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Finance is a subject that deals with monetary transactions like raising and investing funds in business. It is related to topics in marketing, business management and operation technology and involves intricate concepts for analysis. Learning Finance is a good option as it leads to many new portals in career and heads students into new pastures of learning in their advanced courses.

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Doing assignments in Finance topics is not an easy task as it demands skills of drafting, collecting statistical data and graphing from students. Anyhow, they have online tutoring sources as their stand by and can cope with any Finance related tasks through their help. The easiest way to score high grades in Finance assignments is through seeking Finance assignment help online and breezing through difficulties in doing Finance topics in a short span of time.

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Finance deals with three major areas like Corporate Business Finance, Investments and Finance Markets and Institutions. When Corporate Finance deals with the decisions of a company in areas of Finance and investment actions, Investments deals with short term securities like marketable securities and long term securities like stocks and bonds. Learning about Financial Markets is important for knowing the transactions between users and servers of funds.

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Financial Accounting deals with writing financial statements or reports about the financial transactions of a company. Financial statements are made by way of income statement, cash flow statement and balance sheet. Writing assignments in Financial Accounting is based on these reports and it is actually a hectic work for students as each type of report needs a particular type of information. Financial Accounting assignment help from expert tutors in the subject helps students analyze the topics, research material and get good assignments written on the required topics.

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History is a very vast subject and to prepare assignment s in the subject topics is laborious and time taking. Tutoring sites offer History assignment help for political, economic, cultural history of a country to facilitate easy assignment writing for students. There are websites that offer tutors for students to browse web together for their topics, gather material and seek guidelines from tutors for their history assignments. With their coherent and well organized material, online writers in History make an interesting study of the aspects of the given topic in history and make students understand the historical facts via their lively presentation.


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9 Things You Need To Know About Financial Statements

Financial StatementEvery business owners, company investors and board of directors would like to see how their company performing financially. A need for preparing financial statements becomes a routine part for any organization. These financial statements tell business owners, companies board of directors a true picture about the health of their organization. Therefore, interpreting and understanding these financial statements becomes important on the part of investors, owners and companies board of directors.

What is Financial Statements?

Financial statements are formal record of the financial activities and position of a business, person, or any organization or a legal entity. The financial activities are presented in a structured manner which is easy to read and understand by any individual. The key financial information’s are recorded either on:

  • Income Statement
  • Balance Sheet
  • Statement of Cash Flow

In this article, I will explain you what the financial statements have to offer and how to use them to work in your favor.

  1. Business Investor and Financial Analyst all use Balance Sheet, Income statement and Statement of cash flow before making any financial decision. These statements truly reflect the financial health of any organization. The other statements such as statement of owner equity, retained earnings are important too but not critical. Investors can refer them also to make their financial decision.
  2. The financial statements are widely used to develop a score card to help business owner to compare the score card with actual and make any decision if there is any variance between the score card and actual results. Financial Analyst prepares this score card based on the historical financial information presented by the company in the form of Financial Statements.
  3. The financial statements are widely used by financial analyst to calculate various financial ratios which tend to show an indicator of company present performance and where company is heading in the future. These financial ratios are often presented to board of directors or investors for review.
  4. An active investor likes to see these statements before investing in to company. The auditor of company uses these financial statements to prepare his audit report. The audit report can either be unaudited which is based on mid-year financial statement and final auditor report which is normally completed after the company financial reporting period ends.
  5. If the company owns several other subsidiaries companies, the financial statements can also be prepared as consolidated financial statement where it includes financial information of both parent company and all its subsidiaries companies.
  6. GAAP (generally accepted accounting principles) rules followed by majority of large companies which allow the company to prepare their financial statements according to GAAP. There are basically two conventions, one of historical cost and other one accrual accounting, according to GAAP, the assets are valued at their historical cost whereas revenues and expenses are recoded when they are incurred. Therefore, the investor should really need to understand the statement of cash flow of any organization to see health of the company performance.
  7. Income statement is another statement that cannot be overlooked by any investor. Income statement normally reveals the ability of a business of how much business generates a profit. On the other hand, it does not reflect how much of assets and liabilities business required to generate a profit.
  8. Investor or financial analyst can perform a variance analysis if they have the financial information’s to see some powerful indicator such as profitability trend, sales trend and revenue trend. These variance analyses help the investors to make their financial decisions.
  9. Cash flow statement is the most important financial statement for any business mainly because it focuses solely on changes in cash inflows and outflows over a period of time. This report presents investors a more clear view of a company’s cash flows than the income statement, which can sometimes present skewed results, especially when accruals are required to be maintained according to GAAP


An overview of the above financial statement helps the readers to see a bigger picture of the company. However, the beginning investor should also prepare to learn more about investment qualities before they invest in the companies.

