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15 AI tools to solve your accounting problems

  • July 4, 2023
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Introduction to AI in Accounting

In today’s fast-paced business world, accounting professionals are constantly seeking ways to streamline their processes and improve efficiency. One of the most promising technologies that has emerged in recent years is artificial intelligence (AI). AI has the potential to revolutionize the accounting industry by automating repetitive tasks, analyzing vast amounts of data, and providing valuable insights. In this article, we will explore the benefits of using AI tools in accounting and discuss the top 15 AI tools that can help solve accounting queries more effectively.

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Benefits of Using AI Tools in Accounting

AI tools offer numerous benefits to accounting professionals .

  • Firstly, they can automate mundane and time-consuming tasks such as data entry and reconciliation, freeing up accountants to focus on more strategic and value-added activities. This not only increases productivity but also reduces the risk of human error.
  • Secondly, AI tools are capable of analyzing vast amounts of financial data in real-time, enabling accountants to identify patterns, trends, and anomalies that may have otherwise gone unnoticed. This can help businesses make more informed financial decisions and mitigate risks.
  • Lastly, AI tools can improve the accuracy and speed of financial reporting, ensuring compliance with regulatory requirements and providing stakeholders with timely and reliable information.

Top 15 AI tools for solving accounting queries

  • Clausehound

Clausehound is an AI-powered tool specifically designed for accountants to simplify contract analysis. It uses natural language processing algorithms to identify critical terms and clauses in contracts, ensuring compliance and reducing legal risks. By automating the contract analysis process, Clausehound saves accountants valuable time and resources, allowing them to focus on more strategic tasks.

The tool’s advanced algorithms can swiftly review contracts and extract relevant information, making it easier for accountants to make informed decisions. Whether it’s identifying payment terms, termination clauses, or indemnification provisions, Clausehound provides a comprehensive analysis of contracts, highlighting potential risks and opportunities.

Furthermore, Clausehound’s user-friendly interface and intuitive search capabilities make it accessible for accountants of all levels of expertise. By leveraging Clausehound, accountants can streamline their contract analysis process, minimize errors, and ensure compliance with legal requirements.

Concentrix is an AI-driven solution that aids accountants in managing tax compliance efficiently. With ever-changing tax regulations, staying up-to-date and ensuring accurate tax calculations can be a daunting task. Concentrix automates tax calculations, identifies potential deductions, and generates accurate tax reports, saving accountants valuable time and resources.

By leveraging Concentrix, accountants can streamline their tax compliance process and minimize the risk of errors. The tool’s advanced algorithms analyze financial data, identify tax-saving opportunities, and ensure compliance with tax regulations. Concentrix also provides real-time updates on changing tax laws, enabling accountants to stay informed and make accurate tax calculations.

Moreover, Concentrix’s user-friendly interface and seamless integration with existing accounting software make it a valuable tool for accountants. By automating tax compliance processes, Concentrix allows accountants to focus on more strategic tasks, such as financial analysis and planning.

Finicity is an AI tool that enables accountants to streamline financial data analysis. Traditional manual data collection and analysis can be time-consuming and prone to errors. Finicity automates data collection from various sources, such as bank statements and invoices, and provides real-time insights into financial performance.

By leveraging Finicity, accountants can make data-driven decisions and identify potential areas for improvement. The tool’s advanced algorithms analyze financial data, identify trends, and generate comprehensive reports. Accountants can gain valuable insights into cash flow, profitability, and financial health, facilitating more informed decision-making.

Finicity’s seamless integration with existing accounting software makes it easy for accountants to access and analyze financial data. By automating data collection and analysis processes, Finicity saves accountants valuable time and resources, allowing them to focus on more strategic tasks, such as financial planning and budgeting.

GreenPath is an AI-powered tool designed to enhance financial planning and budgeting. It leverages advanced algorithms to analyze income, expenses, and financial goals, providing personalized recommendations for saving and investing. Accountants can leverage GreenPath to assist their clients in creating effective financial strategies and achieving their financial objectives.

By utilizing GreenPath, accountants can provide their clients with valuable insights into their financial health. The tool’s intuitive interface allows accountants to input relevant financial information and generate personalized recommendations. Whether it’s creating a budget, planning for retirement, or saving for a specific goal, GreenPath provides actionable recommendations tailored to individual needs.

GreenPath’s comprehensive financial planning capabilities make it an invaluable tool for accountants. By leveraging GreenPath, accountants can enhance their advisory services, assist clients in making informed financial decisions, and foster long-term financial success.

MindBridge is an AI tool that detects anomalies and potential fraud in financial data. It uses machine learning algorithms to analyze large datasets and flag suspicious transactions or patterns. By leveraging MindBridge, accountants can ensure the integrity of financial records and proactively identify fraudulent activities.

Traditional manual methods of detecting fraud can be time-consuming and may not capture all anomalies. MindBridge automates the fraud detection process, analyzing vast amounts of financial data to identify potential red flags. The tool’s advanced algorithms learn from patterns and anomalies, improving their detection capabilities over time.

By utilizing MindBridge, accountants can enhance their audit processes and minimize the risk of fraud. The tool provides accountants with real-time alerts and detailed reports, facilitating efficient investigation and resolution of potential issues. With MindBridge, accountants can ensure the accuracy and integrity of financial records, strengthening trust and compliance.

AuditFile is a comprehensive AI tool designed specifically for auditors. It automates the auditing process by analyzing financial statements, identifying potential risks, and providing recommendations for improvements. With its intuitive interface and robust features, AuditFile simplifies the audit workflow and ensures compliance with regulations.

One of the key features of AuditFile is its ability to perform risk assessments. By analyzing financial data, this tool can identify areas of potential risk and provide recommendations for mitigating those risks. This allows auditors to focus their efforts on high-risk areas and allocate their resources more effectively.

AuditFile also offers advanced analytics capabilities, allowing auditors to gain deeper insights into financial data. The tool can analyze large volumes of data and identify patterns and trends that may have otherwise gone unnoticed. This helps auditors identify potential anomalies or irregularities and take appropriate actions.

Furthermore, AuditFile provides a collaborative platform for auditors to work together and share information. The tool allows multiple users to access and update financial data in real-time, ensuring that everyone is working with the most up-to-date information. This improves communication and coordination among team members, leading to more efficient and effective audits.

DataRails is an AI-powered tool that integrates with existing accounting software to provide real-time data analysis. By consolidating data from multiple sources and automating complex calculations, DataRails enables accountants to gain a holistic view of their financial data.

One of the key features of DataRails is its ability to automate data consolidation. The tool can automatically pull data from various sources, such as spreadsheets and databases, and consolidate them into a single, unified view. This eliminates the need for manual data entry and reduces the risk of errors.

DataRails also offers advanced reporting capabilities, allowing accountants to generate customized reports and dashboards. The tool can analyze financial data and generate visualizations that provide insights into key performance indicators and financial trends. This helps accountants make informed decisions and communicate financial information effectively to stakeholders.

Furthermore, DataRails provides powerful forecasting capabilities. The tool can analyze historical data and generate accurate predictions for future financial performance. This helps accountants identify potential risks and opportunities and make proactive decisions to optimize financial outcomes.

In conclusion, DataRails is a versatile AI tool that empowers accountants with real-time data analysis capabilities. By automating data consolidation, providing advanced reporting, and offering forecasting capabilities, DataRails helps accountants streamline their processes and make informed decisions.

FARO is an AI-based platform that helps accountants automate repetitive tasks and streamline their workflows. By leveraging natural language processing and machine learning, FARO can understand and process unstructured data, reducing the risk of errors and increasing efficiency.

One of the key features of FARO is its ability to automate data entry. The tool can extract information from documents such as invoices and receipts and enter them into the accounting system automatically. This eliminates the need for manual data entry and reduces the risk of errors associated with manual processes.

FARO also offers advanced reconciliation capabilities. The tool can match transactions from different sources, such as bank statements and invoices, and reconcile them automatically. This helps accountants identify discrepancies and ensure the accuracy of financial records.

Furthermore, FARO provides personalized dashboards and reports that provide insights into key financial metrics. The tool can generate visualizations and KPIs that help accountants monitor financial performance and identify areas for improvement. This enables accountants to make data-driven decisions and optimize business outcomes.

In conclusion, FARO is a powerful AI tool that helps accountants automate repetitive tasks and improve efficiency. By automating data entry, offering advanced reconciliation capabilities, and providing personalized dashboards, FARO enables accountants to focus on higher-value tasks and drive business growth.

  • IBM Watson Assistant

IBM Watson Assistant is an AI-powered virtual assistant that can answer accounting-related queries in a conversational manner. This tool uses natural language understanding and machine learning to provide accurate responses and assist accountants in their day-to-day tasks.

One of the key features of IBM Watson Assistant is its ability to understand natural language queries. The tool can analyze the context and intent of a question and provide relevant and accurate responses. This enables accountants to get the information they need quickly and efficiently.

IBM Watson Assistant also offers advanced calculation capabilities. The tool can perform complex calculations, such as tax calculations and financial ratios, in real-time. This helps accountants save time and effort and ensures accuracy in their calculations.

Furthermore, IBM Watson Assistant can provide real-time updates on financial data. The tool can connect to accounting systems and provide up-to-date information on accounts, transactions, and balances. This enables accountants to stay informed and make informed decisions based on the most current data.

In conclusion, IBM Watson Assistant is a valuable AI tool that helps accountants find answers to accounting queries quickly and accurately. By understanding natural language queries, offering advanced calculation capabilities, and providing real-time updates, IBM Watson Assistant improves productivity and efficiency in the accounting profession.

Intellias is an AI-based tool that focuses on financial planning and analysis. By leveraging machine learning algorithms, Intellias can analyze financial data, identify trends, and generate accurate forecasts.

One of the key features of Intellias is its ability to analyze historical financial data. The tool can identify patterns and trends in financial data and use this information to generate accurate forecasts. This helps accountants make informed decisions and plan for future financial outcomes.

Intellias also offers advanced budgeting capabilities. The tool can generate budgeting scenarios based on different assumptions and variables, allowing accountants to evaluate the impact of different decisions on financial performance. This helps accountants optimize resource allocation and make strategic decisions.

Furthermore, Intellias provides personalized dashboards and reports that provide insights into key financial metrics. The tool can generate visualizations and KPIs that help accountants monitor financial performance and identify areas for improvement. This enables accountants to make data-driven decisions and optimize business outcomes.

In conclusion, Intellias is a powerful AI tool that helps accountants with financial planning and analysis. By analyzing historical data, offering advanced budgeting capabilities, and providing personalized dashboards, Intellias empowers accountants to make informed decisions and drive business growth.

Jira is a powerful project management tool that can also be utilized for accounting purposes. With its AI capabilities, Jira can automate various accounting workflows, including budget planning, tracking expenses, and generating financial reports. It can also integrate with other accounting software to streamline data transfer and ensure data accuracy.

One of the key features of Jira is its ability to track and manage invoices. It can automatically generate and send invoices to clients, track payment statuses, and send reminders for overdue invoices. This helps businesses maintain a healthy cash flow and improves overall financial management.

QuickBooks is a popular accounting software that has integrated AI capabilities to simplify accounting processes. It can automate tasks such as bank reconciliation, expense tracking, and invoice generation. QuickBooks also provides real- time financial insights, allowing accountants to make informed decisions based on accurate and up-to-date data.

With QuickBooks, accountants can easily collaborate with other team members and clients. The software enables multiple users to access and update financial records simultaneously, reducing the need for manual data entry and minimizing the risk of errors.

