Accounting Essay Questions

accounting discussion questions

The term credit means decrease when applied to an asset account, but it means an increase when applied to a liability or owners’ equity account. Proformative.com has established itself as the premier online destination for accounting and finance professionals to talk shop. Accounting discussion topics include cash management, technology, strategy, budgeting and forecasting, risk management and more. I’m working with an instructor on an upper level accounting class. The previous version of the course had some ho-hum discussion questions. He’s fairly new, and I’d love to give him some ideas for good discussion questions. Does anyone have some awesome discussions for an accounting course?

accounting discussion questions

Financial accounting is mandated by statute whereas management accounting is optional at the part of the management. Financial accounting provides only objective financial information normal balance whereas management accounting provides both financial and non financial information. Does the receipt of cash by a business indicate that revenue has been earned?

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Looking for opinions — do you include the freight charges passed through to customers as top line revenue, or as a reduction of your cost of goods sold? Our experts will answer your question WITHIN MINUTES for Free. Production cost consist of manufacturing cost i.e direct material, direct labour and factory overheard where as period cost consist of selling and administrative expenses. From the e-Activity, discuss the primary advantages and disadvantages of using dollar-value LIFO, as compared to specific goods.

All employees of the University are responsible for managing internal controls. Tier 3 Leaders are specifically responsible for ensuring that internal controls are established, properly documented, and maintained in each organization. CFO 400 – Fiscal Responsibility for UF Leaders is recommended for Tier 3 leaders and their teams developing or reviewing their monthly reconciliation process . Keep in mind that what the best forum will depend on what you are particularly searching for.

accounting discussion questions

As part of the discussion, explain how and why you selected one basis over the other. This article will give you an introduction to the principles of accounting transactions. Accounting transactions record the amount of money spent and received by a given entity. Section 2.10 is a summary of balance sheets and income statement transactions. An account is a form designed to record changes in a particular asset, liability, stockholders’ equity, revenue, or expense. Many firms discover that they do not hold enough information about customers Management accountants can play a key role in providing such information . Critically comment on this statement and undertake a literature review to examine the various ways the management accountant may contribute to marketing and other decisions within organisations.

This video demonstrates how transactions lead to the creation of financial statements, which are a great source of reference. The video demonstrates how transactions are directly connected to financial statements and how the individual events of the accounting cycle are connected. Section 2.7 introduces a number of concepts of business transactions and how they affect the accounting equation. Section 2.5 discusses the four financial statements and provides illustrations to support the discussion.

3 4: Transactions Affecting The Income Statement And

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accounting discussion questions

What basic question about recording revenue in accounting records is answered by the realization principle? Revenue is considered realized at the time that services are rendered retained earnings to customers or goods sold are delivered to customers. The realization principle answers the question of when revenue should be recognized in accounting records.

Team Conversations About Internal Controls

To see how our services can help you with your own studies, take a look at our academic services portfolio. The Capital asset pricing model is a very useful model and it is used widely in the industry even though it is based on very strong assumptions. Prepare a marginal costing cost statement for your energy drink. Critically assess how the use of principles-based standards will aid effective standard-setting by the IASB, and aid decision-usefulness for stakeholders. You should develop your arguments in the context of appropriate accounting theory. Getting assistance, guidance, or writing support is not prohibit by any learning institution, but we encourage our users to focus on developing their knowledge base, and not to misuse our services. On-Time delivery We pay strict attention on deadlines.

  • Without accounting, investors would be unable to rely on timely or accurate financial information, and companies’ managements would lack the transparency needed to manage risks or plan projects.
  • Write a report or essay evaluating the importance of budgeting in 2000 words.
  • Please also make any suggestions or provide site feedback in here.
  • Pay close attention to the steps involved in the accounting cycle from beginning to end.
  • Included is the classic general accountancy discussion where your average user can go to for accounting advice or simple conversation.

These fellow users can provide insight, advice, and their own experiences to enrich you. Does the term debit mean increase and the term credit mean decrease? assets = liabilities + equity No, the term debit means increase when applied to an asset account, but it means a decrease when applied to a liability or owners’ equity account.

