decreases in assets and expenses.
Assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected by debits and by credits. Debits increase account balances and credits decrease account balances that is referred to assets, dividends, expenses, or distributions. Credits increase account balances and debits decrease account balances that is referred to liability, common stock or retained earnings accounts.
Perpetual Inventory System
Perpetual inventory system is a significant technique or method of recording stores balances after every receipt and issue in order to facilitate regular checking. With the help of this system, the inventory count is updated constantly, perpetually, as the electronic cash registers (ECRs) record sold items. The Perpetual inventory system receives the price/cost of the sold item from the asset inventory account and moves it to cost of goods sold. So, cash register transactions update all the purchase, inventory and sales information throughout the system in real time as the transactions occur. We also provide case study assignment help services to students of US,UK and Australia.
There are several advantages of this system. For instance, this system does not only record sales, but also details the inventory. In addition, by using this system, company can easily detect different errors. It means through these system errors and frauds can be easily detected at an early date. Additionally, companies can better control over stores, because this system gives a complete picture of both quantities and values of stock in hand at all times. With the help of this assignment help system, company can prepare interim accounts effectively. This system also provides accurate and up-to-date accounting records. It also acts as internal check for the business organization. For instance, under the system, records are made simultaneously in the bin cards and stores ledger accounts which act as a system of internal check for detection of errors as and when they are committed. Along with this, it should also be noted down that it is necessary to take physical inventory when using the perpetual system. It is because company needs to identify breakage and employee theft issues.
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