  • SAP S/4HANA

SAP S/4HANA is an intelligent ERP (Enterprise Resource Planning) system that combines AI, machine learning, and advanced analytics to optimize accounting processes. It can automate tasks such as financial planning, cash management, and financial reporting, enabling accountants to work more efficiently.

One of the standout features of SAP S/4HANA is its ability to provide real-time insights into financial performance. It can generate interactive dashboards and reports that allow accountants to analyze key financial metrics and identify areas for improvement. This helps businesses make data-driven decisions and stay ahead of the competition.

Thrive is an AI-powered accounting platform that aims to simplify complex accounting tasks. It can automate processes such as bank reconciliation, expense categorization, and financial statement generation. Thrive also provides real-time financial insights and customizable dashboards, allowing accountants to monitor key financial metrics at a glance.

One of the unique features of Thrive is its virtual assistant, which can answer accounting queries and provide relevant information in real-time. This eliminates the need for manual research and speeds up the query resolution process.

Accountants can simply ask the virtual assistant a question, and it will provide the most accurate and up-to-date answer based on the available data.

Xero is a cloud-based accounting software that leverages AI technology to automate various accounting processes. It can handle tasks such as bank reconciliation, expense tracking, and invoice generation. Xero also integrates with other business applications, allowing seamless data transfer and reducing the need for manual data entry.

One of the standout features of Xero is its ability to provide real-time financial insights. It can generate interactive reports and dashboards that allow accountants to monitor key financial metrics and identify trends. Xero also enables collaboration with clients and other team members, making it easier to share financial information and work together on projects.

How AI tools are revolutionizing the accounting industry

AI tools are revolutionizing the accounting industry by automating repetitive tasks, minimizing errors, and generating valuable insights. These tools have transformed traditional accounting processes, allowing accountants to focus on more strategic tasks and providing them with the ability to deliver more value to their clients.

  • One of the key benefits of AI tools in accounting is the automation of time-consuming tasks. With AI-powered tools, accountants can automate tasks such as data entry, reconciliation, and report generation, saving valuable time and resources. This automation not only increases efficiency but also reduces the risk of errors, improving the accuracy of financial records.
  • AI tools also have the ability to analyze vast amounts of financial data and generate valuable insights. By leveraging advanced algorithms and machine learning capabilities, these tools can identify trends, patterns, and anomalies in financial data that may go unnoticed by human accountants. This enables accountants to make data-driven decisions, identify potential risks, and uncover opportunities for growth.
  • Furthermore, AI tools in accounting enable accountants to provide more proactive and advisory services to their clients. By automating repetitive tasks, accountants have more time to focus on analyzing financial data, identifying areas for improvement, and providing strategic recommendations. This shift from a transactional role to a more advisory role enhances client relationships and adds value to the services provided.

Considerations when choosing an AI tool for accounting

When choosing an AI tool for accounting, there are several considerations to keep in mind.

  • Firstly, it is important to assess the specific needs and requirements of your accounting practice. Consider the tasks that are most time-consuming or prone to errors and prioritize tools that address those areas.
  • Secondly, evaluate the user-friendliness and compatibility of the AI tool with your existing accounting software. Seamless integration and ease of use are crucial factors that can impact the adoption and effectiveness of the tool.
  • Additionally, consider the reputation and track record of the AI tool provider. Look for reviews, testimonials, and case studies to gauge the effectiveness and reliability of the tool. It is also advisable to reach out to other accounting professionals or industry experts for their recommendations and insights.
  • Lastly, consider the cost and return on investment of the AI tool. Assess the pricing structure, ongoing support, and potential savings or revenue generation that the tool can provide. It is essential to balance the benefits of AI tools with its cost to ensure a positive impact on your accounting practice.

Some of the frequently asked questions include

  • Are you tired of spending hours on manual accounting tasks? Discover how AI tools can revolutionize your accounting processes.
  • Want to take your accounting to the next level? Find out how these 15 AI tools can help you solve your biggest accounting challenges.
  • Are you struggling to keep up with the demands of your growing business? Explore how AI tools can streamline your accounting operations and save you valuable time.
  • Curious about how AI can transform your financial management? Learn how these innovative tools can automate tedious accounting tasks and increase accuracy.
  • Are you ready to say goodbye to human error in your accounting? Discover how AI tools can improve accuracy and eliminate costly mistakes in your financial statements.
  • Want to improve accuracy and reduce human error in your accounting operations? Learn how these 15 AI tools can enhance your financial management.

AI tools have revolutionized the accounting industry by automating tasks, generating insights, and enabling accountants to provide more strategic and value-added services. The top 15 AI tools discussed in this article, including Clausehound, Concentrix, Finicity, GreenPath, and MindBridge, offer a wide range of capabilities to assist accountants in solving accounting queries.

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32 thoughts on “15 ai tools to solve your accounting problems”.

[…] the way financial institutions manage compliance requirements. AI-powered systems can automate financial accounting and auditing processes, reducing manual efforts, and ensuring accuracy and consistency in […]

[…]       Automation of routine tasks: With the help of accounting software and advanced AI tools, accountants can automate repetitive tasks such as data entry, bank reconciliations, and invoice […]

[…] When selecting an AI tool for accounting and finance, it is crucial to assess your organization's specific needs and goals. By doing so, you can ensure that the AI tool you choose aligns with your company's unique requirements and supports your overall objectives. Here are some guidelines for evaluating the compatibility of AI tools with your accounting and finance processes: […]

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Adam, Boon, and Chelsey were in partnership sharing profits and losses in the proportion of 2/8,3/8 and 3/8 respectively. Their position on 30th December 2021 was as follows.

Liabilities ($) • Sundry Creditors (suppliers’ balances) 70500 • Bills Payable 20000 • General Reserve 24000 • Capital Accounts: Adam 30000, Boon 40000, Chelsey 45000  Total Liabilities: 229500

Assets • Cash at Bank 23150 • Bills Receivable 7350 • General Reserve 24000 • Sundry Debtors (customers’ balances) 80000 • Stock 52500 • Buildings 43500 • Furniture 23000  Total Assets: 229500

On 1st January 2022, they admitted Smith into partnership for 1/4th share on the following terms: – Smith to bring $ 35000 as capital – A goodwill account of the firm to be opened in the books at $ 60000 – The value of stock to be reduced by 10 % – Building to be appreciated by 10 % – Bad debts of $ 6000 to be written off. – There being a claim for damages against the firm, a liability to the extent of $ 1500 should be created. – An item of $ 400 included in sundry creditors is not likely to be claimed and hence, should be written off. – After Smith’s admission, goodwill should be written off.

Required: a. Prepare the journal entries for the above adjustments. b. Record the above journal entries in the necessary ledger accounts and c. Prepare the balance sheet of the firm after the admission of Smith.

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Adam, Boon, and Chelsey were in partnership sharing profits and losses in the proportion of 2/8,3/8 and 3/8 respectively. Their position on 30th December 2021 was as follows. Liabilities ($) • Sundry Creditors (suppliers’ balances) 70500 • Bills Payable 20000 • General Reserve 24000 • Capital Accounts: Adam 30000, Boon 40000, Chelsey 45000  Total Liabilities: 229500 Assets • Cash at Bank 23150 • Bills Receivable 7350 • General Reserve 24000 • Sundry Debtors (customers’ balances) 80000 • Stock 52500 • Buildings 43500 • Furniture 23000  Total Assets: 229500 On 1st January 2022, they admitted Smith into partnership for 1/4th share on the following terms: – Smith to bring $ 35000 as capital – A goodwill account of the firm to be opened in the books at $ 60000 – The value of stock to be reduced by 10 % – Building to be appreciated by 10 % – Bad debts of $ 6000 to be written off. – There being a claim for damages against the firm, a liability to the extent of $ 1500 should be created. – An item of $ 400 included in sundry creditors is not likely to be claimed and hence, should be written off. – After Smith’s admission, goodwill should be written off. Required: a. Prepare the journal entries for the above adjustments. b. Record the above journal entries in the necessary ledger accounts and c. Prepare the balance sheet of the firm after the admission of Smith.

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Practice Accounting

Why practice accounting questions.

One of the best ways to study accounting is to do the homework problems. An even better way to study accounting is to practice accounting questions you'd see on your test or quiz. Here's why: homework problems are designed to take you step-by-step through the process of solving the problem. This helps build a foundation for solving these types of problems. Unfortunately, the format of the homework problems is usually different than the questions you'll see on your tests and quizzes. Additionally, your test and quiz grades are typically weighted heavier than your homework grade. So, doesn't it make sense to spend time on questions that best resemble what you'll see on your accounting tests and quizzes?

Prior to working with me, most of the students I tutor do well on homework but struggle on tests and quizzes. The main reason is that the format of the test or quiz questions confuses students. This inevitably results in poor grades and undermines their confidence. Maybe you can relate? It's a cycle that is hard to overcome without help. Fortunately, there's an easy solution!

When students start working with me, we focus on solving accounting practice questions. These questions change how you think about accounting and change your approach to answering the questions you'll see on your accounting tests and quizzes. Imagine not being stressed out while taking your test! You'll become more efficient at answering these questions correctly , so you'll feel calm, and confident while taking your test.

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Practice doesn't make perfect. Perfect practice makes perfect! Accounting is like math; there's a right answer, many wrong answers, and no gray area (areas for interpretation). The answer is either right or it's wrong, period. This is why most questions on Accounting tests and quizzes are multiple choice or short answer. Since this is the case, it makes sense to practice these types of questions. Additionally, it's a good idea to practice a group of questions in a timed situation. This emulates your testing environment. It forces you to become more efficient at answering these questions. Use a timer app on your phone/computer while practicing these questions. The quicker you can correctly answer these questions, the more confident you'll become and the calmer you'll be. This trains you to be calm and confident for your test or quiz!

When taking accounting practice tests or quizzes initially focus on answering the questions to the best of your ability. Don't worry about getting the right answer, focus on understanding how to solve the question . Just like your homework problems, it's important to understand the "why" behind the answer, even if you answer the question correctly.

Practice Accounting

Accounting Practice Quizzes

Below are five practice quizzes. These quizzes are a great way to practice accounting. Answering these questions efficiently will prepare you for your tests and quizzes. Click the orange text below the quiz to view the answers. Watch the video below each practice quiz to see further explanation on how to solve these accounting practice questions.