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In most cases, accountants use generally accepted accounting principles when preparing financial statements in the U.S. GAAP is a set of standards and principles designed to improve the comparability and consistency of financial reporting across industries. Financial accounting refers to the processes used to generate interim and annual financial statements. The results of all financial transactions that occur during an accounting period are summarized into the balance sheet, income statement and cash flow statement. The financial statements of most companies are audited annually by an external CPA firm. For some, such as publicly traded companies, audits are a legal requirement.

Acct 525 Current Issues In Accounting

Usually, this increase in equity is accompanied by an increase in total assets. Imagine that you opened a restaurant in your hometown and you decided to take the knowledge and skills you learned in this class and be your own accountant. Discuss whether you would prefer to keep your accounting records on the cash basis or the accrual basis.

Some of the limitations of the trial balance are that it does not prove that transactions have been analyzed and recorded in the proper accounts and/or for the proper amounts. So many students struggle with answering discussion questions in exams. What inventory costing method would you prefer, and why? Also, include a discussion as to whether the costing method you would use for your accounting records would follow the actual flow of your inventory. This short introduction explains the complete accounting cycle in theory, from journal entries to financial statements. Some of this is a repeat, but this short refresher can help you understand a bit better now that you’ve had a little hands-on work.

It lists over two million members and conducts over 200 live webinars a year. Unlike other forums, Proformative is heavily moderated and is run almost like an online consulting firm. The accounting section of Proformative is very active and is one of the best places online to engage in peer-to-peer discussions on accounting-related topics. CPAnet primarily caters to the CPA exam candidate and new CPAs market, acting as a curation site for timely information about the accounting profession. It aims to serve as the primary source of tools and resources for accountants looking to find quality information online. CPAnet Forum hosts numerous discussions, niche communities, and social groups, including a dedicated CPA Exam forum.

Aat Discussion Forums

Imagine you are an accounting consultant hired by management. Recommend to management the method most beneficial during periods of inflation. Support your recommendation with specific examples of the method that is beneficial during periods of inflation. Accounting Jokes.” You’ll find a sizable accounting community here capable of fielding technical questions. We’ve scoured the internet to find the best five forums for accounting professionals looking to bounce ideas off of people or informally seek expertise. Forums are ranked on the frequency and quality of the posts. I coach accounting students who are struggling with their study habits and mindset, and want their studies to be as effective as they used to be.

The topics range from the general help with client issues to complicated accounting problems involving math, and a little philosophy as well. Most importantly, there are fantastic resources for studying for various AAT exams. Users will collaborate and help each other answer practice questions and guide each other to accounting success. Extraordinarily adept and smart users populate this forum, and you can acquire business strategies, or what is an ideal career path for you. Will that Bachelor’s in accounting be enough for you to land a stable job?

The double-entry system requires that equal dollar amounts of debit and credit entries be made for every business transaction recorded. Conspicuously absent from this list are the innumerable LinkedIn groups that feature lots of good content but little peer banter. LinkedIn groups are good places to find interesting thought leadership and trending topics, but as much for technical accounting discussion.

A dividend is a distribution of assets by a company to its stockholders and are usually cash. Dividends reduce both assets and owners’ equity and are not an expense. In what accounting period does the matching principle indicate that an expense should be recognized? The matching principle indicates that expenses should be recognized in the period that the expenditure helps to produce revenue. What requirement is imposed by the double-entry system in the recording of any business transaction?

Whether it’s knowledge, tips, or answers to tough questions, there are plenty out there. As you can surmise, youth 4 work serves as a resource for newer, more amateur accounting professionals. While you won’t precisely receive groundbreaking, complicated tax and accounting advice, these topics will help accounting discussion questions those who are just getting off of the ground in the field. The networking site we are all familiar with, LinkedIn does provide a useful outlet for accounting. Although perhaps not as robust as other options on the list, LinkedIn’s universal networking potential smooths it out as a great option.

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