112 Best Accounting Questions and Answers (Q&A) - ProProfs Discuss

What is the basic summary device of accounting?

H. callum, Content Writer
Answered: May 10, 2019

Accounting is a practice of measuring and organizing information and data for a business or company. An accountant usually does it. The primary summary device of accounting is the account itself....Read More

2 Answers

708 views

When should he or she consider the cost relevant if a management accountant is trying to decide whether a cost is relevant to a decision?

Chris Kenway, Content Writer
Answered: Jun 27, 2018

A management accountant should consider the cost relevant when the expected future cost will be different for each option. It should be remembered that there are different paths that things can...Read More

2 Answers

702 views

Which of the following conditions would cause the break-even point to decrease?

O. Miller, Content Optimization Executive
Answered: May 10, 2019

A break-even point is significant revenues to cover the total amount of variable and fixed expenses by a company in a specific time. For a company to have a break-even point, it must reduce its...Read More

2 Answers

690 views

What is true with respect to variable costs per unit?

John Smith
Answered: Apr 25, 2024

They will remain the same as production levels change within the relevant range

3 Answers

679 views

Which module will you do this in if you are asked to enter some new capital into your business?

John Smith
Answered: Apr 25, 2024

Bank

Credit the capital account with money introduced and therefore debit the bank with the money coming in. This transaction is made through the bank module in bank receipts.

1 Answer

635 views

Which account listed below is classified as contra-revenue account?

Emilyclairechristian
Answered: Apr 25, 2024

Sales Discounts

1 Answer

615 views

Which of the following is not one of the four Ps (4Ps)?

Canja
Answered: Apr 25, 2024

Profit

Chapter 15: Marketing

1 Answer

551 views

What would indicate that an error has been made on a trial balance?

John Smith
Answered: Apr 25, 2024

Service revenue has a debit balance

1 Answer

539 views

What should the transaction be recorded as when shipping a product that was already paid by the customer in the previous month?

ReynaldoJPA
Answered: Apr 25, 2024

Debit to accounts payable, Credit to revenue

1 Answer

539 views

What effect does a historical cost concept have on a company’s asset values and profits in times of rising prices?

Natashanelesh
Answered: Apr 25, 2024

Asset value understated profit overstated

1 Answer

536 views

What is a production budget expressed in units equal to?

Christian Jackson, Content Developer
Answered: Feb 21, 2019

The production budget is known to be very important for people who would do accounting. This can be used by companies when they are thinking about the next project that they are going to...Read More

2 Answers

530 views

What two elements do you use to reconcile the bank account?

John Smith
Answered: Apr 25, 2024

Sage bank balance in the bank module and the bank statement

1 Answer

522 views

What is the last step that manufacturers follow to implement a manufacturing overhead allocation system?

W. Pratt, Marketing Analyst
Answered: Feb 28, 2019

The answer to this is to allocate some manufacturing overhead to each individual job. This is important because this will make sure that the process will be smooth sailing. There may be different...Read More

2 Answers

514 views

How can a manager forecast operating income?

E. Stanley, Technical writer
Answered: Nov 11, 2018

It is always wise to forecast revenue by calculating a best and a worst scenario. To forecast income rapidly it would be sensible to consider projected sales revenue by the contribution margin...Read More

2 Answers

502 views

Are inventory and accounts receivable are classified in the balance sheet as?

Terrijones
Answered: Apr 25, 2024

Current assets

1 Answer

487 views

Accounting Questions and Answers (Q&A)

Related Topics Of Accounting

Related