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Practice Accounting Quiz 1: The Accounting Equation

  • At year end, Smith Co.’s Assets totaled $46,000 and their Liabilities totaled $6,000. What is the amount of their Owner's Equity? a) $52,000 b) $20,000 c) $40,000 d) $42,000
  • During the year Jan Co.’s total Assets increased by $54,000 and total Liabilities increased by $21,000. How much did Owner's Equity change? a) A $75,000 increase b) A $33,000 increase c) A $75,000 decrease d) A $33,000 decrease
  • When supplies are purchased on account: a) Assets decrease and Liabilities decrease b) Assets increase and Liabilities decrease c) Assets increase and Liabilities increase d) Assets decrease and Liabilities increase
  • If an owner of a company withdraws money for personal use: a) Assets decrease and Owner’s Equity decreases b) Assets increase and Owner’s Equity decrease c) Assets increase and Owner’s Equity increase d) Assets decrease and Owner’s Equity increase
  • When supplies are purchased for cash: a) Assets decrease and Liabilities increase b) Assets increase and Liabilities increase c) Total Assets remain the same and Liabilities decrease d) Total Assets remain the same
  • When the current months utility bill is paid: a) Assets decrease and Owner’s Equity increases b) Assets decrease and Liabilities increase c) Assets decrease and Owner’s Equity decreases d) Assets decrease and Liabilities decrease
  • The following are examples of Assets: a) Cash, Equipment, and Accounts Payable b) Cash, Supplies, and Equipment c) Cash, Supplies, and Accounts Payable d) Supplies, Equipment, and Accounts Payable
  • When an owner invests cash in their business: a) Assets remain the same b) Assets increase and Liabilities increase c) Assets increase and Owner’s Equity increases d) Assets decrease and Liabilities increase
  • Tech Co.’s Liabilities totaled $12,000 and their Owner's Equity totaled $32,000. What is the amount of their Assets? a) $20,000 b) $34,000 c) $44,000 d) $19,000
  • A company had $4,000 in Revenue and $3,000 in Expenses for a period. How will this impact the accounting equation? a) A $4,000 increase in Owner’s Equity b) A $3,000 increase in Owner’s Equity c) A $7,000 increase in Owner’s Equity d) A $1,000 increase in Owner’s Equity
  • An investment in a company made by the owner is referred to as: a) Accounts Receivable b) Capital c) Drawing d) Cash
  • Angela Co. received payment from a customer on account. Angela Co. should: a) Decrease Cash b) Decrease Accounts Payable c) Increase Accounts Payable d) Decrease Accounts Receivable
  • A Balance Sheet shows: a) Assets and Expenses b) Revenue and Expenses c) Assets and Revenues d) Assets and Liabilities
  • Slim Co. has the following account balances: Cash $25,000, Accounts Receivable $24,600, Accounts Payable $2,000, and Supplies $3,000. Based on the given information, what is the amount of their Assets & Owner’s Equity? a) $54,600 & $50,600 b) $52,600 & $52,600 c) $54,600 & $52,600 d) $52,600 & $50,600
  • On November 1, 2019, Jan Co.’s Balance Sheet showed Assets of $65,000, Liabilities of $30,000, and Owner’s Equity of $35,000. Jan Co. had the following activity during November: an increase in Assets of $24,000, a decrease in Liabilities of $7,500, an owner’s cash withdrawal from the company in the amount of $10,000, and Revenues of $50,000. What were Jan Co.’s Expenses for November? a) $13,500 b) $8,500 c) $66,500 d) Not enough information given

Answers to Accounting Equation Quiz:

Watch the video below to see how I solve the questions on the Accounting Equation Quiz:

Practice Accounting Quiz 2: Debits & Credits

  • The left side of an account a) Increases the account balance b) Decreases the account balance c) Is the debit side of the account d) Is the credit side of the account
  • Debiting an Asset account a) Has no effect on the account balance b) Decreases the account balance c) Increases the account balance d) None of the above
  • A credit is not the normal balance for which of the following accounts? a) Jim Smith, Capital b) Rent Expense c) Notes Payable d) Accounts Payable
  • For all transactions, the double-entry bookkeeping system requires that the a) Total amount of debits must equal the total amount of credits b) Total number of debits must equal the total number of credits c) Total Assets must equal total Liabilities d) Total Assets must be debited because a debit is the normal balance of an Asset
  • If the Accounts Payable account has debit amounts totaling $5,000 and credit amounts totaling $6,000, the Accounts Payable account balance is a) A $6,000 debit balance b) A $6,000 credit balance c) A $1,000 debit balance d) A $1,000 credit balance
  • Debits are used to a) Increase Liabilities b) Decrease Expenses c) Increase Assets d) Increase Owner’s Equity
  • Which of the following account types have credits as normal balances? a) Liabilities and Revenues b) Assets and Expenses c) Liabilities and Expenses d) Assets and Revenues
  • To record when a customer owes you money, you should: a) Debit Accounts Payable b) Credit Accounts Payable c) Debit Accounts Receivable d) Credit Accounts Receivable
  • An incomplete transaction has a debit to an Asset account for $12,000 and a credit to a Liability account for $15,000. To complete the transaction, you should: a) Debit a Liability account for $25,000 b) Debit an Asset account for $25,000 c) Debit an Asset account for $3,000 d) Credit a Liability account for $3,000
  • Normal balances are stated as follows: a) Assets (DR), Liabilities (CR), Owner’s Equity (CR), Revenues (DR), & Expenses (CR) b) Assets (DR), Liabilities (CR), Owner’s Equity (CR), Revenues (CR), & Expenses (DR) c) Assets (CR), Liabilities (DR), Owner’s Equity (DR), Revenues (CR), & Expenses (DR) d) Assets (CR), Liabilities (DR), Owner’s Equity (DR), Revenues (DR), & Expenses (CR)
  • Which of the following is not true? a) Debit is the left side of the account and credit is the right side of the account b) Debits increase an account balance and credits decrease an account balance c) Debit is abbreviated as DR d) Credit is abbreviated as CR

Accounting Practice Questions on Debits, Credits, and Normal Balances for Cash, Accounts Payable, Advertising Expense, Service Revenue, and Angela Brown, Capital

Answers to Debits & Credits Quiz:

Cash +  -  DR Accounts Payable -  + CR Advertising Expense +  - DR Service Revenue -  + CR Angela Brown, Capital -  + CR

Watch the video below to see how I solve the questions on the Debits & Credits Quiz:

Practice Accounting Quiz 3: Journal Entries

  • When Angela Smith, the owner of Smith Co., withdrawals cash for personal use, the journal entry should a) Debit Angela Smith, Drawing and credit Angela Smith, Capital b) Debit Angela Smith, Drawing and credit Cash c) Debit Cash and credit Angela Smith, Drawing d) Debit Cash and credit Angela Smith, Capital
  • A compound journal entry a) Has only one credit and one debit b) Has two debits c) Has two credits d) Affects more than one debit and/or more than on credit
  • To record services performed for cash, you would a) Debit Service Revenue and credit Cash b) Debit Service Revenue and credit Accounts Receivable c) Debit Accounts Receivable and credit Cash d) Debit Cash and credit Service Revenue
  • To journalize the purchase of equipment for $12,000 using a $3,000 cash down payment with the balance due in 15 days, you should a) Debit Equipment $12,000 and credit Cash $12,000 b) Debit Equipment $12,000, credit Cash $3,000, and credit Accounts Payable $9,000 c) Debit Cash $12,000, credit Equipment $3,000, and credit Accounts Payable $9,000 d) Debit Accounts Payable $12,000, credit Cash $3,000, and credit Equipment $9,000
  • When a business writes a check for the current months’ advertising, the journal entry should a) Debit Cash and credit Advertising Expense b) Debit Advertising Expense and credit Cash c) Debit Advertising Expense and credit Accounts Payable d) Debit Accounts Receivable and credit Advertising Expense
  • On June 30th, Jan Co. received a telephone bill for June’s phone services. This bill will be paid in July. What is the journal entry for the bill? a) Debit Telephone Expense and credit Cash b) Debit Cash and credit Telephone Expense c) Debit Telephone Expense and credit Accounts Payable d) Debit Accounts Payable and credit Telephone Expense
  • Recording a journal entry for receiving payment from a credit customer on account includes a) Crediting Accounts Payable b) Debiting Accounts Payable c) Debiting Accounts Receivable d) Crediting Accounts Receivable
  • List which accounts should be debited and which accounts should be credited. Use the accounts listed below. Cash, Accounts Receivable, Equipment, Accounts Payable, Chad Brown, Capital, Chad Brown, Drawing, Service Revenue, Advertising Expense, Rent Expense, & Utilities Expense a) Chad Brown contributed capital to his business. b) A credit customer paid on their account. c) Performed services for cash. d) Purchased equipment for cash. e) Issued a check to Chad Brown for personal use.
  • Based on the transactions below, list which accounts should be debited and which accounts should be credited. a) Performed services for $2,000 cash b) Issued a check for $500 for new equipment c) Paid the monthly rent by issuing a check for $1,000 d) Rendered services for $1,500 on credit e) Collected $500 from a credit customer f) Wrote a $120 check for the monthly utility bill g) Paid a creditor by issuing a $600 check h) Purchased $2,000 worth of supplies on credit

Answers to Journal Entries Quiz:

A. Cash (DR), Chad Brown, Capital (CR) B. Cash (DR), Accounts Receivable (CR) C. Cash (DR), Service Revenue (CR) D. Equipment (DR), Cash (CR) E. Chad Brown, Drawing (DR), Cash (CR)

A. Cash $2,000 (DR), Service Rev. $2,000 (CR) B. Equipment $500 (DR), Cash $500 (CR) C. Rent Exp. $1,000 (DR), Cash $1,000 (CR) D. AR $1,500 (DR), Service Rev. $1,500 (CR) E. Cash $500 (DR), AR $500(CR) F. Utility Exp. $120 (DR), Cash $120 (CR) G. AP $600 (DR), Cash $600 (CR) H. Supplies $2,000 (DR), AP $2,000 (CR)

Watch the video below to see how I solve the questions on the Journal Entries Quiz:

Practice Accounting Quiz 4: T-Accounts

  • On June 1st, the Cash account had a normal balance of $22,000. During June there were the following entries: a $4,000 credit, a $6,000 debit, a $5,000 credit, and a $2,000 debit. What is the account balance on June 30th? a) $23,000 debit balance b) $21,000 debit balance c) $23,000 credit balance d) $21,000 credit balance
  • Kraft Co.’s Owner’s Equity was $30,000 on June 1st. During June, Kraft Co. reported $5,000 in revenue, $2,000 in expenses, and an Owner’s draw of $1,000. What is Kraft Co’s Owner’s Equity on June 30th? a) $32,000 credit balance b) $32,000 debit balance c) $28,000 credit balance d) $28,000 debit balance
  • On December 1st, Angela Co.’s Accounts Payable account had a balance of $31,000. During December they had purchases on account totaling $21,000, collected from credit customers on account totaling $4,000, and made payments on account totaling $9,000. What is the Accounts Payable balance on December 31st? a) $43,000 credit balance b) $39,000 credit balance c) $43,000 debit balance d) $39,000 debit balance
  • On April 1st, Jones Co.’s Accounts Receivable account had a balance of $23,000. During April they had sales on account totaling $14,000 and collected from credit customers on account totaling $8,000. What is the account balance on April 30th? a) $17,000 credit balance b) $17,000 debit balance c) $29,000 credit balance d) $29,000 debit balance
  • On March 1st, Smith Co.’s supplies account totaled $3,000. During March, Smith Co. used $2,000 of supplies and purchased $4,000 in supplies. What is the supplies account balance on March 31st? a) $5,000 credit balance b) $5,000 debit balance c) $1,000 credit balance d) $1,000 debit balance
  • On January 1st, Jones Co. had the following account balances: Cash 12,000; Accounts Receivable 15,000; Supplies 2,000; Prepaid Rent 0; Accounts Payable 7,000; Adam Jones, Capital 22,000; Adam Jones, Drawings 0; Sales 0; Advertising Expense 0; Rent Expense 0. During January, Jones Co. had the following transactions: a) Paid $2,500 cash for supplies. b) Received $4,000 from credit customer on their account. c) Made sales of $6,000 on account. d) Issued a check in the amount of $500 for the current months’ advertising. e) Issued a check in the amount of $4,500 for the next 3 months rent. What is the balance on January 31st for the following accounts? -Cash -Accounts Receivable -Prepaid Rent
  • Create T-Accounts for the following transactions and total the account balances. All accounts start with zero balances. Use the following accounts: Cash, Accounts Receivable, Equipment, Supplies, Accounts Payable, Service Revenue, Rent Expense, & Utilities Expense a) Performed services for $20,000 cash b) Issued a check for $500 for new equipment c) Paid the monthly rent by issuing a check for $1,000 d) Rendered services for $1,500 on credit e) Collected $500 from a credit customer f) Wrote a $120 check for the monthly utility bill g) Purchased $2,000 worth of supplies on credit h) Paid a creditor by issuing a $600 check

