Principles Of Accounting Exam Questions And Answers links:
[FREE] Principles Of Accounting Exam Questions And Answers | latest
Posted on 9-Apr-2021
Financial Accounting is one of the most interesting subjects for students in senior secondary schools that understands the principle. Understanding the principle of Accounting makes understanding the subject much easier. Scholars have always advised...
[ VIEW ANSWER ] [ Find Similar ]
[GET] Principles Of Accounting Exam Questions And Answers | updated!
Posted on 15-Mar-2021
This download link will take you to the full document containing close to Financial Accounting past questions and answers. Please note, do not limit your scope of reading to the questions and answers provided in this post rather expand your studies...
[ VIEW ANSWER ] [ Find Similar ]
Practice Questions & Answers In Accounting
Posted on 8-Mar-2021
ANS: A 16 If salary account is debited instead of stationary account, the error committed is that of a commission b omission c principle d compensation ANS: A 17 Ledger accounts is mainly classified into a nominal, real and personal account b fixed and current accounts c management, financial and public sector accounting d bank and cash accounts ANS: A 18 One major advantage of a ledger is that it a is a book of original entry b is only accessible to shareholders during distribution c removes the need for preparing a balance sheet after each transaction d can be used by any type of business. ANS: D 24 Which of the following is not a real account? All answers here are correct, you can as well make references to your Financial Accounting text books should you have doubts as regards any of the answers.
[ VIEW ANSWER ] [ Find Similar ]
35 Short Questions And Answers-Accounting Principles
Posted on 23-May-2021
Hope the above is well explained. Since the Financial accounting questions all have answers attached to them there would most likely be no need for questions, however, we still entertain questions and your inputs on the subject matter via our comment section below or our contact us page so we can keep udating this contents and adding new questions and answers as they come, Latest Updates.
[ VIEW ANSWER ] [ Find Similar ]
Full Accounting Questions And Answers
Posted on 12-Apr-2021
Gowri Ramamoorthy 1. Suggested answera Financial accounting is concerned with the collection and classification of historic data in order to prepare the annual financial statements of the business. These statements are prepared for users outside of the business such as owners or shareholders, prospective investors, providers of loan capital, receivables and payables and the Government. Management accounting on the other hand is about providing management with the information that it needs to carry out its functions properly for planning, control and decisionmaking. Businesses are required to keep accounting records for a number of reasons:Legal -the final financial statements of incorporated businesses must be prepared according to a prescribed statutory format and must usually be audited by an external auditor. There is a plethora of information that can be obtained from these two documents which will enhance the decision whether to grant or extend credit or establish or extend terms.
[ VIEW ANSWER ] [ Find Similar ]
Accounting Principles Interview Questions & Answers
Posted on 9-Apr-2021
This will be of particular use to the credit manager. This will possibly indicate job security and can form the basis for bargaining for improvements in pay and conditions. They will also desire that the company will be in existence for after sales service and warranty. Customers will look to all aspects of the final accounts to determine its financial stability. Total 20 marksThis area of the syllabus has not been tested for a while and in the main the candidates handled it well. Most could highlight reasons why organisations maintain financial and management accounts in a though a minority did not make the distinction.
[ VIEW ANSWER ] [ Find Similar ]
Chapter 1 - Multiple Choice
Posted on 14-May-2021
Many though could differentiate and come up with some very pertinent answers. Part b witnessed some very good responses though a few failed to address the implications from a credit management perspective which the question required. Part c was tackled well by the vast majority though the majority of candidates just cited profit as the most important piece of financial information for the stakeholders cited.
