Financial Accounting is a part of the overall financial management of a company, though it is different from the management accounting. However, the point to be noted is that, financial accounting Assignments plays one of the most major roles in the entire financial management. In fact, you can say that, where the Financial Accounting ends, the financial management comes into play. This is because, it is financial accounting which records, summarises and produces, for the financial managers, the quantitative information regarding all kinds of business transactions (which could be quantified of course) and represent them in well organised specific formats like income statement, balance sheet, cash flow etc. All these information are required not only to determine the quantitative status like profit/loss of a company or the value of assets liabilities of the company, but also forms the bedrock for the qualitative analysis of the financial performance as well as the efficiency of the financial management of the company.
Years ago, universities and colleges used to teach accountancy in some conventional methods, like read the theories, work out the problems from the suggested books and then sit in some exams during the whole course. Very few universities or colleges were there to deviate from this formal method of teaching accounts to their students. But with time and experience, the universities and colleges, for the past few years, have realised that the conventional way of teaching accountancy is not at all sufficient to develop the practical accounting skills of the students. Assignments are the result of such realisation. Accountancy, being a part of financial management, has its direct application in the corporate world. A student of accountancy with excellent theoretical knowledge has no utility if he/she cannot apply the theoretical knowledge, to account for the real business transactions as well as to draw the income statement or the balance sheet of a company properly.
Assignments in accounts are the only way to develop these application skills within the students. The universities are, now a day, putting so much importance on assignments that the academic performance of the students of accounts largely depends on their ability to write the assignments in perfect and up to the standard as set by the examining body of the institutes. Assignments, by its nature, not only test the application skills of the accounting knowledge of the students. To work out an assignment, a student need to have a solid base on accounting concepts as well as the Accounting Standards, applied for the purpose of standardizing the accounting procedures in a particular country. Moreover, assignments are used to judge the efficiency of the students in applying the accounting knowledge to tackle different real life accounting problems, which could be evolved during their professional life. The decision making ability on the basis of the accounting information, the presentation style of the accounting information, is all very important and are well judged by the assignments. In this globalization business world, most of the reputed companies as well as lots of middle sized companies are doing their business in several countries.
Therefore, an efficient accountant should have the proficiency in applying the Accounting Standards of various countries and should have the ability to find out the true information from the accounting information, reported under different Accounting Standards. Assignments are there to help the students to develop such vital knowledge so that they can get a competitive edge in finding their place in multinational corporations. One important aspect of accounting is reporting the information precisely and perfectly so as to help various users of accounts to take decisions on the basis of the reports. Government, company management, shareholders, investors is all dependent upon the accounting report to take vital decisions regarding the future company policy or investment policy whatsoever. Universities chose their accounting assignment topic in such a way that the students are required to develop this reporting skills properly, if they want to accomplish the assignments perfectly. The time management and the decision making ability of the student within a limited time period after properly analysing the data, are also tested by the universities through these accounting assignments.
It's true, that assignments are real challenges for the students of accounts and sometimes, as a student of this stream, you may think that you are under unbearable pressure of accomplishing your assignments perfectly and to maintain a good grade point record. But, if your dream is to be a successful accountant and if you dream to be one of the most important part of the accounting team of a reputed corporation, then doing these assignments religiously and dedicatedly is the best way, open before you, to achieve your dream.