Still confused about financial statement? Connect with online accounting tutor to understand more about financial statements and improve learning before investing.

Guide To Understanding And Setting Up The Chart Of Accounts For Any Business

Chart of accountsChart of accounts are those accounts which are commonly used by medium or large corporation to classify its income statement, balance sheet items in a structured way by department, expenses, incomes, assets and liabilities of an organization.

It is also a powerful tool for any organization to manage its expenses, revenue, assets and liabilities in order to understand the overall financial health of the organization. Normally all the charts of account run using accounting software which aggregate the entity financial information. The information can be sorted by department for any time frame.

Each account in the chart of accounts is typically assigned a unique number by which it can be identified. The unique number generally starts from numerical number from 1-5 where:

1 Represent Current Assets

2 Represent Current Liabilities

3 Represent Operating Incomes

4 Represent Cost of Goods Sold

5 Represent Operating Expenses

How to set up the chart of accounts?

Business owners can set up their business chart of accounts as shown below. As you can see in the table below, each account is assigned a unique number which is 5 digits long. It is the industry standard however, the business can shorten or make longer number as they wishes.

Assets Side of Balance Sheet (account numbers start with 1)

Current Assets

10100 Cash – Regular Checking

10200 Cash – Payroll Checking

10600 Petty Cash in hand

12100 Accounts Receivable

12500 Provision for bad debt

13100 Inventories

14100 Supplies

15300 Prepaid Insurance

Fixed Assets:

17000 Land

17100 Buildings

17300 Equipment

17800 Vehicles

18100 Accumulated Depreciation – Buildings

18300 Accumulated Depreciation – Equipment

18800 Accumulated Depreciation – Vehicles

Liabilities Side Of Balance Sheet (account numbers start from 2)

Current Liabilities:

20110 Notes Payable- Line#1

20210 Notes Payable -Line #2

21000 Accounts Payable

22100 Wages Payable

23100 Interest Payable

24500 Unearned Incomes

Long-term Liabilities

25100 Mortgage Loan Payable

25600 Bonds Payable

25650 Discount Payable

Stockholders’ Equity

27100 Common Stock

27500 Retained Earnings

29500 Treasury Stock

Operating Incomes (account numbers start with 3)

31010 Sales

31022 Sales

32016 Sales

33110 Sales

Cost of Goods Sold (account numbers start from 40000)

41010 Cost of Goods Sold-Line#1 (COGS)

41022 Cost of Goods Sold -Line#2 (COGS)

42016 Cost of Goods Sold -Line#3 (COGS)

43110 Cost of Goods Sold -Line#4 (COGS)

Operating Expenses (account numbers start from 5)

50100 Salaries (Marketing)

50150 Payroll Taxes (Marketing)

50200 Supplies (Marketing)

50600 Telephones (Marketing)

59100 Salaries (others)

59150 Payroll Taxes (others)

59200 Supplies (others)

59600 Telephone (others)

Following the above structure, organization can structure their chart of accounts by expense, by sales department, marketing department, Engineering department and accounting department.

Still confused about how to set up chart of accounts? Connect with expert Online Accounting Tutor right now and learn how to set up chart of accounts for your business.

Why Ignoring Variance Analysis Will Cost You Sales?

Variance AnalysisVariance analysis is an integral part of any business to be successful. It is an important tool for budgetary control by means of evaluating the business performance by analyzing the variance between budgeted amount, planned amount or standard amount and actual amount spent.

What is Variance Analysis?

Variance analysis is the difference between standard cost and actual cost incurred during a given period. Variances analysis can be performed both at cost and revenues level. In other words, if a business owner wants to know what is his planned result and how it will look when comparing it with actual results so he can see the overall performance of the business.

