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Financial Accounting in Practice: Practical Questions and Answers for Students
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Social Sciences Research Network
George Ekegey Ekeha
Niamh M. Brennan
A multiple choice questionnaire (MCQ) style examination typically consists of 20/30 short statements, each of which is followed by a number of alternative answers. Only one answer is strictly correct. This allows the examiner to mark candidates' responses in an objective rather than subjective fashion. This style of examination question has recently been adopted by the Institute of Chartered Accountants in Ireland and is also used in third level institutions. MCQs have a number of advantages over traditional examination formats. First, they allow the examiner to ask questions on every topic on the syllabus and thus test the candidates range of knowledge. Perhaps more importantly, correction of answers is entirely objective and comparatively easy. Large numbers of scripts can be objectively tested in a short space of time. Objective tests can also be an effective teaching tool. The topics covered in each chapter are logically sequenced so that as the student progresses through the chapter they build up their knowledge and skills in relation to that topic. In addition, the book emphasises problem areas and attempts to help students avoid common mistakes in financial accounting. Thus the tutor can indicate the correct solution and also explain or seek responses as to why other plausible answers are incorrect to the given statement. Such a process should ensure greater understanding of the topic under discussion. This book is suitable for students taking introductory financial accounting examinations of the professional accountancy bodies, third level accounting students or other students studying introductory financial accounting courses. The three revision examinations at the end of this book are reproduced with the kind permission of the Institute of Chartered Accountants in Ireland.
Maria Cecilia
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- 1) Basic Concepts
- 2) Basic Transactions
- 3) Double Entries
- 4) Accounting Cycle
- 5) Financial Statements
- 6) Inventory
- Basic Accounting Questions
- Full Questions & Answers
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Full Accounting Questions and Answers
Here is a list of full accounting questions and answers that can be found on this site, along with a brief description of each one. Please note that these are generally intermediate to advanced exercises.
I would definitely recommend to time yourself when you practice each of these exercises. This will help ensure you're not taking too long to complete each question and will help you get used to doing exercises under exam settings.
For your convenience, difficulty levels and time limits are stated for each of these exercises at the top of each page.
1) The Basic Accounting Multiple Choice Test
- A beginner-level quiz taken directly from the Accounting Basics books. 9 multiple choice questions which test the 1st theory chapter here on Basic Accounting Concepts .
- Covers the accounting equation, assets, liabilities, equity, financial position.
2) Accounting Equation Exercises
- For practice on the basic accounting equation and its 3 elements - assets, liabilities and owner's equity.
- Basic understanding of income and profit is preferable.
3) Basic Accounting Journal Entries Exercise
- Simple journal entries - starting a business (capital investment), asset purchases, paying creditors, cash income and expenses, drawings.
- Service business - no inventory but supplies on hand and used.
4) Journal Entries and Ledger Question and Answer
- Basic journal entries: capital investment, sales, debtors, simple cash expenses, drawings;
- Inventory business - simple purchases and sales journal entries;
- Practice with drawing up T-Accounts.
5) Creditors, Purchases, Cost of Goods Sold Question and Answer
- No journal entries here;
- First part tests your understanding of the Creditor's Control Account;
- Second part of the question gives you practice on the Cost of Goods Sold formula.
6) Basic Journal Entries Question
- Inventory business - purchases and sales;
- Some complex topics: discount received and allowed, carriage on goods.
7) Journal Entry Question and Answer
- Basic journals - expenses owing, cash and credit sales, paying creditors;
- Some complex issues: depreciation, prepayments, inventory loss (fire), discount received.
8) Debtors and Creditors Control Accounts Exercise
- Full debtors and creditors control accounts
- Some complex issues - bad debts, settlement or cash discounts received and allowed, returns inward and outward, account corrections, calculating closing balances.
9) Debtors and Creditors Ledger Question
- Full debtors and creditors control accounts (similar to exercise above)
- Bad debts, settlement or cash discounts received and allowed, returns inward and outward as well as account corrections and closing balances.
10) A Simple Trial Balance Exercise
- Beginner level - capital investment by owner, basic income and expenses, purchase of assets, drawings, basic liabilities;
- Service business - no inventory, sales or cost of goods sold in this exercise.
11) T-Accounts, Journal Entry and Trial Balance Question
- This is a really good question to practice.
- Capital investment by owner; basic income and expenses, purchases of assets, drawings, basic liabilities;
- Service business - no inventory, sales or cost of goods sold in this question.
12) Company Trial Balance and Financial Statements Question
- Trial balance, income statement, statement of changes in equity and balance sheet,
- Inventory business - FIFO basis,
- Some complex issues - prepayments (prepaid expenses and prepaid income),
- Corporation-specific issues - stock, retained earnings (accumulated profits), dividends paid to shareholders.
