Questions from Business Accounting

Q: There have been several high-profile scandals in accounting in recent

There have been several high-profile scandals in accounting in recent times, which have contributed to the raised profile of ethics and integrity in accounting. The details of many of these scandals m...

Q: There is now growing disapproval from some sections of the public of

There is now growing disapproval from some sections of the public of the elaborate tax planning arrangements that tax advisers at some accounting firms have recommended to their clients. These arrange...

Q: For simplicity and convenience, this chapter discusses accountants as working ‘

For simplicity and convenience, this chapter discusses accountants as working ‘in practice’, ‘in industry’ or ‘in the public sector’. However, some organisations might not fall neatly into one of thes...

Q: In this chapter you’ve learnt about some specific roles and areas of

In this chapter you’ve learnt about some specific roles and areas of accountancy, such as ‘financial controller’ or ‘tax adviser’. Can you suggest any other particular areas of accounting in which you...

Q: Some students who want to train with an accountancy practice tend to

Some students who want to train with an accountancy practice tend to focus exclusively on trying to get a job with one of the ‘Big Four’ (PwC, Deloitte, EY and KPMG) and ignore smaller accounting firm...

Q: You may have no plans to become an accountant in the future

You may have no plans to become an accountant in the future. Why is it still important for you to study the basics of accounting, such as those covered in this book?

Q: The rate of progress in technology is so rapid that it is

The rate of progress in technology is so rapid that it is very difficult to predict exactly how new technology will affect accounting in the future. Can you suggest any developments in technology that...

Q: Write up the asset, capital and liability accounts in the books

Write up the asset, capital and liability accounts in the books of D. Gough to record the following transactions: June 1 Started business with £16,000 in the bank. 2 Bought van paying by cheque £6,400...

Q: What benefits can result through the use of ratios and what limitations

What benefits can result through the use of ratios and what limitations should be imposed on any conclusions drawn from their use?

Q: (a) The following trial balance was extracted from the books

(a) The following trial balance was extracted from the books of Peter Mackie on 30 April 2024. From this, and the note below it, prepare his income statement for the year ending 30 April 2024, and a b...