For Example: ABC Company has its monthly sales short by $4000.00 as compared to the forecasted sales of $20,000. The percentage of change was 4000/20000 was 20%. This was due to the fact that business lost one big customer who used to buy the company products for $3,500.00 due to late deliveries of shipment to the customer. That resulted a miss in the forecast of sales.

This kind of variance analysis helps businesses to understand why there is was fluctuation in its business and what it can do make changes in order to prevent this in the future.

That was just one example of variance analysis that business can perform regularly, there are several other most commonly used variances that business can use to determine the health of its business such as:

Selling Price Variance: This analysis can be performed by subtracting standard selling price from actual selling price multiplied by actual number of units sold.

Purchase Price Variance: This can be performed subtracting the standard cost from actual price paid for materials used in the production and then multiplied by the actual number of units sold.

Labor Efficiency Variance: Labor efficiency is performed most by manufacturing company where the business owner would like to know what is the labor efficiency variance for a given period of time. This can be calculated simply by subtracting the standard quantity of labor consumed from the actual amount and then multiplied by the standard price per unit.

Direct Labor Rate Variance. This is very important tool that every business owners wants to know about what is the labor rate variance. This can be performed by subtracting standard labor cost from actual price paid for the direct labor and then multiplied by the number of units sold. Direct labor is considers those manpower who are directly used in the production such as machine operator.

Direct Material Yield Variance: This analysis can be performed by subtracting the total standard quantity of material from the actual quantity used then multiplied by the standard price per unit.

Fixed Overhead Spending Variance: Fixed overhead are those expenses that never changes irrespective of sales volume such as salary, rent, insurance, utility expenses. This analysis can be simply performed by subtracting standard cost from fixed overhead cost for any reporting period. If the standard cost exceeds the actual fixed overhead the analysis can assume that they have controlled and managed their fixed expenses well. In other words, if standard fix overhead expenses exceed actual fixed overhead expenses, then business is spending more than on its fixed expenses than its planned.

Variable Overhead Expenses Variance: Variable overhead expenses are those expenses which tend to change when sales volume change such as cost of cost of goods sold, sales commission. This variance can be performed by subtracting the standard variable cost per unit from actual cost incurred during any reporting period and the multiplied by the total actual units.

These variances helps the business owners to understand and manage the present cost and control the future cost. By applying these variances in practice, businesses or companies can save its cost and therefore increase the value of its stockholders.

Still confused about how to apply these variances analysis using excel? Connect with our online accounting tutor today and lean to how to become master in the variance analysis.

3 Ways Companies Can Lower Its Break-even Point

Online Accounting Tutor, Break-even PointBreak even analysis is a key financial tool that every business uses to find out how much they would have to sell in order to cover their fixed expenses. You as a business owner should know about what are your fixed and variable expenses. Break-even point is calculated to determine how much volume of sales you need in order to make profits. It is also an important part of cost-volume-profit analysis.

What is Breakeven Point?

A company break-even point is the point where business sales are equal to both variable and fixed expenses. The company will need to sell enough units in order to be no profit or no loss. This point is called break-even point.

If company sells fewer units of its products, it will incur loss as it will not be able to cover all fixed and variable expense or in other words, if it sells more, it will make profits. To calculate a break-even point, you will need to remember three things:

  • Fixed Expenses: Fixed expenses are those expenses that do not change irrespective of sales volume such as rent, salary, insurance, utilities, office, depreciation, fees etc.
  • Variable Expenses: Variable expenses are those expenses which tend to change with the volume of sales such as cost of goods sold.
  • Price: The price of the product is the price set by the company to sell at wholesale price or cost of manufacturing the product plus mark up.

The Formula for calculating Breakeven Point:

Fixed Cost/(Sell Price-Variable cost)= Breakeven Points (In units)

In the above example, the fixed costs are stated as a total cost whereas the variable cost is stated as per unit cost. In other words the variable cost is calculated by deducting variable cost per unit from sell price per unit. It is also called contribution margin. In other words, the contribution margin is calculated as follows:

Contribution margin =Sell price per unit – variable cost per unit

Example: ABC Inc. has its fixed cost consisting of rent for property, executives’ salaries, property taxes and depreciation on fixed assets for up to $120,000. Its variable cost consisting raw material, factory labor, and sales commission calculated as $1.60 per unit, the product selling price is at $4.00 each.