[ VIEW ANSWER ] [ Find Similar ]
Accounting 1 Practice Tests
Posted on 5-Apr-2021
This was apt for the first three but with regard to the other two, I would like to have seen more reference to prices, after sales service, warranties, sustainability and environmental issues. All businesses whether they are incorporated or unincorporated require additional sources of finance to fund their operations. TASKIdentify the key characteristics together with one advantage and one limitation for each of the following: a Bank overdraft. In reality this is giving the organisation credit as it is borrowing at the suppliers' expense. Firms use trade credit as a source of working capital rather than rely on a bank overdraft which has a cost. They are granted for a specific amount for a specific period and be either secured against the assets of the business i. The period of the loan is agreed at the outset and interest rates are based on the amount borrowed and prevailing economic conditions.
[ VIEW ANSWER ] [ Find Similar ]
Pearson Accounting Answers
Posted on 13-Mar-2021
Interest payments can be fixed throughout the period of the loan or may be variable subject to market conditions. Here the company sells its book debts to a factor. The balance will be paid, less fees, when the customers have paid the factoring company. The factoring company may also take responsibility for bad debts which is a form of insurance with an additional fee attached. This increases the funds available to the business which might lead to an expansion of the business or an increase in its share valuation. It can be used to finance either working capital or the purchase of non-current assets.
[ VIEW ANSWER ] [ Find Similar ]
Accounting Principals Test Preparation
Posted on 6-May-2021
Advantages Question aimsTo test the candidates' ability to prepare a trading and profit account and balance sheet from a trial balance taking into account all adjustments re accruals, prepayments and depreciation. This was probably the most popular question on the paper with the vast majority of candidates securing a pass mark. As indicated, the presentation of the final accounts of businesses has improved significantly though there are still isolated incidents of poor practice. In the main, the TPLA SPL was handled well, though the odd candidate did confuse purchase and sale returns and discount allowed and discount received. In a couple of instances, opening and closing stock inventory were inserted the wrong way round. Most students addressed the accruals and prepayments adjustments, though a few found the depreciation calculation problematic. As credit manager of ABC Limited, you have been asked by your financial director to assess the feasibility of increasing the credit facility of Doyle and Scott Limited.
[ VIEW ANSWER ] [ Find Similar ]
Accounting Principles And Concepts
Posted on 22-Mar-2021
In the main, the vast majority of candidates who attempted this question scored well although not as highly as one would expect given the importance and possibly the familiarity of the subject matter. Most of the ratios were computed correctly though some of the efficiency ratios, especially stock turnover, caused a few problems. Part b responses were either very good or poor. The interpretation of financial data is just as important as the calculation of the said ratios so students should take note. The topic, given its importance, will continue to be examined in future diets.
[ VIEW ANSWER ] [ Find Similar ]
35 Short Questions And Answers-Accounting Principles - Questions & Answers
Posted on 15-May-2021
This means all assets will be valued in the balance sheet at either historical cost less accumulated depreciation or at a revalued amount. If the company is not to continue as a going concern and ceases trading and has to have its assets sold then the market value of these will be significantly lower than the book value held in the accounts. The Board must then write down the value of the assets in the balance sheet to the amount they would realise in a forced sale and adjust liabilities accordingly.
[ VIEW ANSWER ] [ Find Similar ]
(PDF) Practice Questions & Answers In Accounting | Financius Ltd - 1medicoguia.com
Posted on 1-May-2021
This ensures that the revenue relating to the year is matched against the related expenses for the year. This enables the income of one period to be matched more fairly against the expenditure of the same period. The accruals concept is widely recognised as a more objective way of measuring profit than on a cash basis. This gives a true and fair view of the profit for the year and the assets and liabilities in the balance sheet. Once an accounting policy has been adopted it cannot be changed as this would distort profits and the valuation of assets. The board must disclose any change and have the approval of the auditors. The natural tendency would be to be over-optimistic about profits and the overall financial position of the business. The prudence principle deems it apt to be conservative or pessimistic when making a judgement on anticipated profit or losses of a company.
[ VIEW ANSWER ] [ Find Similar ]
Principles Of Acc. Papers | Accounting Past Papers With Solutions
Posted on 27-Mar-2021
Part b was well answered by most although a number did cite and talk about materiality, business entity and money measurement, which although are other accepted standards, do not apply to final accounts. The final accounts of an incorporated business contain a great deal of information that will help the credit manager in making a more informed decision whether to grant or extend credit facilities.
