Accounting Basic Questions and Answer

by Mustafa Ahmed

Course description
The lessons shall serve as a primer for beginners and a refresher for those who already have background in accounting.
This course aims to build and solidify one's knowledge of the fundamentals which are vital in pursuing higher accounting studies, in building a career in accounting, or in managing a small business.
Also helpful for fresher of commerce students as well as accounts trainer and accountant.
Course Objectives :

The objective of this course is to introduce the students into the world of finance.to have a basic knowledge of financial and management accounting Concepts,convention,principles
Policies .

After studying this subject ,the student should be able to :

1.Define the functions of financial accounting in the company and its relation with domestic and international economy.
2.Determine useful and timely information for decision-Making of different users.
3.Interpret the process involved in Accounting Cycle.
4. give a student a better idea about the topics covered throughout the term. Such topics can include accounting principles and concepts as well as their application, basic accounting-related questions and how to work with accounting data.
5. generally have objectives that prepare students for advanced accounting classes, related business courses and work as an accounting professional.

Chapter 1: Introduction to Accounting

This chapter provides a fresh look into accounting. We will define accounting and break the definition down into simple points; learn about the role of accounting in the financial world, its branches, areas of accounting practice, and the types and forms of businesses.
1.What is Accounting? Its Definition and Meaning
2.Purpose of Accounting – Why It is Important
3.Users of Financial Statements / Accounting Information
4.Types of Accounting (Branches / Fields of Specialization)
5.Areas of Accounting Practice
6.Types of Business and Forms of Ownership
7.Quiz and Answers
Chapter 2: Fundamental Accounting Concepts

This chapter covers the core concepts in accounting that you need to know before moving on to the more intricate topics. The concepts here will serve as the foundation upon which your accounting knowledge will build upon.
1.Basic Accounting Principles
2.Elements of Assets, Liabilities and Capital
3.The Accounting Equation and How It Stays in Balance
4.Accounting More Examples and Illustration
5.Expanded Accounting The Spread-Out Version
6.The Double Entry Accounting System
7.Accounting 9-Step Accounting Process
8.Quiz and Answers
Chapter 3: The Financial Statements

The preparation of the financial statements is the seventh step in the 9-step accounting cycle. However, we decided to present this first before getting into the whole process for you to have a picture of what we are trying to produce in an accounting system.
1.Introduction to Financial An Overview
2.Income Statement a.k.a. Profit and Loss Statement
3.Statement of Changes in Owner's Equity
4.Balance Statement of Financial Position
5.Statement of Cash Flows
Chapter 4: Analyzing, Recording & Classifying Transactions

This chapter deals with the first 4 steps of the 9-step accounting cycle. The first four steps actually represent the analyzing, recording, and classifying phases of accounting.
1.Understanding and Analyzing Business Transactions
2.Rules of Debit and Left versus Right
3.The Chart of Explanation and Example
4.Journal Recording Business Transactions
5.More Journal Entry Examples
6.Posting to the Accounting Ledger
7.Trial Checking the Equality of Debits and Credits
8.Correcting Entries for Errors Discovered
Chapter 5: Adjusting Entries

Adjusting entries are made to update the accounts in the accounting system. Some accounts are not up-to-date hence requiring adjustments to get them to their correct balances. Adjusting entries are made fo

151 pages, Kindle Edition

Published October 4, 2016