Answers to T-Account Quiz:

Cash 8,500 (DR) Accounts Receivable 17,000 (DR) Prepaid Rent 4,500 (DR)

Cash 18,280 (DR) Accounts Receivable 1,000 (DR) Equipment 500 (DR) Supplies 2,000 (DR) Accounts Payable 1,400 (CR) Service Revenue 21,500 (CR) Rent Expense 1,000 (DR) Utilities Expense 120 (DR)

Watch the video below to see how I solve the questions on the T-Account Quiz:

Practice Accounting Quiz 5: The Trial Balance

  • Which of the following errors would you discover in the Trial Balance? a) A journal entry that’s not been posted b) A transaction that’s not been journalized c) Incorrect accounts used when journalizing a transaction d) An error transferring a debit balance to the credit column
  • The following would cause the Trial Balance to be out of balance: a) Putting the Cash balance in the debit column b) Putting the Equipment balance in the debit column c) Putting the Accounts Receivable balance in the credit column d) Putting the Notes Payable balance in the credit column
  • How would posting a journal entry to the wrong accounts impact the Trial Balance? a) It wouldn’t impact the Trial Balance b) Total credits would be understated and total debits would be understated c) Total credits and total debits would be properly stated and individual account balances would be correct d) Total credits and total debits would be properly stated, but individual account balances would be incorrect

Practice Accounting Example of an unbalance Trial Balance

Answers to Trial Balance Quiz:

Prepaid Rent and Prepaid Insurance should be Debited, not Credited.

Accounts Payable should be Credited, not Debited. Advertising, Salaries, & Utilities Expenses should be Debited, not Credited.

Total Debits = 306,000 Total Credits = 306,000

Watch the video below to see how I solve the questions on the Trial Balance Quiz:

As I'm sure you know, there is a lot of information to learn for your accounting class. My my goal is to help you pass your accounting class, so if you need help, reach out to me! I have more practice tests and practice quizzes like the ones above. The best way to learn accounting is to practice accounting! I can get you up to speed and back on track quickly. I'm available for one-on-one tutoring here , have a bunch of video training here (scroll to the bottom to see all the lesson topics), or check out some of my free videos on YouTube here .

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Accounting Test Prep

Journal Entries

Easy practice test, financial accounting, key things to know, practice as you learn, on your test, quick study sheet, medium practice test, hard practice test.

Click the “Check Your Answer” box below each problem to reveal the correct answer and explanation.

1. A revenue account is credited this period when

a. services are provided to a customer this period b. services are provided to the company this period c. services are paid for this period and provided next period d. income is earned last period

Check Your Answer

A. A revenue account is credited when it is increased. Revenues are recorded with an increase when the revenue is earned this period; a good or service has been provided this period. (b.) is an expense.

2. An expense account is debited this period when

a. services are provided to a customer this period b. services are provided to the company this period c. services will be paid for this period and provided next period d. services will be provided to the company next period

B. Expense accounts are debited when they increase. A service provided to the  company this period is an increase in to the expense this period.

3. What is recorded when wages are paid to employees who worked this period?

a. a debit to an asset and a credit to a liability b. a credit to a revenue and a debit to an asset c. a debit to an expense and a credit to an asset d. a debit to a liability and a credit to a revenue

C. Wages paid to employees who worked this period is an increase to an expense and a decrease to cash. Increasing an expense is a debit and decreasing cash, an asset, is a credit.

4. Dividends earned and not yet received are recorded with

a. a debit to an asset and a credit to a liability b. a credit to a revenue and a debit to an asset c. a debit to an expense and a credit to an asset d. a debit to a liability and a credit to cash

B. Earned means it is a revenue. Revenues increase with a credit. Not yet received is a receivable which is an asset. Assets increase with a debit.

5. Using up prepaid rent is recorded with

a. a credit to a liability b. a debit to an expense c. a credit to an expense d. a debit to an asset

B. Using up the asset prepaid rent is an expense. An increase to an expense is recorded with a debit. Using an asset is also a decrease to the asset which is recorded with a credit. This is not one of the choices.

6. Cash paid for salaries owed to employees for working last month is recorded with

a. a debit to a liability b. a credit to an expense c. a credit to a revenue d. a debit to an expense

A. Paying for an amount owed is a decrease to cash and a decrease to the liability. Assets are decreased with a credit and liabilities are decreased with a debit. The expense was recorded last period with a debit when the service was provided.

7. Depreciation expense is recorded in the same transaction as

a. a credit to equipment b. a credit to accumulated depreciation c. a credit to accrued expenses d. a credit to prepaid expenses

B. Accumulated depreciation is the account that is always credited when recording depreciation expense. This account is the total of all prior years’ depreciation expense.  Accumulated depreciation is a contra asset account which means it is opposite of an  asset. Assets increase with a debit, so accumulated depreciation is increased with a  credit (opposite).

8. An increase to an expense will be recorded in the same transaction with

a. a credit to a liability b. a debit to a liability c. a credit to a revenue d. a credit to owner’s equity

A. The expense must be paid for now or paid for later. The expense is a debit, so the other account must be a credit. Payment now decreases the asset cash. Decreasing an asset is done with a credit which is not one of the choices. Paying later increases a liability which is done with a credit (b). A revenue and expense is not recorded together  in the same journal entry.

9. The company issued stock to investors. Which of the following is done to record this transaction?

a. credit owner’s equity and debit retained earnings b. debit an asset and credit an asset c. credit an assets and debit a liability d. debit an asset and credit owner’s equity

D. Issuing stock to investors increases cash, recorded with a debit, and increases common stock, recorded with a credit.

10. The company purchases a truck and pays cash. Which of the following is done to record this transaction?

a. debit cash and credit truck b. debit truck and credit accounts payable c. debit truck and credit cash d. debit truck expense and credit cash

C. Truck increases and cash decreases. Both are assets. The truck increases with a debit and the cash decreases with a credit.

11. Journal entries are used for the purpose of

a. recording transactions only b. recording and summarizing transactions c. determining if the accounting equation balances d. listing all the account names used

A. Journal entries are made to record transactions. T accounts summarize transactions to get account balances that are reported on the financial statements. Recording debits and credits properly will balance the accounting equation (c.) A trial balance lists all account names used

12. Which of the following transactions requires a credit to a liability account?

a. purchase an asset and pay cash b. purchase an asset and agree to pay later c. issue common stock d. repay a liability

B. A credit to a liability account is an increase. An increase to a liability occurs when  the company borrows to purchase an asset and pays later. Repaying a liability is a debit to the liability (d.) (a. & c.) do not impact a liability.

13. The account name debited when the company pays a supplier is

a. accounts receivable b. accounts payable c. supplies d. cash

B. Owing a supplier is called accounts payable. Cash is credited when payment is made. Accounts payable is debited.

14. The account name debited when the company collects from a customer is

a. cash b. accounts payable c. accounts receivable d. none of the above

A. Amounts owed from the customer is accounts receivable. The customer pays cash  to the company. Cash is increased (debit) and accounts receivable is decreased (credit); both are assets.

15. Account names that will not be used to record the same transaction are

a. cash and accounts receivable b. cash and inventory c. accounts receivable and accounts payable d. accounts payable and cash

C. The company can not owe someone and be owed as a result of the same transaction. The other choices are cash being paid or collected, which are common transactions.

16. Record journal entries for following transactions. After recording the transactions, prepare a “T account” and balance the cash account.

a. Issued stock to investors for $125,000 cash b. Purchased office furniture for $3,200, agree to pay the entire amount in 2 years. c. Purchased computers for the office for $1,200 cash d. Paid for rent for the next 3 months, $600 e. Purchased office supplies for $75 cash f. Purchased inventory on account for $15,000 g. Paid $11,000 to the supplier for the inventory purchased in f. h. Hired employees who will begin work in 2 weeks i. Borrowed $10,000 from the bank to be repaid in 6 months j. Loaned $2,500 to a company who agrees to repay it in 2 years

a. Cash                                                 125,000        Common Stock                               125,000

Asset – Increase – Debit Owner’s Equity – Increase – Credit

b. Office Furniture                              3,200        L/T Notes Payable                             3,200

Asset – Increase – Debit Liability – Increase – Credit

c. Computers                                         1,200        Cash                                                       1,200

Asset – Increase – Debit Asset – Decrease – Credit

d. Prepaid Rent                                       600        Cash                                                         600

e. Office Supplies                                       75        Cash                                                             75

f. Inventory                                         15,000        Accounts Payable                             15,000

g. Accounts Payable                           11,000        Cash                                                      11,000

Liability – Decrease – Debit Asset – Decrease – Credit

h. No entry recorded, no exchange has taken place

i. Cash                                                 10,000        S/T Notes Payable                           10,000

j. L/T Notes Receivable                     2,500        Cash                                                       2,500

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17. Record journal entries for the following transactions. After recording the transactions, prepare a “T account” and balance the accounts payable account.

a. Borrowed $50,000 from the bank, agreed to repay it in 3 years b. Purchased manufacturing equipment for $20,000 cash c. Purchased office furniture on account, $2,700 d. Paid for insurance for the next 6 months, $2,200 e. Repaid $10,000 of the amount borrowed from the bank f. Purchased inventory on account, $15,000 g. Purchased supplies for cash, $100 h. Paid the supplier $14,000 for inventory purchased on account i. Invested $3,000 in a short term investment j. Sold part of the company to investors for $50,000 cash

a.  Cash                                                50,000        L/T Notes Payable                         50,000

b.  Manufacturing Equipment        20,000 Cash                                                         20,000

c.  Office Furniture                               2,700 Accounts Payable                                     2,700

d.  Prepaid Insurance                          2,200        Cash                                                     2,200

e. L/T Notes Payable                        10,000        Cash                                                   10,000

f. Inventory                                        15,000        Accounts Payable                            15,000

g.  Supplies                                               100        Cash                                                        100

h. Accounts Payable                          14,000        Cash                                                   14,000

i. S/T Investment                               3,000 Cash                                                            3,000

j. Cash                                                  50,000        Common Stock                               50,000

accounting problem solver online

18. A company had the following transactions during the first month of operations. Record journal entries for these transactions. Determine the balance in the cash account at the end of the first month.

a. Received $150,000 cash from investors for ownership in the company. b. Purchased inventory to be sold to customers, $45,000 on account. c. Rented warehouse space, $6,000 was paid for this month. d. Sold $5,000 of inventory on account (you have not been paid yet), sales price of $7,500. e. Acquired office furniture for $3,000 cash f. Paid $12,000 to employees who worked this month. g. Acquired manufacturing equipment costing $39,000, paid cash. h. Paid $700 for janitorial service. i. Received a $100 utility bill for this month. j. Collected $7,500 owed from customers.

a. Cash                                               150,000        Common Stock                              150,000

b. Inventory                                        45,000        Accounts Payable                           45,000

c. Rent Expense                                   6,000        Cash                                                     6,000

Expense – Increase – Debit Asset – Decrease – Credit

d. Accounts Receivable                       7,500        Sales                                                     7,500

Cost of Goods Sold                         5,000        Inventory                                            5,000

Asset – Increase – Debit Revenue – Increase – Credit

e. Office Furniture                              3,000        Cash                                                     3,000

f. Salary Expense                              12,000        Cash                                                   12,000

g. Manufacturing Equipment        39,000        Cash                                                  39,000

h. Cleaning Expense                               700        Cash                                                         700

i.  Utility Expense                                    100        Accounts Payable                                  100

Expense – Increase – Debit Liability – Increase – Credit

j. Cash                                                   7,500        Accounts Receivable                         7,500

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Accountants as Problem Solvers

August 01, 2020

By: Linda McCann , DBA, CMA, CPA ; David Horn , CPA ; Jennifer Dosch , CMA

accounting problem solver online

Managers often complain that accounting graduates aren’t prepared for today’s business environment. The complexity of our global economy and the increasing influence of, and reliance on, technology leads to practitioners and instructors questioning if undergraduate accounting programs focus on the right curriculum to prepare students for careers.

