Accounting Questions And Answers

accounting discussion questions

Signing up is free, and you can start asking questions right away. Proformative is unique in that it was incorporated in 2009 to serve as a discussion forum where financial professionals and casual users could come together for the benefit of one another.

When the client pays the invoice, the accountant credits accounts receivables and debits cash. Double-entry accounting is also called balancing the books, as all of the accounting entries are balanced against each other. If the entries aren’t balanced, the accountant knows there must be a mistake somewhere in the general ledger. This is an excellent resource for those who need help and others who are looking out for other financial experts.

Reddit Accounting

Financial accounting is the process of recording, summarizing and reporting the myriad of a company’s transactions to provide an accurate picture of its financial position. Two important types of accounting for businesses are managerial accounting and cost accounting. Managerial accounting helps management teams make business decisions, while cost accounting helps business owners decide how much a product should cost. A particularly valuable discussion forum is the career/jobs board, as it allows people to network efficiently and more casually than a place like LinkedIn. This is an excellent resource for both casual questions and more professional accountants and users.

accounting discussion questions

Accounting history dates back to ancient civilizations in Mesopotamia, Egypt and Babylon. For example, during the Roman Empire the government had detailed records of their finances. Regardless of the size of a business, accounting is a necessary function for decision making, cost planning, and measurement of economic performance measurement. Janet Berry-Johnson is a CPA with 10 years of experience in public accounting and writes about income taxes and small business accounting.

Much like Reddit, Proformative’s board and question and answer sections are incredibly active and provide a wealth of accounting information to those seeking advice and general knowledge. It receives an average of monthly 600,000 users in web traffic and has thousands of archived questions by various users.

What Skills Are Required For Accounting?

Two questions that rely on concepts that you really have not yet touched upon yet, but don’t worry; we’ll get there. Try to answer the questions in all of the bullet points except for the last three. Consider posting your answers on the discussion forum. Managerial accounting uses much of the same data as financial accounting, but it organizes and utilizes information in different ways. Namely, in managerial accounting discussion questions accounting, an accountant generates monthly or quarterly reports that a business’s management team can use to make decisions about how the business operates. Managerial accounting also encompasses many other facets of accounting, including budgeting, forecasting and various financial analysis tools. Essentially, any information that may be useful to management falls underneath this umbrella.

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As a result, all accounting designations are the culmination of years of study and rigorous examinations combined with a minimum number of years of practical accounting experience. This video will take you through the various accounting transactions and explain the posting process. Take note of how each transaction affects accounts on the balance sheet and income statement. Though the steps might seem dull and uninteresting, it is important that you be very detailed when journalizing and posting.

This is a managerial accounting course, but I think just anything would help jump start the brainstorming. Bearing in mind the attached accounting spreadsheets and other information would you recommend investing in Burnfish plc. Bear in mind issues potentially relating to off balance sheet assets.

Universityjohn Jay College Of Criminal Justice

Essentially, cost accounting considers all of the costs related to producing a product. Analysts, managers, business owners and accountants use this information to determine what their products should cost. In cost accounting, money is cast as an economic factor in production, whereas in financial accounting, money is considered to be a measure of a company’s economic income summary performance. Read each section in this chapter, which explains the purpose of the balance sheet, income statement, and the cash flow statement. It also is a guide to where you will find financials on publicly traded companies. You should get as much practice working on these statements as you can, since they are the fundamental information on any organization.

accounting discussion questions

The job requires the constant application of judicious thinking, adherence to complicated rules, and more knowledge than is sometimes available on one of the company’s smaller teams. For those occasions, online forums are a good place to go.

Current Operating Performance Concept Of Income

Accounts payable represent the amounts that business owes as a result of purchasing goods or services on credit from suppliers. Accounts receivable represent business right to collect owed resulted of selling goods or services on credit to customers. Professional accountants follow a set of standards known as the Generally Accepted Accounting Principles when preparing financial statements. There are forums for nearly every topic , and you can easily connect with people you know in real life, as well as leaders in the field of accounting and finance.

Discussion Questions By Topic

These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. The history of accounting has been around almost as long as money itself.

I recorded a video for one of my online auditing courses to help our students with this skill. This video discusses adjusting entries, which you will need to do to get your worksheet Certified Public Accountant ready for the preparation of the financial statements. Section 2.12 explains the significance of creditors and stockholders as the basic sources of a company’s equity.

Explain the rules of debit and credit with respect to transactions recorded in revenue and expense accounts. Revenue increases owners’ equity and is recorded by a credit. Expenses decrease owners’ equity and are recorded by debits. We are a forum for professional accountants and tax advisers to discuss accountancy and taxation, but we cash flow also welcome individuals and business users who have queries relating to these matters. Intuit, the famous accounting, and finance software company, has its discussion forum dedicated to its products. Although this forum is primarily for users of Intuit software, the forum itself doesn’t necessarily tether itself to Intuit products.

It is also extremely active, with easily over 30 new topics posted daily. The user interface is excellent, as you can quickly jump back and forth between the home page, as well as questions that have been left unanswered. This makes it easier for you to answer user questions, or at least keep tabs on a similar issue you might have.

It is highly recommended to complete the Internal Control Checklist as a guide for your discussion. Please contact Internal Controls & Quality Assurance with questions or if you would like assistance in starting a conversation about the internal controls in your unit. For suggestions of discussion questions, please e-mail controller- Hopefully, with this list of the top accounting forums, you can better familiarize yourself with the accounting landscape online. Whether it’s Intuit ProConnect or simply the accounting subreddit, there is no shortage of fantastic options when it comes to finding an accounting-based online forum. While not sporting as many topics as the tax forum, the accounting forum is not too shabby.

There is also a discussion on revenues and expenses, as they impact net income or net loss. A deferred cost is a cost that occurred in a transaction, but will not be expensed until a future accounting period. An example of a deferred cost is the fees necessary to register a new bond issue. A multiple-step income statement presents two important subtotals before arriving at a company’s net income. For a company that sells goods the first subtotal is the amount of gross profit. The second subtotal is the amount of operating income. @venitk, these aren’t accounting specific, but they might help – Discussion Questions for Statistics‌.

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