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

What should be done when there is a change in estimated depreciation?

Djjensen
Answered: Apr 26, 2024

Current and future years depreciation should be revised

1 Answer

472 views

Which item among the following is not an intangible asset?

Cobbmr
Answered: Apr 26, 2024

All of the above are intangible assets

1 Answer

460 views

What is true about Inventoriable costs?

John Adney
Answered: Sep 06, 2017

Are expensed when products become part of finished goods inventory.

2 Answers

453 views

Which step is different in the accounting cycle of a merchandising company and a service company?

E.Ronald
Answered: Jan 03, 2018

Most industries fall into one of two categories. They are either a service business or a product or merchandising company where the owner sells goods or products to the public. A service business...Read More

2 Answers

450 views

Which type of business manager decides how much inventory should be kept on hand?

Kelly
Answered: Apr 26, 2024

Operations/Production manager

1 Answer

445 views

What should be included in machinery account?

Jc
Answered: Apr 26, 2024

The cost of transporting the machinery to its setup location

1 Answer

425 views

What is the difference between Accounting and Economic Profit?

Anika Nicole, Wordsmith
Answered: Sep 25, 2019

When you don't have more understanding about some business terms, you are very liable to misinterpret those terms. What most people know about profit is actually the gain an investor generated...Read More

3 Answers

422 views

What are the types of accounting?

John Smith
Answered: Apr 26, 2024

3000

The amount that must be included in income is the lesser of the reimbursement or the excess itemized deductions for the previous year.

1 Answer

416 views

Where would period costs be found on the financial statements?

Toyin faks
Answered: Apr 26, 2024

As operating expenses on the income statement in the period incurred

1 Answer

402 views

How would Honda classify its partially completed vehicles?

Jc
Answered: Apr 26, 2024

Work in process

1 Answer

400 views

What are the somekey criteria for an item, property, plant or equipment to be recognized as an asset?

John Smith
Answered: Apr 26, 2024

When it can be reliably measured
2. When it is probable that economic benefits will flow to the entity from the asset

3 Answers

398 views

What does UTR number stand for in terms of refund?

A.Layla
Answered: May 01, 2018

The Unique Taxpayer Reference (UTR) is a number that HMRC uses to distinguish you for everything to do with your taxes. You naturally enroll for an UTR when you get set up for Self Assessment tax...Read More

2 Answers

366 views

What is the cash paid to acquire an asset?

Timmy
Answered: Apr 26, 2024

Historical Value

1 Answer

347 views

What is the difference between Financial Accounting and Management Accounting?

H. Martin, Content Writer
Answered: Aug 13, 2019

Financial management happens to be relative, a new branch of accounting, which is implemented in managing an individual, business, or organization finances. It is targeted towards helping to...Read More

2 Answers

342 views

What is ERP?

Kelly
Answered: Apr 26, 2024

It captures quantitative but not qualitative information.

1 Answer

338 views

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