[ VIEW ANSWER ] [ Find Similar ]
Accounting - Practice Exams
Posted on 21-May-2021
Also whether the financial statements have been prepared in accordance with the appropriate Companies Act legislation. A clean, unqualified, audit report indicates that the auditor is confident that the final accounts give a true and fair view of the company's financial affairs for the year. The credit manager then can have some confidence of the financial standing of the given organisation.
[ VIEW ANSWER ] [ Find Similar ]
Accounting Principles Multiple Choice Questions
Posted on 11-Mar-2021
Also a clean audit implies that proper records have been kept and in accordance with all relevant legislation. A qualified audit report though should be a warning sign as it implies some disagreement in one or more areas of the final accounts which should alert the credit manager that all is not financially 'well'. This obviously would have some bearing on the credit manager's decision whether to grant or extend credit to the customer.
[ VIEW ANSWER ] [ Find Similar ]
Financial Accounting Exam Past Questions And Answers - PDF Documents
Posted on 3-May-2021
There is a plethora of information here which will help the credit manager in making a more informed credit decision. Also any changes to the Board during the year. Nonetheless, if the auditors and directors' reports are detailed in a positive manner and this is supported by the chairman's report, the credit manager can rate this as a favourable piece of credit intelligence. It must though not be totally relied upon to assess any aspect of credit worthiness. This was recorded in the Drawings account but there were no other entries. TASK a What is the purpose of a trial balance? Suggested answera The purpose of a trial balance is to check the arithmetical accuracy of the double entry in the ledger accounts and to provide information required for the preparation of the final accounts. Students should identify that transactions vi and vii would not require any posting to the suspense account but that a journal entry would be pertinent.
[ VIEW ANSWER ] [ Find Similar ]
Accounting Interview Questions
Posted on 7-May-2021
Total 20 marksNot as popular as in previous exam series but answered well by those who attempted, even though there were a couple of woeful responses. Most knew the role and importance of suspense accounts and many came up with a nil balance after the appropriate corrections and postings. Some of the narratives in the ledger itself could have been better.
[ VIEW ANSWER ] [ Find Similar ]
Leave A Comment
Posted on 23-Mar-2021
Answer: The rules or regulations that are followed in order to carry out the work properly are called principles. Question What is the accounting Principle? Answer: Accounting principle refers to a number of basic or self-evident truths that are universally accepted in accounting. Answer: General principles that suggest how economic events should be reported. Answer: The assumption which requires separation of the activities of the entity and all the other economic entities from the activities of its owner.
[ VIEW ANSWER ] [ Find Similar ]
Chapter 1 - Multiple Choice - 1medicoguia.com
Posted on 6-May-2021
Question What is the fair value principle? Answer: An accounting principle that states that assets should be reported at their cost by businesses. Question What is the Time period assumption? Question What is the revenue recognition principle? Answer: The principle that companies recognize revenue during the accounting period in which the performance obligation is fulfilled. Question What is the Going Concern assumption? Answer: The assumption that for the foreseeable future, the company will continue to operate. Answer: The principle of accounting that requires a business to report to users of the circumstances and events of the financial statement that affect them.
[ VIEW ANSWER ] [ Find Similar ]
Igcse Accounting Notes
Posted on 5-Apr-2021
Answer: An assumption that businesses include only transaction data that can be expressed in terms of money in accounting records. Question What is the concept of accrual? Answer: Under this concept, the outstanding expenses are added to the related expenses which have been paid and the outstanding revenues are added to the related revenues which have already been received during the accounting year concerned. Question What is the matching principle? Answer: The matching principle is the connection between income and expenditure. Question What is the materiality Principle? Answer: The principle of providing significant and important accounting information. Question What is the Conservatism Principle?
[ VIEW ANSWER ] [ Find Similar ]
No comments:
Post a Comment