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Accounting Questions with complete solution 2024

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Accounting Questions with complete solution 2024 Accounting v. Bookkeeping, Bookkeeping Transactions, bookkeeping (Accounting Foundations on LinkedIn Learning), Lesson 3 - Introduction to Bookkeeping, Bookkeeping Basics Accounting - correct answer The recording, measurement and interpretat...

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  • August 30, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting
  • accounting questions with complete solution 2024

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  • Bookkeeping
  • Bookkeeping

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Accounting v. Bookkeeping,
Bookkeeping Transactions, bookkeeping
(Accounting Foundations on LinkedIn
Learning), Lesson 3 - Introduction to
Bookkeeping, Bookkeeping Basics



Accounting - correct answer ✔The recording, measurement and
interpretation of financial information


Bookkeeping - correct answer ✔Typically limited to the routine, day-to-day
recording of business transactions


Difference between accounting and bookkeeping - correct answer
✔Bookkeeping is responsible for obtaining and recording the information that
accountants require to analyze a firm's financial position


required credentials in public accounting - correct answer ✔Work with a
range of clients to prepare financials documents that an individual or
corporation is required to disclose to the public


Responsible for checking the accuracy of corporate and personal records in
order to prepare tax filings


Public companies must follow the principles and rules set out in the IFRS

,required credentials in private accounting - correct answer ✔Deal with the
financial information of the specific company they work for - preparing or
analyzing reports for an internal manager


Private companies - must choose to follow either IFRS or ASPE


Assets - correct answer ✔Firm's economic resources, or items of value that it
owns


Liabilities - correct answer ✔Debts that a firm owes to others


Owners equity - correct answer ✔Equals assets minus liabilities and reflects
historical values


IFRS - correct answer ✔International Financial Reporting Standards


To make required reporting comparable across international jurisdictions


Creditors - correct answer ✔A person or company to whom money is owed


Stakeholders - correct answer ✔Groups that have a stake in the success
and outcomes of a business



Bookkeeping Transactions
What are the 5 steps in the accounting system? - correct answer ✔Business
transaction, Business document, Books of prime entry, Ledger accounts &
Trial balance

, What are the 6 business documents? - correct answer ✔Purchase order,
sales order, delivery note, goods received note, sales invoice, credit note


What is VAT? - correct answer ✔A consumption tax added to a product
selling price representing the value added to the product at each stage of
production and supply.


What is output tax? - correct answer ✔Tax charged on the sale of goods and
services


What is Input tax? - correct answer ✔Tax charged on the purchase of goods
and services


What are the three tax rates? - correct answer ✔Zero-rates, 5% & 20%


What is non-deductible VAT? - correct answer ✔VAT on the purchase of any
of these items can never be deducted from the amount of tax payable to
HMRC. The business has to bear the VAT as an expense. Examples include
motor cars and business entertaining.


What are the three types of discount? - correct answer ✔Trade, bulk and
PPD


What is a trade discount? - correct answer ✔A definite amount deducted
from the list price of the goods to encourage rewarding customer loyalty.


What is a bulk discount? - correct answer ✔A definite amount deducted from
the list price of the goods when a sales order is over a certain quantity.

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