One soft skill that can help prepare accounting students for their careers is problem solving. Management accountants need to be able to work cross-functionally to solve problems and provide meaningful analyses. Many colleges, universities, and accrediting bodies in academia incorporate strategic goals requiring curriculum that facilitates problem-solving skills.

As instructors, we teach technical accounting skills by demonstrating and providing practice with accounting concepts and structured problems, which we assess via homework and exams. Teaching soft skills, such as unstructured problem solving, poses greater challenges that are more difficult to incorporate into the curriculum. How can students learn and approach unstructured problem solving?

A SLOW-THINKING APPROACH

Recent scientific discoveries into the brain reveal that humans employ fast and slow thinking to solve problems. The brain especially prefers making decisions and solving problems quickly based on recognized patterns, visual and verbal cues, prior knowledge, routines, familiar preferences, prejudices, and emotions.

In contrast, decision making and problem solving often require slow thinking to digest new information, hypothesize alternatives, employ quantitative mathematical and statistical analysis, overtly recognize and break free from cognitive biases, challenge preconceived notions, synthesize ideas, and create new knowledge. To support this kind of slow, rational thinking, accountants can learn a methodical process for problem solving (see Table 1).

accounting problem solver online

Many common business models—such as Six Sigma, A3 Lean, and Appreciative Inquiry—and the Association of American Colleges and Universities value problem solving, and critical-thinking grading rubrics describe specific steps for rational (i.e., slow thinking) problem solving. Business students, however, learn and apply these models in various courses, typically with no thread that ties them specifically to the accounting profession. Students learn bits and pieces of rational thinking throughout their undergraduate coursework, but instructors often don’t teach a common framework to apply these skills in a relevant and value-added way (see “Survey of Practitioners”).

accounting problem solver online

To help address this issue, we developed a problem-solving rubric for accounting students (see Table 2). The three of us are faculty members from Metropolitan State University in Minneapolis/St. Paul, Minn., and represent three different parts of the curriculum (auditing, business taxation, and management accounting), so it was important that it could be used across the entire accounting program.

accounting problem solver online

The rubric assesses learning in an organized way, providing a common framework (criteria) for students to consistently approach problem solving. The criteria include problem identification, analysis, and communication of results. It guides students through a series of problem-solving steps using terms and vocabulary specific to the accounting profession. The rubric also reminds us, as instructors, to create a learning environment where problem solving can occur (see “Setting the Tone”).

accounting problem solver online

STEP 1: PROBLEM IDENTIFICATION

The iterative and looping nature of problem solving confounds inexperienced accountants. Where does one begin? Students tell us using a rubric provides a starting point.

To implement the rubric, we assign students projects with unclear goals, incomplete information, and more than one possible solution. Assignment topics vary. It could have students develop a cost-benefit analysis between adding employees or adopting Lean manufacturing techniques, analyze tax outcomes of business decisions, create a risk assessment and audit response for a fictitious client, or some other accounting-related issue.

Students begin by developing one or several hypotheses as to the nature of the problem. To generate ideas, we assist students in their brainstorming discussions. The rubric leads students to consider the environment, strategy, unexpected observations, overall importance, and risk assessment. At this stage, the identified problem may change, but the original hypothesized problem gives direction for next steps. Upon completing the assignment, we assess students on how they identified the problem.

Metropolitan State University’s business taxation course used the rubric in a case study that involves assessing the implication of the Wayfair v. South Dakota U.S. Supreme Court decision on a company’s sales tax collection. Prior to Wayfair , companies operated under a physical presence nexus established in Quill v. North Dakota . The Quill decision required companies to have a physical presence in a taxing jurisdiction in order to require collection and remittance of sales taxes on transactions.

In Wayfair , the U.S. Supreme Court overturned Quill in favor of an economic nexus standard, where companies only needed to have a certain level of economic activity. For example, in South Dakota, the threshold economic activity is 200 transactions or $100,000 in sales. The change from Quill to Wayfair was a major development in how companies operate and collect sales tax. It required companies to assess all jurisdictions in which they operate and evaluate how the change in the nexus standards impact its operations.

To apply this rubric to the change, students learn about a fictitious company that sells inventory to multiple states and collects and remits sales tax under the Quill physical presence nexus standard. We give students a subledger with all sales data for the given year. The rubric leads students to ask about implications of the Wayfair decision on the company, how the ruling impacts the company’s strategic objectives, and risks to the company because of the change in the law. Using the rubric, students are guided to discover the issue at hand, which is whether the company will have a significant number of new sales tax jurisdictions requiring collections and remittance from its customers.

Students tell us that without the rubric, they often feel like they have no road map at the beginning of a project or case study; identifying the problem seems too big and undefined to tackle. Many students initially resist engaging with unstructured problem-solving assignments because they differ from past assignments. Similar to what one might find in cross-functional teams opposed to change, students show their displeasure with crossed arms and distant body language.

Many college courses still rely on testing facts and use formulas and calculations, an approach that doesn’t put the student in the decision-making role but is familiar to them. With a rubric, students see smaller doable steps, where the assignment is heading, and how they can move forward and loop backward, when necessary. The rubric breaks down the initial intimidation students feel with unstructured problems.

STEP 2: ANALYSIS

Next, the rubric guides students through analyzing the problem using accounting-specific skills they’ve acquired in each course. For example, students consider tax laws, financial reporting and audit principles, or cost accounting techniques.

Continuing the sales and use tax example, at this stage, students apply the rubric to perform a complete analysis, enabling them to form a conclusion to communicate. What are the relevant facts to determine Wayfair ’s impact? What facts are irrelevant? What primary and secondary tax authority is needed to conduct research? Are there alternatives and exceptions to applying Wayfair ? Have all states adopted an economic nexus standard? Have all states adopted South Dakota’s transactional thresholds? What’s the quantitative impact to the company? Are there financial accounting implications to the Wayfair decision? What’s the scope of the necessary research, and are there limitations, constraints, and so on? Through the rubric, students formulate and answer questions and perform analysis to solve the problem at hand.

We assess students on their ability to gather and identify relevant facts, research any applicable rules and laws, assess alternatives, and perform any needed qualitative and quantitative analyses. At this stage, students apply theories and best practices learned in specific course fields, such as management accounting, taxation, and auditing.

To encourage elaboration, the rubric uses words such as curious, skeptical, model, assumption, authoritative, best practices, relevant, and sufficient sources. Like many accountants, students want to get their work done quickly, but problem solving takes time and slow thinking. Thanks to the rubric, more students turned in papers with greater depth, less “cut and paste,” and more relevant supporting details.

As in the real world, students often discover their original hypothesis or identified problem is incorrect, incomplete, or irrelevant. They confront the iterative nature of problem solving as they work through the analysis stage and build evidence to support their hypothesis. When evidence doesn’t support an identified problem, students go back and redefine their problem, gather new evidence, explore new alternative solutions, and build a case for their conclusion.

STEP 3: COMMUNICATION

Finally, students present their results in a memorandum to a hypothetical manager or audit partner. The memorandum mirrors common styles, such as IFRAC (issues, facts, rules, analysis, and conclusion) and BLUF (bottom line up front). Students state the problem and include the conclusion (i.e., solution) up front along with a summary of relevant facts and assumptions. Supporting documentation presents additional in-depth analysis.

This format familiarizes students with a presentation style that allows management to quickly understand conclusions while also providing more depth to support the up-front conclusion. We expect students to write and present findings in a clear and concise manner as if in a professional accounting setting. The rubric grading criteria helps students solve problems using rational thinking and delivering a memorandum that directly supports management decision making.

In the Wayfair case study, students draft a memorandum to management addressing the implications of the sales tax nexus precedence change. The facts section should discuss the company’s current sales and use tax policies. Students identify the issue as the change from physical presence nexus to economic nexus. The up-front conclusion should identify new jurisdictions from which the company needs to register and collect sales tax and quantify the volume of sales tax it expects to collect. Finally, the analysis provides an in-depth discussion of the change from Quill to Wayfair . Students should discuss how they determined new jurisdictions, limitations, and further required resources for the company.

PREPARING STUDENTS FOR THEIR CAREERS

We use the rubric format for projects or cases at different stages throughout the accounting curriculum. The problem-solving rubric measures student learning and reinforces rational thinking with each assignment. The projects that use the rubric vary in length, depth, and complexity as students move from management accounting to tax and then finally to audit. We find the rubric flexible enough to adapt to an instructor’s needs, yet it provides consistent core steps—identify the problem, analyze, and communicate—to solve problems.

The rubric helps students organize their communication through the memorandum. Setting up a memorandum so the problem and solution appear “up front” highlights mismatches between the problem, evidence, and conclusion. Further, it encourages students to decide—rather than ramble and include information that isn’t relevant. We find students often get to the communication stage and realize that their analysis doesn’t support their conclusion or identified problem. Fortunately, the rubric allows them to loop back and redefine and reanalyze.

By using the same grading criteria in multiple courses, we provide students with a familiar approach to problem solving that turns fast thinking to slow, rational thinking. The process and steps become routine and less daunting for the student. While each step still requires arduous thinking, the approach itself is a recognized pattern for students.

From our point of view as accounting instructors, the rubric helps provide consistent and fair grading. We provide separate points for milestones in problem identification, analysis, and communication, which further encourages students to go through each step of the process. Metropolitan State University plans to expand the use of this rubric in the accounting curriculum. This common framework provides students with a process to identify problems, research and investigate facts, conduct analyses, and communicate results across all accounting disciplines.

This process reinforces the problem-solving skills that students will need in their professional careers. These capabilities will help them perform their roles in today’s strategic, fast-paced business environment. Solving problems is critical for today’s management accountant. Through implementing the rubric, instructors can help students systematically apply a problem-solving process that they can take with them as they move from student to management accountant.

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August 2020

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35 Basic Accounting Test Questions

basic accounting test

Take this short quiz to assess your knowledge of basic accounting. The 35 questions include many topics covered in a typical Accounting 101 class. Answers with explanations are at the end of the test.

Which of the following is not a core financial statement?

  • The Income Statement
  • Statement of Cash Flows
  • The Trial Balance
  • The Balance Sheet

The income statement, which presents the results of operations, can be prepared in many forms including:

  • Single Step Income Statement
  • Condensed Income Statement
  • Common Sized Income Statement
  • All of the above

Which of the following account types increase by debits in double-entry accounting?

