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Financial Accounting in Practice: Practical Questions and Answers for Students

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George Ekegey Ekeha

accounting problem solving questions answers pdf

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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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  

2) Accounting Equation Exercises

3) Basic Accounting Journal Entries Exercise

4) Journal Entries and Ledger Question and Answer

5) Creditors, Purchases, Cost of Goods Sold Question and Answer

6) Basic Journal Entries Question

7) Journal Entry Question and Answer

8)  Debtors and Creditors Control Accounts Exercise

9) Debtors and Creditors Ledger Question

10) A Simple Trial Balance Exercise

11) T-Accounts, Journal Entry and Trial Balance Question

12) Company Trial Balance and Financial Statements Question

13) Cash Flow Statement Exercise

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:

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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accounting problem solving questions answers pdf

Problems - Chapter 1


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.

Visit the Bookstore

Financial Accounting Textbook 2022 Edition

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