Given the above example, we can calculate the ABC breakeven point as follows:

Break-Even Point: Fixed Cost/ (Selling Price-Variable Cost)

Break-even Point (BEP): $120,000.00/ ($4.00-$1.60)

=50,000 Units

Give the above example, Company would need to sell 50,000 units to cover its fixed expenses. This is called Break-even point where company will be making no profits and no loss. So If company need to make profit, it would need to sell more than 50,000 units.

3 ways to lower your Break-Even Point:

Let’s say, if the economy is in downturn or recession, the sales volume will drop as there will be less demand for the product company sell. In that case, company will not sell enough to cover its fixed expenses.

In the above example, ABC Company will not be able to sell 50,000 units to cover its fixed expenses. Here is what company can do to sustain in the downturn market.

  1. Company can either increase its sales price so it can meet its fixed expenses. Or
  2. It would have to cut down its fixed expenses so even if the sales volume down, it can still cover fixed cost.
  3. Up-sell and Cross-sell

Let’s say you have found a way to reduce your fixed cost. You are getting a cut in your salary by $20,000. Now the fixed cost will be amounted to $100,000. The new break-even point will look like as follows:

Break-even Point (BEP): 100,000.00/ ($4.00-$1.60)

= 41,666 Units

As you can say, the company will now need to sell 41,666 units as compared wit 50,000 units to cover its fixed cost.

In another example, let’s say you don’t want to make a cut in your salary, instead you would like to raise product selling price per unit.

The new selling price is $4.50

Break-even point= 120,000/ ($4.50-$1.60) =41,379 units

In both the example, you will need to sell lesser units to cover your fixed expenses. However, the better option is number two where company to raise its selling price.

Still confused about how to calculate breakeven point or need to learn more about Break-even point?  Connect with live Online Accounting Tutor  to receive help right away.

Key Difference Between Income Statement, Cash Flow Statement & Balance Sheet

An effective business management needs three very important financial statements that include income statement, cash flow statement and balance sheet. Indeed, all these three financial statements are typically produced with accurate financial information in order to make trustworthy & sound business decisions. Usually, these financial reports reflect the critical info about the different business activities like cash management, effects of business transaction during a particular period, revenues and expenses of a company, equity shares as well as the events on an entity. Each type of statement plays a significant role in a company; in fact these are the essential decision-making tools.

Let’s have a look at the key difference among these significant financial statements:

Income Statement

The statement that depicts financial sustainability assists to represent the current value of the business as well as describes the total profit over the costs of earning of a company for a given period of time. Indeed, income statement is a statement of operations that represent overall income, profit and loss of a business entity. The “Statement of Financial Performance” provides information relating to the sufficiency of the selling prices as well as the adequacy of the profit related to the business owner’s net investment. Along with the profitability, it also indicates how the company’s revenues are transformed into the net income.

Generally, this P&L statement (Profit and Loss Statement) is directly associated to the cash flow statement, balance sheet along with statement of changes in equity. One section of this statement includes details about the revenues & gains and another section includes details about the expenses and losses. The income statement shows a net profit, if gains & revenues are greater than losses & operating costs. On the other hand, in case of greater expenses and losses of the company, the income statement will show a net loss.

 income statement

Cash Flow Statement

The statement of cash flow shows the details of cash funds that a company has taken in or disbursed to or from any another source over a specific period of time. In fact, it describes the source as well as application of received and distributed money or funds throughout the reporting period by comparing the opening balances with the closing balances on cash or cash equivalent accounts. Essentially, the cash flow statement includes all the details from the balance sheet and the income statement in order to give a summary of cash inflows and outflows related to the financing activities, operating activities and investing activities.

Indeed, this statement informs about the movement of cash funds in a specific period of time to the decision makers. By including details of all the cash activities during that period of time, cash flow reports are prepared at the end of an accounting period. In fact, the statement of cash flow is a mirror image of business or a company owner’s ability to pay its bills or invoices in the future.

Read more – What is the difference between Cost accounting, financial accounting and Management accounting?

Balance Sheet

The “statement of financial position” or a balance sheet identifies the financial strength of a company or business at a particular moment in a time. In financial accounting, it is a summary of the financial balances of a corporation, a sole proprietorship, a business partnership or other business organization.