  • Assets, Expenses, Losses
  • Assets, Revenue, Gains
  • Expenses, Liabilities, Losses
  • Gains, Expenses, Liabilities

Which of the following is true?

  • Accounts receivable are found in the current asset section of a balance sheet.
  • Accounts receivable increase by credits.
  • Accounts receivable are generated when a customer makes payments.
  • Accounts receivable become more valuable over time.

A company that uses the cash basis of accounting will:

  • Record revenue when it is collected.
  • Record revenue when it is earned.
  • Record revenue at the same time as accounts receivable.
  • Record bad debt expense on the income statement.

What are the main sections on a balance sheet?

  • Assets, liabilities, income
  • Assets, liabilities, equity
  • Assets, liabilities, expenses
  • Assets, gains, revenue

How are a company’s financial statements used?

  • For internal analysis
  • For external negotiation
  • For compliance

Which of the following scenarios increases accounts payable?

  • A customer fails to pay an invoice.
  • A supplier delivers raw materials on credit.
  • Office supplies are purchased with cash.
  • None of the above

Which of the following must a certified public accountant (CPA) have in-depth knowledge of to pass the CPA licensing exam? (Check all that apply.)

  • Accounting software packages
  • Derivatives
  • International banking laws

What is the result of the following transaction for Company A? Company A’s customer is unable to pay for a previous credit sale in accordance with Company A’s 90-day payment terms. The customer makes a promissory note to Company A that extends payment over a 24-month term including 5% interest.

  • No result because the customer didn’t pay.
  • Accounts receivable increases because of the interest.
  • A note receivable is recorded in non-current assets.
  • Company A records the loan as a liability.

When are liabilities recorded under the accrual basis of accounting?

  • When incurred
  • At the end of the fiscal year
  • When bank accounts are reconciled

Which is true about time in accounting?

  • Current liabilities are debts payable within 2 years.
  • Balance sheets reflect a company’s financial position at a certain point in time.
  • The time value of money is a finance concept, not relevant in accounting.
  • Accounts receivable are more easily collected as time passes.

When a company purchases property, plant, and equipment, how is it reflected on the statement of cash flows?

  • As a source of cash in the "cash from investing activities" section
  • As a source of cash in the "cash from financing activities" section.
  • As a use of cash in the "cash from investing activities" section.
  • As a use of cash in the "cash from operating activities" section.

What would the journal entry be for a company that takes out a five-year, $100,000 business loan?

  • Debit $100,000 non-current asset, Credit $100,000 non-current liabilities
  • Debit $100,000 current asset, Credit $100,000 non-current liabilities
  • Debit $100,000 non-current liabilities, Credit $100,000 non-current assets
  • Debit $100,000 current liabilities, Credit $100,000 current assets

Which accounts are associated with cost of goods sold?

  • Accrued interest
  • Depreciation

Which organizations are involved in development of US Generally Accepted Accounting Principles (GAAP)? (Check all that apply.)

  • Financial Accounting Standards Board (FASB)
  • Government Accounting Standards Board (GASB)
  • Securities and Exchange Commission (SEC)
  • Federal Accounting Standards Advisory Board (FASAB)

Which inventory valuation method reflects the most current market value for inventory on hand?

  • Last-in-First-Out (LIFO)
  • Average Costs
  • First-in-First-Out (FIFO)
  • Specific Identification

Which of the following statements is not true about intercompany accounting?

  • Intercompany transactions are between two units within the same legal entity.
  • Intercompany transactions are eliminated in consolidated parent financial statements.
  • They can significantly impact taxes.
  • Intercompany transactions are between different legal entities under the same parent control.

Which is the method of depreciation used for US tax returns that is not GAAP-compliant?

  • Straight-line method
  • Modified accelerated cost recovery systems
  • Double-declining balance method
  • Units of production method

What is the most-used method to amortize intangible assets on a company’s financial statements?

  • Sum of the years’ digits method

Which financial statement is a report of a company’s revenues and expenses during a certain time period?

  • Statement of Changes in Equity
  • Income Statement
  • Statement Of Cash Flows

After making a sale of $3,000, where $1,200 is paid in cash and $1,800 is sold on credit, how would a company go about updating its balance sheet?

  • $1,800 debit in accounts receivable; $3,000 credit in retained earnings; $1,200 debit in cash
  • $3,000 debit in retained earnings; $1,200 credit in cash; $1,800 credit in accounts receivable
  • $1,800 debit in accounts payable; $1,200 debit in cash; $3,000 credit in retained earnings
  • $1,200 credit in cash; $1,800 credit in accounts payable; $3,000 debit in retained earnings

Which is not an example of financing cash flow?

  • Paying off a debt of $25,000
  • Investing in equipment worth $90,000
  • Paying $12,000 worth of dividends to shareholders
  • Issuing $42,000 worth of shares

Which side of the ledger account are debits recorded on?

  • Depends on the debit

Are assets on the balance sheet recorded at their estimated fair market value?

  • Sometimes; it’s situational

Increasing an asset involves crediting the account.

Unearned revenues are recorded on a company’s balance sheet under which kind of account?

  • Current asset
  • Owners’ or stockholders’ equity
  • Non-current asset

What is the minimum number of accounts that accounting entries can have?

The listing of all the financial accounts within a company’s general ledger is called the _____.

  • Chart of accounts
  • Journal entry
  • Balance sheet
  • P&L statement

Which is not classified as a current asset?

  • Product inventory
  • Liquid assets
  • Prepaid liabilities

Which formula is used to calculate operating income?

  • Revenue + Direct Operating Cost = Operating Income
  • Indirect Operating Cost - Revenue = Operating Income
  • Gross Income - Operating Expenses = Operating Income
  • Gross Profit - Indirect Operating Cost = Operating Income

Which of these statements about accrual accounting is true?

  • Revenue is recorded only when payments are received, while expenses are recognized when they're incurred.
  • All revenue from prepayments should be recognized when the payment is received, while expenses accrue over the life of the obligation.
  • If the business has provided the goods or services and can reasonably expect to receive cash, it can recognize the revenue in that period.
  • The matching principle dictates that expenses should be recognized when they are incurred, regardless of when revenue is recognized.

In a journal entry, a debit decreases which of the following accounts?

  • Accounts Payable
  • Supplies Expense
  • Both a and c

Which describes the double-declining balance depreciation method?

  • Estimated salvage value is greater at the end of the assets’ useful life than with straight-line depreciation.
  • It yields reports of higher income in the early years and lower income later on.
  • This method decreases the useful life of the asset and disposal costs by half.
  • The depreciation expense is larger in the first few years and gets smaller as time goes on.

Which one of these WILL NOT yield earnings before interest and taxes (EBIT)?

  • Revenue - Cost of goods sold - Operating expenses
  • Net income + Tax expense + Interest expense
  • Sales + Taxes + Interest
  • Gross profit - Operating expenses

Answer Key With Explanations

C — Running a trial balance is an intermediary step in the financial close, not a core financial statement. Core financial statements are: the income statement, the balance sheet, statement of cash flows, statement of retained earnings and the notes to the financial statements.

D — All are correct. A single step income statement has a section for revenue and expenses and only requires one subtraction to arrive at net income/loss. A condensed income statement only includes summary totals. Common sized income statements add a column to show the calculation of each line item as a percentage of revenue.

A — Assets, expenses and losses increase with debits. Revenue, liabilities and gains increase with credits.

A — Accounts receivable is a short-term asset included in the current asset section of a balance sheet and increases by debits. They come about when customer sales are made on credit, not cash. Accounts receivable become harder to collect, and therefore less valuable, as they age.

A — Cash basis accounting records revenue when paid. Accrual accounting reflects revenue when it is earned. Accounts receivable and its related bad debt are part of accrual accounting only.

B — Assets, liabilities and equity are found on the balance sheet. Revenue (or sales), expenses, gains, losses and net income (or earnings) are income statement accounts.

D — All are correct. Financial statements are used for internal analysis, like trending and calculating key performance indicators. External negotiations, such as applying for loans and credit cards, require financials statements. Compliance agencies, such as the Securities & Exchange Commission (SEC), require financial statements from public companies.

B — When a supplier delivers raw material a liability is incurred. Customer payments relate to accounts receivable, not accounts payable. Expenses paid with cash do not generate accounts payable because the payment is made concurrent with incurring the liability.

B — The four sections of the CPA exam are Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation. While knowledge of accounting software, derivative financial instruments and international banking law are helpful, they are not mandatory for licensure.

C — Company A records a note receivable from its customer. It is a non-current asset because the term is greater than 12 months. A non-paying customer would cause accounts receivable to be written off. Interest payments are not recorded in accounts receivable. Company A is the payee of the promissory note, not the debtor, and has no liability.

A — Under the accrual basis of accounting, liabilities are recorded in the fiscal period that they are incurred or committed, regardless of when paid.

B — Balance sheets are prepared "as of" a specified date. Current liabilities are due within the next 12 months. Time value of money, or net present value, is often used by accountants such as for lease accounting. Accounts receivable become less likely to be paid as they age.

C — Acquisitions of property, plant and equipment are uses of cash/cash equivalents and categorized as an investing activity. The operating activities section of the statement of cash flows captures the inflow/outflows from business operations, such as sales or labor expenses, rather than investments.

B — The transaction increases cash, a current asset, via a debit. It also increases loans payable, which is a non-current liability because it is due in five years, via a credit.

D — Cost of goods sold is an interim step on the income statement and is calculated as: Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold.

A, B, C & D — All of the organizations listed are involved in development of financial accounting standards.

C — The FIFO method assumes that the oldest inventory is sold first, and inventory on hand at the end of a period is the newest. The newest purchases reflect the most current market values.

B — The IRS requires the MACRS method for most fixed assets. MACRS is not GAAP-compliant because salvage values are ignored and because it relies on an IRS-determined table of useful lives that is inconsistent with GAAP principles.

A — The straight-line method is the only GAAP-compliant method for amortizing intangible assets.

B — An income statement is a financial report that documents a company’s earnings over a specific time period — yearly, quarterly or monthly — and records the expenses and costs associated with earning that revenue.

A — $1,800 debit in accounts receivable; $3,000 credit in retained earnings; $1,200 debit in cash. Cash is classified as a current asset and therefore expected to be consumed, sold or exhausted within a year, so it’s recorded on the balance sheet as a debit when it's received. When a customer makes a payment, cash is debited. Conversely, when a customer buys something on credit, the sale is documented in accounts receivable, where all funds owed to a company are accounted for. Retained earnings are a portion of the profits earned that are not used as dividends and are often reserved for reinvesting into the business.

B — Cash flow is defined as the movement of cash in and out of a business, and cash flow from financing activities (CFF) — or cash flow financing — is a section of the cash flow statement that includes transactions involving debt, equity and dividends. The purchase of plant, property and equipment (PP&E) would fall under cash flow from investing.

A — Debits are recorded on the left side of the ledger account because they decrease equity, liability and revenue and increase expense or asset accounts.

B — Assets are recorded at their historical cost values, which means that they are documented at their original cost and time acquired.

B — Increasing an asset involves debiting the account, because assets and expenses have natural debit balances.

D — Unearned revenues are incurred when businesses or individuals receive payment for a product or service that has yet to be delivered or provided. Until the item is delivered, these types of transactions are marked as liabilities.

D — All accounting entries must contain at least two accounts: one that is debited and another that is credited.

A — A chart of accounts helps companies break down all financial transactions made during a certain period into subcategories. That enables them to gain deeper insight into the profitability and effectiveness of various products, services or business units.

