10 Ways to Solve Accounting Questions

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10 Ways to Solve Accounting Questions

• Accounting questions can sometimes be difficult
  to solve. In particular, tricky problems relating
  to financial accounting, cost accounting or tax
  accounting may find students in a fix. Here is a
  list of 10 different ways you can use to solve
  advanced accounting questions.

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(No Transcript)
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1. Solve accounting questions by seeing related
examples Chances are that the questions that you
will encounter in your exams will involve tricky
financial situations of a company or an
individual. So try to relate a particular
accounting problem to a simpler problem you may
have solved in your accounts classes. If you are
encountered with unfamiliar financial
information, you can convert it to known
financial information. Suppose the question looks
like the following If a business owns a piece
of real estate worth 250,000 and it owes
180,000 on a loan for that real estate, what is
the owners equity in the property? And you have
no idea on how to find out owners equity if the
asset owned by the owner is mortgaged to the
bank.   So what do you do? Try to organize the
information according to the information familiar
to you. You know that, Assets Liabilities
owners equity So what will be the formula for
owners equity? Owners equity Assets
liabilities. Now place the information according
to the formula. We know that the business owns a
real estate worth 25,000 dollars. Then this is an
asset. But it is on loan which has to be paid
back. So it is definitely a liability.   So, the
owners equity in this case is 250,000
180,000
70,000  
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2. Solve an accounting problem by taking help
from Accounting Guru It is all-in-one
online/cloud software that provides solutions to
all your accounting problems. It can be set up in
few minutes. No separate installation is
required. It can be self-operated. No downloads
are required. Further, there is no need for any
separate hardware or software. It helps in your
billing, accounting, and inventory problems.
Accounting Guru comes in four editions each one
of which is competitively priced. The standard
edition helps in basic accounting and preparing
simple reports. The silver helps in both
accountancy and advanced reports. Additionally it
helps in preparing inventories. The Gold edition
helps in advanced accountancy, reports and
inventories. Finally, there is the diamond
edition which provides several additional
features. It is excellent accounting software for
small businesses but can be used by students as
well for accounts, inventory and taxation
problems.   3. Solve an accounting problem by
discussing with your friends Accountancy has
several complex fields and subfields. Not
everyone can have aptitude for all the separate
fields of study. One can create balance sheets
well. Another may be adept in preparing journal
entries. Another one may be proficient in
taxation. It is always better to do group study
sessions and share the expertise of your friends.
Try to solve accounting problems together, so
that even if you make mistakes, you may take help
from your friends.
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4. Solve accounting problems by submitting
accounting questions to school or college message
boards, internet forums and answers yahoo School
and college message boards are excellent for
posting your questions. Try to highlight your
question in order to catch the attention of your
friends. Internet forums are online sites where
members can share their experiences about
accounting as an academic subject. Yahoo answer
is a site where you can upload any question and
get an answer within minutes. You can also find
plenty of sample questions relating to
accountancy problems. Further, you get multiple
answers for the same question and it is possible
for you to rate your answers. Others having
similar questions can check out the best possible
answers for their questions.   5. Solve
accounting problems by searching for solutions in
accountancy books Accountancy books not only
give you the theories but also practical problems
along with practice exercises. Accounting
journals may provide you with specific
accountancy case studies. Some of the major
accountancy journals are The Accounting Review,
Accounting, Organizations and Society, Auditing
A Journal of Theory and Practice etc.   6. Take
help from any accounting professional He will
have substantial knowledge since they are all
professional accountants dealing with real life
financial situations of companies and
individuals. Those who are members of the
Institute of Chartered Accountants provide
advisory services, technical help lines and
counselling services. They often charge high fees
from their clients. However, they might make an
exception if you are a student. So there is no
harm in trying.  
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7. Take help from accounting tutors If you are
not sure of which tutor to approach. Tutor finder
is a site which provides assistance to students
in Australia for finding accounts tutor. Tutors
post their advertisements along with their
resumes on the site. Students can check their
resumes and take free classes before taking the
services of a particular tutor. Rates are usually
determined on an hourly basis. They can start
from 20 dollars and can go up to 70 dollars an
hour.    8. Send your queries to editors and
authors of books on accounting, costing and
taxation Once again different scholars have
different areas and levels of expertise. Most of
these writers may also be university professors
and teachers. University websites carry their
syllabuses online. Videos of class lectures and
several other online resources are uploaded. If
you have any question, do not forget to get in
touch with them.   9. Get your theories
straight You need to go through the basic
concepts of accounting, costing and taxation in
order to serve any problem. Thus, it is better to
have a strong base in order to apply the
theoretical knowledge to practical
solutions.   10. If after all of these, you fail
to get any help on your assignment question then
do send the question to MyAssignmenthelp.com.
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