A balance sheet is an essential statement that shows the real picture or snapshot of a company’s financial position and the exact value of the assets that an organization owns at a particular point in time. It is prepared either monthly or quarterly at the end of an accounting period.

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The key purpose of all these three aforementioned financial statements is to provide different types of details & appropriate information to financial decision makers that essential to run a company successfully. With the help of this unique, necessary and accessible information, the internal and external decision makers need to make decisions about the distribution of resources within their control. In this way, all the statements assist decision makers choose the most advantageous resource allocation option for their business or a company.

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Accounting tutoring online: Why Accounting Tutoring Online Is Significant to Learn Accountancy?

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Cost Accounting Help: How Cost Accounting Help in understanding Accounting?

Cost accounting is an essential part of accounting. The subject is a complex method of evaluating, summarizing, analyzing and collection of various alternative courses of action. The subject is a source to calculate the overall expenses that are related to conduct business. A majority of students is not aware of importance of this subject. Online accounting tutors teach the students how cost accounting helps to enable managers to verify how much and what kind of expenses are concerned to maintain the business.

Accounting Homework: What is the Importance of Accounting Homework?

The best thing about online accounting tutors is that they are available 24×7 for your convenience. Tutors assign accounting homework to students for more practice. With the help of accounting homework, students can understand the concepts clearly.  Online accounting tutors provide comprehensive information about the three important accountancy components – special accounting education, professional accounting education and general accounting education. Accounting online course serves to help break down difficult topics of accounting into concise and simply clear modules that are easiest to remember and comprehend.

Online accounting tutoring is like a boon for students. Now students can complete homework and accounting assignment from the comfort of home.

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What is the difference between Cost accounting, financial accounting and Management accounting?

Key Differences Between Cost Accounting And Financial AccountingAccounting is a versatile profession and is continually changing and adapting to various requirements needed in different industries over the years. There are different branches of accounting namely financial management, cost, government, forensic and many others can be named according to the needs of the organization. So, there arises a necessity to know the difference between various types of accounting.

In this article, you will understand the difference between financial accounting, cost accounting and management accounting.  Before going into the study of differences among them, let us define first what is financial accounting? Financial accounting defined as the representation of the company or firm’s activities done during the period and its financial position at the end of the accounting period. It deals with the preparation and presentation of financial statements namely Balance Sheet, Profit and Loss Account, Cash Flow Statement and Statement of Changes in Equity.

Understanding financial accounting basics is important to prepare and interpret financial statements. One of the basic financial accounting equation is “Assets is equal to Owner’s Capital (Equity) plus Liabilities”. Assets are the company’s property that helps in running the business smoothly and earn from its operations. While liabilities are the money which the company owes to creditors, banks etc. Normally too much liability is not considered good for the company. The reason is in case of liquidation or termination of company the creditors have to be paid first and if there is any residue, the owners or shareholders can take home. Capital is the contribution made the owner or the assets owned in setting up the business and bring it to life.

Financial Accounting vs. Cost Accounting vs. Management Accounting

Financial Accounting gives out information about the enterprise’s financial activities and situation. It makes use of the past or historical data. All the transactions and statements are recorded and presented in terms of money mostly. Persons who make use of these financial statements are outsiders like banks, shareholders, creditors, government authorities etc.  Financial statements are usually presented once in a year and there is a certain format for their presentation. It is mandatory for the companies to follow the rules and policies framed under GAAP (Generally Accepted Accounting Principles). It indicates whether the company is running in loss or profit.

Cost Accounting helps in the determination of the cost of the product, how to control it and in making decisions. It makes use of both past and present data for ascertainment of product cost. There is no specific format for the preparation of cost accounting statements. It is used by the internal management of the company and usually the cost accountant prepares this to ascertain the cost of a particular product taking into account the cost of materials, labor and different overheads. No certain periodicity is needed for the preparation of these statements and they are needed as and when required by the management. This makes use of certain rules and regulations while computing the cost of different products in different industries.


Unlike the above two accounting, Management Accounting deals with both quantitative and qualitative aspects. This involves the preparation of budgets, forecasts to make viable and valuable future decisions by the management. Many decisions are taken based on the projected figures of the future. There is no question of rules and regulations to be followed while preparing these statements but the management can set their own principles. Like cost accounting, in management accounting also there is no specific time span for its statement and report preparation.  It makes use of both cost and financial statements as well to analyze the data.