E — Considering that current assets are expected to be converted to cash within a year, property, which is a long-term asset often held for multiple years, would not be classified as such.

C — Gross Income - Operating Expenses = Operating Income. A company’s operating income is, in other words, its income from core operations. Operating income is calculated by subtracting operating costs from gross income.

C — If the business has provided the goods or services and can reasonably expect to receive cash, it can recognize the revenue in that period. The accrual concept requires that revenues and costs are recognized when they are earned or incurred, rather than when they are received in cash or paid. This method tends to provide companies with better and more comprehensive insights into their profitability and overall financial health.

B — Accounts payable tracks the money businesses owe to their creditors, so when businesses begin to pay off their purchases, which are recorded as debits, the balance in accounts payable decreases.

D — The depreciation expense is larger in the first few years and gets smaller as time goes on. Double-declining balance depreciation is an accelerated depreciation method that is used to offset an asset’s increased maintenance costs with lower depreciation expenses throughout its lifetime. For example, in knowing that assets will have lower repair and maintenance expenses in their early years, companies allocate higher depreciation expenses to newer assets.

C — Sales + Taxes + Interest. Earnings before interest and taxes (EBIT) is a business’s net income before interest and taxes are deducted, and it’s often used as a measure of operating profit. There are multiple ways to calculate EBIT; no matter which you use, the metric provides a look at a company’s profitability regardless of its capital structure.

How did you do? It’s accrual world , but continue studying to become audit you can be. (Did you catch our accounting jokes there?). Accounting is a challenging field that requires years of initial education, experience and continuing professional education. Specialties within the field include managerial accounting, cost accounting, project accounting, forensic accounting, nonprofit accounting, tax accounting and financial accounting — which is the type of accounting covered by this test.

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Accounting Basics FAQ

What are the five basic accounting principles.

There are many principles of accounting that guide the way accountants record transactions. Four accounting principles are considered basic: historical cost, revenue recognition, matching and full disclosure. When referring to "5 basic accounting principles," the fifth is objectivity.

What are basic accounting questions?

Basic accounting questions focus on topics concerning the financial statements and how transactions are recorded.

What are the basics of accounting?

Accounting basics include how to value business transactions, how to record activity in a company’s books and how to report business results using financial statements.

What is an accounting assessment test?

An accounting assessment test gauges an individual’s knowledge of basic accounting information, often used to screen potential candidates for bookkeeping and lower-level accounting jobs.

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Problem Solving in Accounting

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accounting department focusing on problem solving

Problem-solving in accounting is a critical skill that can always be improved upon. Master problem-solver and CFO at Musselman & Hall Contractors LLC, Adam Porter, shares his insight and experience with us in the latest episode of CFO Weekly.

What Makes a Great Problem-solver?

adam porter quote

If you know, you know, right? Adam instinctively knew he was a problem-solver when he was younger. Something as simple as going from point A to point B became an opportunity to experiment with which route got him to his destination quicker. And his quest for discovery hasn't stopped.

“If we don’t understand the ‘why’ behind the actions we take, how do we know if we’re really doing the right thing,” Porter said.

To solve is to correct or optimize, and none of us can do that if we don’t first recognize an opportunity to get involved. Problem-solving goes hand in hand with the willingness to roll up your sleeves and get stuck in, take an active role in, and see through the potential outcome. Adam empowers each of his team members to become (and grow as) problem-solvers, by recognizing them and their contributions to identifying and solving issues.

Involving people in the problem-solving process and connecting the dots for them, showing them how they make the business a better organism, is how you create more great problem-solvers and amplify your ability to tackle problems as they appear.

Accounting Problem-solving in Action

Accounting problem-solving quote

Problem-solving is a term that gets thrown around in interviews and on resumes quite a bit. When the time comes, real problem-solvers like Adam approach things in a specific way.

System Upgrades

If you’ve navigated a system change and survived to tell the tale, some would say you have superpowers. Upgrading something like an ERP system is a mammoth task, even for a seasoned team of executives. During a project like this, you’re reviewing and possibly amending every single organizational process.

You’re also required to identify how everything you do during this project starts to affect other areas of the business: finance, accounting, HR, IT and so on.

Adam’s own experience with one such project led him through a GL restructure. At the end of a six-month series of efforts, with the support of a Controller whom he had brought it to, Adam succeeded and was able to present information back to the business, which could be used to inform business decisions.

The domino effect: once more information became available, and it was clear how it related to each portion of the business, the people in charge of those respective portions became more engaged and more curious and more willing to work with that information.

Problem-solving is just one of those skills where nobody needs to formally identify the need for it. It’s the problem-solvers who are constantly on the lookout for opportunities to apply themselves.

The result is that everybody benefits.

The Problem-solving Process in Accounting

Adam’s very first step in his problem-solving process is to absorb as much information from as many sources as he can. Whether it’s listening to the news every day or speaking with different people inside the business, there’s this ongoing effort to find out more, learn about topical challenges that others might be facing, and use that to drive questions internally about further opportunities to solve problems.

It doesn’t necessarily need to reach the state of being a ‘problem’ to receive attention for optimization. You just need to listen and pay attention to where things might be slower, costing more than usual or requiring manual input from too many people.

Once you have this information, you can gather the right people into the room to start looking at that information, gathering more of it from different sources.

One of the key components of fully resolving any issue is to understand the full scope and depth of its current and future impact: What happens if you leave it alone, or if it gets worse, or if it’s completely resolved? Who gets more time in a day when you resolve something? Whose budget gets some breathing room? Can you reduce the amount of manual input that everybody’s required to give?

Finding the Right People to Solve the Problem in Your Accounting Department

So, once you know what the problem is, you need to get the right people in to solve it.

How do you know who that is? The team behind your solution is critical. As a CFO, you have the responsibility of setting your team up for success when they’re working on solving problems. All execs have this responsibility.

In any organization, cross-functional training is the quickest way to widen perspectives when approaching any problems. If your execs are regularly making time to get down to the operational level, and understand how and why things work a certain way, it becomes so much easier to strategically recommend a resolution when one is needed.

Problem-solving isn’t a one-way road.

Solve the Problem, Not the Symptom

How do you know when you’re solving the right thing? So many times, we see something blatantly creating a bottleneck in an operation and we’ll head right toward that point to clear the blockage. Is that really solving the problem, though?

Most times, it isn’t. Once you clear the blockage, if you don’t look a little deeper or follow it upstream, it’s probably going to reappear not long after you put in all that effort.

Adam explains that sometimes, you already know what the real root cause is, of one or more bottlenecks in the business. Sometimes it’s trial and error. Always, though, it requires you to dig deeper, uncover more detail, more links and connections to other parts of the business operation or the stakeholder network.

Adam goes on to say that getting to the root of the issue can also be achieved by just getting the right people in the room with you. Musselman & Hall Contractors does a great job of this, getting executives together at least once weekly, to just help others on the team evaluate elements, ask more questions, different questions, and gain a different perspective on things that can be missed during the daily routine.

Dealing with Resistance

Resistance is natural. Inertia affects every company in the world to some degree. When problem-solving, it’s likely that this will occur too.

You need to follow the process and listen as much as you convey messages. Cultivate the mindset within your business that someone else learning about your job is a positive thing. Take the time to explain that it’s because a fresh pair of eyes and a fresh mind might ask a different question that can enable you to work faster, reduce manual input, take on more responsibility, and actually achieve a promotion.

The right mindset about problem-solving enables it to benefit everyone on the team. No matter who is working on which problem or when, another major benefit to your business is to thoroughly document your procedures and changes thereto. It enriches the context of every issue that gets identified and resolved now and in the future, creating even greater efficiency for you as time passes.

Overcoming resistance is made possible by including and involving the right people, and enabling regular two-way communication with them through the problem-solving process.

For more interviews from the CFO Weekly podcast, check us out on Apple or Spotify or your favorite podcast player.

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10 Best AI Tools for Accounting & Finance in 2024

Senior Content Marketing Manager

February 13, 2024

Artificial intelligence is a game-changer for finance teams. If you’re not using AI tools for accounting tasks, you’re making things more complicated than they need to be. 

AI accounting tools can save you time and money while improving business performance. It automates repetitive tasks so you can put your brainpower into more important things like decision-making. 🤠

Ready to let accounting automation transform your workflow? Here are the 10 best AI tools for accounting and finance to get you started.

What to look for in an AI tool for accounting

9. blue dot, 10. truewind, how is ai used in accounting.

Accounting firms have long used data entry software to reduce human error and improve profitability. When you add AI technology to the mix, magic happens.

Accounting is all about calculations, mathematics, regulated processes, and tax compliance. Those are some of the things automation software does best.

AI accounting software allows accountants to put tedious tasks on autopilot and improve their financial operations. Here are some of the many benefits AI brings to accounting processes:

  • AI-powered data prediction
  • Faster financial data analysis thanks to advanced algorithms
  • Improved financial report accuracy
  • Lightning-fast automated invoice processing
  • Real-time insights and alerts
  • Reduced manual data entry
  • Scalability without an increase in manual work

AI tools for accounting provide indisputable benefits, from improving financial insights to automating time-consuming tasks. It’s all about identifying what you’re looking for and finding the right tool.

Everyone from freelance CPAs and startups to Fortune 500 CFOs and large accounting firms can use features like these:

  • Automated bookkeeping : AI tools should automate bookkeeping tasks to help you save time, make better decisions, improve expense management, and reduce financial statement errors
  • Automated invoice processing : Good AI-powered accounting software can automate payments and invoices to improve expense reports
  • Integrations: AI accounting tools that integrate with your other software—from Slack to QuickBooks—make life easier
  • Machine learning : Leading AI tools use machine learning algorithms to assess mathematical models and improve processes without instruction; it’s an accounting industry must-have
  • Templates: When manual work is required, a good tool can speed it up with bookkeeping templates , payroll templates , and general ledger templates

10 Best AI Tools for Accounting 2024 

The hardest part of finding an AI tool for accounting is sifting through all the options. We’ve narrowed it down to the top 10 tools in 2024.

With this list, you can assess each tool based on the best features, limitations, pricing, and reviews to make the right choice.

ClickUp Accounting is a cloud-based business management software designed to simplify financial processes. Manage accounts, create shareable reports, and let ClickUp AI act as your own digital personal assistant so you can focus on the larger strategy at hand.

ClickUp AI uses natural language processing to help with everything from financial management to client check-ins. We’ve built hundreds of AI tools for every aspect of your accounting system.

You can also use ClickUp Docs to create spreadsheets and explore templates for all things finance. 

For example, the ClickUp Accounting Template is designed to help manage your invoices, sales records, income, and predicted revenue. Keep up with accounts receivable and accounts payable (AR/AP) and use resource tracking to improve overall financial performance.

ClickUp has over 1,000 ready-made integrations with other tools to keep everything in one convenient, customizable Dashboard. 

