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accounting for non-accounting students

Questions and Answers of Accounting For Non-Accounting Students

What are the four financial statements that make up a set of basic accounts?
What procedures do you think banks have in place to minimise their exposure to the risk of default by customers (which in turn impacts their own bad and doubtful debt charges)?
What is meant by ‘opening inventory’ and ‘closing inventory’?
Are you surprised by the findings of the report into the background of Britain’s top companies CEOs (Chief Executive Officers)? What do you expect is the required experience and background of a CEO
What is meant by the word ‘account’?
Why do you think it is important for a CEO of a big business to have a sound understanding of finance and accounting?
What is meant by an ‘entity’?
Do you think the same applies for those CEO’s who work for small-and medium sized businesses?
What name is given to the system that accountants use to record information?
‘It is necessary for non-accountants to know about accounting.’ Discuss.
What are the three basic questions that the owner of a business might ask?
Describe two main purposes of accounting.
What economic event happened in the United Kingdom during the eighteenth century?
What happened to the ownership and management of businesses during the nineteenth century?
What statutory obligations require limited liability companies to prepare financial accounts?
Why did managers in nineteenth-century industrial entities require more detailed information?
List three user groups of accounting information.
What are the six main branches of accounting?
Of which main branch of accounting does cost accounting form a part?
What is the difference between ‘bookkeeping’ and ‘cost bookkeeping’?
Explain the difference between ‘bankruptcy’ and ‘liquidation’.
List the six major UK professional accountancy bodies.
What function does the Association of Accounting Technicians fill?
Name three subdivisions of the profit-making sector of the United Kingdom.
Name real businesses which belong to these different subdivisions.
Name one quasi-governmental body.
In an accounting context name three other terms that are similar in meaning to ‘rules’.
What are the advantages and disadvantages of a rules-based and a principles-based approach to regulation and in turn, accounting matters?
Identify three categories of accounting rules.
Why is a principles-based approach to regulation necessary particularly in times of economic turmoil?
What accounting rule is used to describe a defined period of time?
Why is principles-based approach to regulation better serving the public interest? Is it doing a good job?
What is a going concern?
(a) A demand by the company’s chairman to include every detailed transaction in the presentation of the annual accounts.(b) A sole-trader business which has paid the proprietor’s income tax based
What does dual aspect mean?
(a) The proprietor who has supplied the business capital out of his own private bank account.(b) The sales manager who is always very optimistic about the creditworthiness of prospective
When is a transaction not material?
Name three important sources of authority governing accounting matters affecting UK companies.
What is an accounting standard?
What is a conceptual framework?
What is the objective of financial statements?
List seven user groups of accounting information.
List the qualitative characteristics of financial information.
Why do you think the way accounting records are kept is still the same as that adopted by the merchants of Venice in the fifteenth century?
What is the basic rule of double-entry bookkeeping?
What do you think is the role of computers in the maintenance of accounting records? Do we still need accountants if most of the accounting nowadays is processed on a computer?
What do you think would be your responsibility as managers for the integrity of accounting information and the security of computer systems?
Adam has just gone into business. The following is a list of his transactions for the month of January 2017: (a) Cash paid into the business by Adam.(b) Goods for resale purchased on cash
What is meant by the terms ‘debit’ and ‘credit’?
The following is a list of Brown’s transactions for February 2017: (a) Transfer of cash to a bank account.(b) Cash received from sale of goods.(c) Purchase of goods paid for by cheque.(d)
What factor would indicate whether or not a new account should be opened?
Corby is in business as a retail distributor. The following is a list of his transactions for March 2017: (a) Goods purchased from Smith on credit.(b) Corby introduces further capital in cash
What distinguishes a cash in hand account from a cash at bank account?
Davies buys and sells goods on cash and credit terms. The following is a list of her transactions for April 2017: (a) Capital introduced by Davies paid into the bank.(b) Goods purchased on
The following transactions relate to Gordon’s business for the month of July 2016: (a) Bought goods on credit from Watson.(b) Sold some goods for cash.(c) Sold some goods on credit to Moon.(d)
What is the difference between a discounts allowed account and a discounts received account?
What must there be for (a) every debit and (b) every credit?
What is (a) a debit balance and (b) a credit balance?
Name three main functions that it fulfils.
Name two important functions of a trial balance.
Why are banks most affected by bad and doubtful debts?
What are the three broad groups into which all transactions may be classified?
What do you think is an acceptable period of time for loans to be in arrears?
How far does a statement of financial position tell users how much an entity is worth?
Marion has been in business for some years. The following trial balance has been extracted from her books of account as at 28 February 2017: Required:Prepare Marion’s statement of profit or
Name the two stages involved in preparing the basic accounts.
What term is given to the difference between sales revenue and the cost of goods sold?
The following trial balance has been extracted from Jody’s books of account as at 30 April 2016: Required:Prepare Jody’s statement of profit or loss and statement of retained earnings for
What term is given to the difference between the total of all revenue incomes and the total of all revenue expenditures?
Which two formats may be used for the presentation of financial statements?
Which format is the one now commonly used?
The following information has been extracted from Lathom’s books of account for the year to 30 April 2016:Required:(a) Prepare Lathom’s trading account for the year to 30 April 2016.(b) State
What is meant by ‘inventory’?
Rufford presents you with the following information for the year to 31 March 2017:He is not sure how to value the inventory as at 31 March 2017. Three methods have been suggested. They all result in
What is the term often used in the United Kingdom for inventory?
Which three items make up the closing inventory?
To which account are opening and closing inventories transferred?
Is opening inventory shown on the statement of financial position at the end of an accounting period?
Duxbury started in business on 1 January 2017. The following is his trial balance as at 31 December 2017:Additional information:1 Inventory at 31 December 2017 was valued at £10 000.2 At 31 December
Is closing inventory shown on the statement of financial position at the end of an accounting period?
Name two methods of depreciating non-current assets.
How are each of those methods calculated?
What is meant by the terms ‘gross book value’ and ‘net book value’?
What amount for depreciation is shown on the statement of financial position?
What is (a) an accrual and (b) a prepayment?
Where are they normally disclosed in the statement of profit or loss?
Where are they to be found in the statement of financial position?
What is (a) a bad debt and (b) a doubtful debt?
What is a allowance for doubtful debts?
On what might the allowance be based?
List eight reasons why the calculation of accounting profit is an arbitrary exercise.

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