13) Cash Flow Statement Exercise
- Typical cash flow statement question where they supply the balance sheet, income statement and details about changes in owner's equity.
- Company-specific items such as share capital, reserves and debentures.
- Some complex issues in the form of preliminary and prepaid expenses.
Accounting Questions and Answers on Advanced Topics
Here are a bunch of questions on specialized topics submitted by fellow accounting students from around the world, with detailed explanations:
- What is the Journal Entry for Rent Received in Advance?
- What is the Journal Entry for an Insurance Claim?
- What is the Journal Entry for Bad Debts?
- What is the Journal Entry for Recovery of Bad Debts?
- What is the Journal Entry for Giving Away a Free Sample?
- What is the Cost of Goods Sold Formula?
- Cost Price, Sales Price, Mark-up
- Carriage Inwards: Meaning, Treatment and Example
- How to Calculate VAT
- Settlement Discount Granted and VAT
- Accounting for Donations
- Why is the Provision for Doubtful Debts a Liability?
- Bad Debts, Provision for Bad Debts, Debtors Control
For More Practice - Get the Workbook!
If you want more practice with full accounting questions and answers you should get the official exercise book for this site, Volume 2 in the Accounting Basics series: the Workbook .
Accounting Basics: Workbook has 88 questions and exercises , starting from the accounting equation and basic concepts to journal entries, T-accounts, the trial balance, financial statements, the cash flow statement, inventory, depreciation, provisions, doubtful debts, year-end entries, bank reconciliations and more.
Please note: The detailed, fully explained exercises in the Workbook are not available on this site - only in the book!
The Workbook is available in softcover for $14.95 or as a Kindle e-book for just $9.95.
Click here to get it on Amazon now
Some testimonials from individuals who bought the Workbook :
"Really helps!"
"Very helpful."
"Learned very much from it, it was awesome."
"The workbook is a great review for me of the classes I took in College."
"The book is very interesting and easy to follow. I have to take a course in accounting for an online degree program that I am involved with and this book is a life saver. It explains clearly the information you need and has quizzes that are a tremendous help in grasping the material."
Rated 4.8 out of 5 by Amazon customers.
Click here to get the Workbook on Amazon now
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Accounting Problems With Solutions
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Problems - Chapter 1
- Chapter 1: Welcome to the World of Accounting
- Goals Achievement
- Fill in the Blanks
- Multiple Choice
Self-Grading
The preceding table includes links to “Basic” and “Involved” problems. Each excel link will download the file containing a spreadsheet for the problem and a template worksheet on which you can prepare the solution electronically. If you see a light bulb icon on a worksheet, just mouse over above the icon and a comment box will appear. The comments include useful suggestions for improving your spreadsheet skills.
You may not post or redistribute, electronically or otherwise, any solution material. Violation of this policy constitutes a copyright violation.
Alternative problems, with solutions, may be found at our partner website Bookboon . Video solutions to selected problems are available to students enrolling in the online course. The pdf version of the solutions manual also includes links to the video solutions. You can purchase the solutions manual in the bookstore.
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- Chapter 2: Information Processing
- Chapter 3: Income Measurement
- Chapter 4: The Reporting Cycle
- Chapter 5: Special Issues for Merchants
- Chapter 6: Cash and Highly-Liquid Investments
- Chapter 7: Accounts Receivable
- Chapter 8: Inventory
- Chapter 9: Long-Term Investments
- Chapter 10: Property, Plant, & Equipment
- Chapter 11: Advanced PP&E Issues/Natural Resources/Intangibles
- Chapter 12: Current Liabilities and Employer Obligations
- Chapter 13: Long-Term Obligations
- Chapter 14: Corporate Equity Accounting
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
- Chapter 17: Introduction to Managerial Accounting
- Chapter 18: Cost-Volume-Profit and Business Scalability
- Chapter 19: Job Costing and Modern Cost Management Systems
- Chapter 20: Process Costing and Activity-Based Costing
- Chapter 21: Budgeting – Planning for Success
- Chapter 22: Tools for Enterprise Performance Evaluation
- Chapter 23: Reporting to Support Managerial Decisions
- Chapter 24: Analytics for Managerial Decision Making
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prepared to answer questions based on the following topics:.
In addition, the book emphasises problem areas and attempts to help students avoid common mistakes in financial accounting. Thus the tutor can indicate the
Accounting Questions and Answers on Advanced Topics · What is the Journal Entry for Rent Received in Advance? · What is the Journal Entry for an Insurance Claim?
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The pdf version of the solutions manual also includes links to the video solutions.
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