Questions from General Accounting

Q: Do you think that target costing serves any useful purpose in a

Do you think that target costing serves any useful purpose in a service entity? Answer: 1. Target costing involves: (a) determining the likely price that a product can be sold at; (b) deducting t...

Q: Compare and contrast each of these management accounting techniques and then,

Compare and contrast each of these management accounting techniques and then, giving your reasons, select the one that in your opinion is most likely to be useful to a non-accounting manager: product...

Q: The following is a list of problems which an accountant may well

The following is a list of problems which an accountant may well meet in practice. Which accounting rule would the accountant most probably adopt in dealing with each of the problems? State the reason...

Q: The adoption of the realization and matching rules in preparing financial accounts

The adoption of the realization and matching rules in preparing financial accounts requires a great deal of subjective judgment. Write an essay examining whether it would be fairer, Easier and more me...

Q: Consider the Principles of Good Regulation – for both the regulator and

Consider the Principles of Good Regulation – for both the regulator and business as explained by the Financial Conduct Authority (the regulator of financial institutions in the Unite...

Q: Do you think that non-accounting managers need to know anything

Do you think that non-accounting managers need to know anything about double-entry bookkeeping?

Q: Is Freda right? ‘My accountant has got it all wrong’

Is Freda right? ‘My accountant has got it all wrong’, argued Freda. ‘She’s totally mixed up all her debits and credits. ’‘But what makes you say that?’ queried Dora. ‘Oh! I’ve only to look at my bank...

Q: Double-entry bookkeeping is a waste of time and money because

Double-entry bookkeeping is a waste of time and money because everything has to be recorded twice.’ Discuss.

Q: Do you think that auditors should be responsible for detecting fraud?

Do you think that auditors should be responsible for detecting fraud?

Q: Harry started a new business on 1 January 2020. The following

Harry started a new business on 1 January 2020. The following transactions cover his first three months in business: (a) Harry contributed an amount in cash to start the business. (b) He transferred s...