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accounting discussion questions

accounting discussion questions

Amanda Bellucco-Chatham is an editor, writer, and fact-checker with years of experience researching personal finance topics. Specialties include general financial planning, career development, lending, retirement, tax preparation, and credit. Answer the easy questions first.Go through the exam and answer all the questions you know. This will ensure that you get credit for all the questions you know and relieve a little pressure as you tackle more time-consuming questions. Come to each class session prepared to ask questions, answer questions, and participate in classroom discussion. If there are any accounting concepts that were introduced during class that you did not fully understand, do whatever is required to learn them before your next class. Any subject is easier to understand and remember if you thoroughly learn it the first time through.

accounting discussion questions

As with the question above, how applicants reply will show whether they’re ready for an entry-level job at your company. Don’t be afraid to ask deeper accounting questions, because when you do, you’ll get a more complete picture of the candidates and a better sense of how they’ll work with your team. Their answers can reveal key insights into both hard skills and soft skills that will help you pinpoint the right applicant for the job. According to the accounting https://accounting-services.net/ literature on fraud, many incentives exist to commit fraud. These incentives can be classified into self-oriented and organization-oriented incentives. They include increasing compensation, maintaining the firm’s credit rating, maintaining an appearance of strong financial performance or masking weak results, and responding to personal financial pressure. Justice Owen’s report included some important recommendations to avoid further collapse of big institutions.

Process Costing Comparison

In another factory, the equivalent production was 7,000 units during a period in which 500 units, 75% complete, were on hand at the start and 600 units,75% complete, were on hand at the end of the period. Why are units completed and on hand in a processing department included in the department’s work in process? The statement of financial position shows the company’s assets, liabilities and shareholder equity. In general, the role of accounting is to asset stakeholders to make efficient business decisions by providing them with accurate financial information. Some of the limitations of the trial balance are that it does not prove that transactions have been analyzed and recorded in the proper accounts and/or for the proper amounts. In what accounting period does the matching principle indicate that an expense should be recognized? The matching principle indicates that expenses should be recognized in the period that the expenditure helps to produce revenue.

  • He is the sole author of all the materials on AccountingCoach.com.
  • This may be an acceptable strategy if you’re studying history or sociology, but not when you’re studying accounting.
  • Essentially, cost accounting considers all of the costs related to producing a product.
  • The purpose of “debiting” and “crediting” accounts is to increase one account and decrease the other.
  • The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
  • The main cause of stock option manipulations is weak corporate governance.

Mastering accounting is as easy as mastering the homework problems in your textbook, in study guides and those given to you in class. If you will work on your homework problems, you will learn accounting. Studying accounting from a textbook is different from studying other subjects such as history, economics or biology. The following are rules and suggestions for using your textbook effectively to learn accounting.

Recent Questions And Answers In General Accounting Discussion

Forensic accountants act as either consulting experts in an investigation or testifying experts in a legal matter. Consulting experts help counsel build a case and advise counsel as part of the investigative team. In this role, their work and communications with counsel can come within the attorney–client privilege, attorney work product. A company’s outside counsel hires forensic accountants providing litigation support services as testifying experts.

accounting discussion questions

Popular tax deductions include home office, self-employment tax, car, business loan interest, and bad debt deductions. Debits and credits are the basis of double-entry bookkeeping, but they can be difficult to grasp, let alone memorize. Take a look at this chart to help you sort debits and credits. If you are interested in borrowing funds, you can apply for a business line of credit, credit card, Small Business Administration loan, or general bank loan.

Chapter 22: Corporate Fraud: The Cases Of Barings Bank, Volkswagen, And Hih Insurance

When reading a history textbook you can get by if you’re able to understand 90 percent of the information or if you come away with a general idea of what’s going on. If you understand a concept being introduced, then it’s okay to skim the text or skip ahead.

Look for responses that show a recognition of the importance of general business knowledge, technology expertise, customer service orientation and specialized experience that might apply to the role. Authorities indicted both VW and Audi former CEOs on fraud charges and opened an investigation into VW’s legal team on charges on destroying evidence. FATF develops policies to curb money laundering internationally.

Therefore, most companies will have annual audits for one reason or another. Direct materials are not usually easily traced to a product.

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Interested in having your paper proofread according to your college/university guidelines and existing educational standards. Are any of these 10+ finance and accounting certifications in your future? Find out what it takes to earn these valued credentials, and how they can help… You can see starting salaries and the trends shaping the finance and accounting sector’s hiring market in the latest Robert Half Salary Guide.

And the hiring market is competitive, with a high demand and limited supply of candidates. According to the Association of Certified Fraud Examiners, corporate fraud spreads across 125 countries in 23 industry categories equating to $7 billion in total losses. In another survey conducted by PwC’s Global Economic Crime and Fraud Survey, 49 percent of the respondents claim that corporate fraud has affected their companies. Between 2003 and 2008, the audit fee earned by PwC from Satyam increased over 300 percent.

Discussion Course Coupon Discount

An income statement is one of three main financial statements you can create to observe your business’s financial health, obtain outside financing, and make financial decisions. The other two financial statements include the small business balance sheet and cash flow statement. Accounting is one of the key functions of almost any business. It may be handled by a bookkeeper or an accountant at a small firm, or by sizable finance departments with dozens of employees at larger companies. The reports generated by various streams of accounting, such as cost accounting and managerial accounting, are invaluable in helping management make informed business decisions. Enron’s primary fraudulent activities relate to its improper use of SPEs. Enron’s SPEs contained large amounts of debt that Enron fraudulently omitted from its consolidated balance sheet.

This response can lead to the behavior being repeated, with rationalizations becoming shared within the organization until the act becomes part of its routine practices. Express on opinion as to the usefulness of data, derived from process costing for the control of cost. Enumerate several of the basic difficulties frequently encountered in process costing. Statement of comprehensive income aggregates income statement and other comprehensive income which isn’t reflected in profits and losses.

accounting discussion questions

The notion of trust is a cornerstone of crowdfunding for several reasons. For example, contributors neither personally know the project accounting discussion questions holder to whom they give their money nor have guarantees such as those provided by a bank or investors investing in a listed company.

Discuss the effect that connectedness of the executive may have on engaging in fraudulent behavior. Agency theory is the relationship between two parties whereby one party is hired by the other party to act on its behalf to perform an action or service. Additionally, the board should consist of a balance of inside and independent directors to ensure both in-house expertise and objective monitoring capabilities. Explain how equity compensation may influence top executives to commit fraud.

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Increasingly, auditors of the big firms acknowledge this responsibility, but they appear to have done so reluctantly. Different industries offer diverse targets for criminals. In financial services, the target typically has access to the payment system. Retailers are usually targets for identity theft to access online accounts and make unauthorized purchases. Manufacturers and industrial companies are subject to the loss of intellectual property or sabotage by disgruntled employees.

Definition of Deferral Adjusting Entry A deferral adjusting entry pertains to a transaction that has already been recorded in the general ledger accounts. However, at the time that the transaction was recorded, part of the… Read More. A certain factory transferred out 8,800 completed units during its second period of operation. The period was begun with 400 units 75% completed and ended with 800 units 50% completed. Assuming that the FIFO method is used, what was the equivalent production for the period? How does the FIFO method differ from the average costing method of process costing system?

Make Effective Use Of Class Time

Essentially, cost accounting considers all of the costs related to producing a product. Analysts, managers, business owners, and accountants use this information to determine what their products should cost.

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