ClickUp best features 

  • Choose from hundreds of templates to help with everything from budget and cash flow management to project management
  • Use AI to summarize financial planning meetings, connect with clients, outline audit policies, update sales forecasting reports, and more
  • Choose from over 100 ClickUp Automations to put back-office tasks on autopilot
  • Make informed decisions and improve your business’s financial health with help from ClickUp’s ChatGPT Prompts for Finance
  • Switch between multiple views, create custom Dashboards for every team member, and use project time tracking to streamline your workflow

ClickUp limitations 

  • Some users may face a learning curve with ClickUp’s many features and functionalities (we’ve solved this with free video tutorials for almost everything)
  • ClickUp AI isn’t available on the Free Forever plan

ClickUp pricing 

  • Free Forever
  • Unlimited: $7/month per user
  • Business: $12/month per user
  • Enterprise: Contact for pricing
  • ClickUp AI is available on all paid Workspace plans for $5 per member per month

ClickUp ratings and reviews 

  • G2: 4.7/5 (8,800+ reviews)
  • Capterra: 4.7/5 (3,800+ reviews)

AI tools for accounting: screenshot of Vic.ai's Invoices

Vic.ai is an AI-powered invoice processing tool with high accuracy rates and advanced machine learning algorithms. It uses powerful algorithms trained on millions of invoices to automate almost every aspect of billing without the need for templates or custom rules.

Once an invoice is uploaded, Vic.ai can extract essential details from invoices, detect duplicates, and put the approval process on autopilot. It also keeps your team on track by identifying which employee needs to review each step of the invoice approval process. 

Vic.ai best features 

  • Use integrations with leading enterprise resource planning (ERP) tools to automatically sync financial data
  • Reduce human error by allowing Vic.ai to identify and flag duplicate invoices and other accounting mistakes
  • Automatically recognize, code, and calculate value-added tax (VAT) and other taxes to improve accuracy and tax compliance
  • Improve financial decision-making using insights and analytics based on your accounting firm’s latest data

Vic.ai limitations 

  • No visible pricing information; some customers report that the tool is expensive for freelance accounting professionals and small businesses
  • Reviews mention a need for additional sorting and report options to improve efficiency

Vic.ai pricing 

  • Customers must contact Vic.ai and provide business information to request a price quote

Vic.ai ratings and reviews

  • G2: 4.8/5 (20+ reviews)
  • Capterra: N/A

Bill product example

Bill is a cloud-based tool that automates AR/AP processes. It’s designed for accounting firms and businesses that want to streamline the billing and invoicing process.

Users also gain access to Divvy From Bill, an automated credit and expense management software, at no extra charge. Divvy offers lines of credit up to $15 million and tools to help control budgets and manage spending.

Bill best features 

  • Use smart rules and workflows to automate bill payments and approvals
  • Control spending across teams, projects, departments, and vendors with increased visibility
  • Get cash-back rewards for eligible purchases made with Divvy lines of credit
  • Navigate multiple clients with ease to process AP invoices, approval, and payments

Bill limitations 

  • May charge fees from some services and individual transactions
  • Bill does not provide support for all credit cards, payment methods, and currencies

Bill pricing 

  • Essential: $40/month per user
  • Team: $55/month per user
  • Corporate: $79/month per user

Bill ratings and reviews 

  • G2: 4.3/5 (600+ reviews)
  • Capterra: 4.2/5 (200+ reviews)

AI tools for accounting: screenshot of Indy's invoice features

Indy is an AI workflow and admin program designed for independent professionals. It allows freelancers to create proposals, draft contracts, send invoices, and—most importantly—get paid. 🤑

Bonus: How to Professionally Ask for Payments From a Client

With Indy, you can track your time for effortless billing, negotiate the terms of your contract, store files, and run your business from one convenient dashboard.

Indy best features 

  • Take advantage of the free plan and get unlimited access to basic features with limited access to advanced functionality
  • Let the Indy AI writing assistant help you create contracts and proposals using ChatGPT technology
  • Unify your work using the app’s integration with Zapier and Google Calendar (paid plan only)
  • Set up recurring invoices, offer multiple payment options, set tax rates, and keep track of every transaction to ensure tax compliance

Indy limitations 

  • Free plan limits users to three clients
  • Some user reviews report inaccuracies when manually tracking time

Indy pricing 

  • Pro: $12/month per user

Indy ratings and reviews 

  • Capterra: 4.7/5 (100+ reviews)

AI tools for accounting: Zeni's dashboard

Zeni uses AI to automate accounting, spending, and budgeting processes to streamline financial operations. It provides real-time financial data analysis to improve business decisions, integrating AI with human knowledge for the most effective information.

Use Zeni to automate the time-consuming daily expense tracking and bookkeeping procedures.

Zeni best features 

  • Get a top-down perspective on your financial operation using the one-page view
  • Compare monthly, quarterly, and yearly reports to track financial progress and identify trends
  • Extract necessary data from receipts and forward it to a dedicated email address for consolidation and record-keeping 
  • Improve communication and information sharing between multiple teams with automatic updates and notifications

Zeni limitations 

  • Some user reviews mention a need for more guidance regarding how to review and process data to improve decision-making
  • May be expensive for some freelancers, entrepreneurs, and startups

Zeni pricing 

  • Starter: $549/month per month billed annually
  • Growth: $799/month per month billed annually

Zeni ratings and reviews 

  • G2: 4.7/5 (20+ reviews)

Screenshot of Docyt's dashboard

Docyt is an AI-powered bookkeeping platform designed to automate back-office and accounting tasks. Gain insight with real-time reports and ensure financial control over all aspects of your business.

Docyt also allows you to keep all critical financial information and documents in one secure place and create separate vaults for different projects or businesses.

Docyt best features 

  • Multiple plans to suit various needs, from expense management to automated bookkeeping for large operations
  • The mobile app is easy to use and navigate, providing secure, on-the-go financial tools and information
  • Use the expense tracking feature to track and control your business’s budget and cash flow
  • Integration with most major POS and PMS systems to provide industry-specific reporting

Docyt limitations 

  • Some user reviews mention difficulty connecting with customer support and slow response times
  • Some users mention the need for additional features to assist with accounting project management

Docyt pricing 

  • Expense Management : $50/month
  • Revenue Reconciliation: $50/month
  • Corporate Credit Card Management: $50/month
  • Mini: $149/month
  • Insight: $149/month
  • Impact: $299/month
  • Advanced: $499/month
  • Enterprise: $999/month
  • Accounting Firm & CFO: Contact for pricing

Docyt ratings and reviews 

  • Capterra: 4.6/5 (30+ reviews)

Screenshot of Gridlex's AI Advisor feature

Gridlex is a unified suite of business tools that includes Gridlex Sky. Sky is an accounting, expenses, and ERP software created by Gridlex to make financial processes easier. 

Use Gridlex Sky to oversee all accounting, expense management, and ERP functions with customizable automations and AI-driven insights. Sky can handle invoicing, billing, payroll, general ledger management, and more.

Gridlex best features 

  • Gridlex Sky users also receive access to Gridlex Ray, an HR software, and Gridlex Zip, a CRM and customer service help desk tool
  • Eliminate the need for manual work and reduce the risk of human error with automated calculations for profitability, revenue, and expenses
  • Use the expense management feature to organize and store receipts and expense claims through a straightforward interface
  • Automate expense approvals and reimbursements to reduce administrative processing

Gridlex limitations 

  • Lack of customer reviews on popular platforms makes it difficult to gauge the overall user experience
  • Advanced features such as revenue recognition automation are not available on the first pricing tier

Gridlex pricing 

  • Start: $10/month per user
  • Grow: $30/month per user
  • Scale: Contact for pricing

Gridlex ratings and reviews 

Booke mobile and desktop views

Booke is a bookkeeping automation tool that makes daily accounting tasks easier. It uses AI technology to reconcile errors and provide real-time data extraction. The more you use it, the better the AI becomes.

Get faster client responses and avoid tedious back-and-forth communication with Booke’s user-friendly messaging portal.

Booke best features 

  • Leverage AI to resolve coding errors, categorize transactions, communicate with clients, and automate your work
  • Increase efficiency with AI-powered automation for month-end close tasks
  • Find and fix errors in seconds with Booke’s advanced error detection features
  • Integration with popular tools like QuickBooks and Xero lets you sync your financial data

Booke limitations 

  • Lack of user reviews on popular platforms makes it difficult to make a decision based on general customer experiences
  • A minimum of five clients for each pricing tier

Booke pricing 

  • Smart: $10/month per client
  • Premium: $20/month per client
  • Robotic AI Bookkeeper : Contact for pricing

Booke ratings and reviews 

Screenshot of Blue Dot's dashboard

Blue Dot is an AI tax compliance platform that uses patented technology to help businesses ensure tax compliance. Reduce tax vulnerabilities for consumer-style spending and get a 360-degree view of all employee-driven transactions.

Use the tax knowledge base to find any information you need for your business and harness the power of natural language processing to leverage external data.

Blue Dot best features 

  • Use VAT Box to identify and calculate any eligible or qualified VAT spending
  • Let the Taxable Employee Benefits feature leverage AI to detect and analyze wage tax information
  • Improve your expense management workflow and let Blue Dot’s proprietary AI-driven suite apply checks and tax rules to keep your business compliant
  • Create corporate income tax reports that ensure compliance with minimal need for human input

Blue Dot limitations 

  • Can be challenging to get an idea of general customer experiences due to a lack of user reviews on popular platforms
  • No visible pricing data

Blue Dot pricing 

  • Customers must contact Blue Dot and book a demo to get quotes and pricing information.

Blue Dot ratings and reviews 

Screenshot of Truewind's website homepage

Truewind is an AI-driven finance and bookkeeping platform that empowers small businesses and startups. It provides accurate monthly reports and tailored financial solutions for your industry.

Users also receive access to Truewind’s concierge team of experts to ensure precision and transparency.

Truewind best features 

  • Make timely, informed business decisions with faster monthly close times and efficient bookkeeping
  • Contact and work with certified public accountants (CPAs) who can assist you with every step of your business’s financial processes
  • Keep back-office operations accurate with minimal hands-on time so you can put your focus on growing your operation
  • Simplify bookkeeping processes and integrate them with the tools you use to make financial management stress-free

Truewind limitations 

  • Lack of user feedback on popular review platforms
  • No visible pricing and subscription data

Truewind pricing 

  • Customers must schedule a demo with Truewind for pricing information.

Truewind ratings and reviews 

Maximize efficiency and accuracy with ai.

The integration of AI software has changed the accounting and finance industries. AI tools use automation to improve the accuracy and speed of financial reporting, offering valuable insights so you can make better decisions. 🌻

If you’re ready to streamline your financial processes, reduce costs, and improve efficiency for all things financial management, it’s time to embrace digital transformation. Get started today— sign up for ClickUp !

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10 Accounting Problem Solving Skills and How To Improve Them

Discover 10 Accounting Problem Solving skills along with some of the best tips to help you improve these abilities.

accounting problem solver online

Accounting is an important skill for anyone who wants to be financially successful. Without a basic understanding of accounting, it can be difficult to make sound financial decisions. However, even if you have a strong understanding of accounting principles, you may still encounter occasional accounting problems.

When these problems arise, it is important to have strong problem solving skills in order to find a resolution. In this guide, we will discuss some tips for solving accounting problems. We will also provide an overview of some common accounting problems so that you can be prepared in the event that one arises.

Financial Statements

Regulatory filings, revenue projections, account reconciliation, general ledger, business knowledge, problem solving.

Financial statements are important because they provide a snapshot of a company’s financial health. They can be used to make decisions about whether or not to invest in a company, and they can also be used to track a company’s performance over time. Financial statements include the balance sheet, income statement, and cash flow statement.

Payroll is an important skill for accountants because it allows them to process and manage employee compensation and benefits. Payroll processing includes calculating gross wages, deductions, and net wages; preparing payroll tax returns; and managing benefits such as health insurance, retirement plans, and paid time off.

Accountants who can effectively manage payroll can help businesses save time and money. They can also help businesses comply with federal and state tax laws and regulations.

Regulatory filings are important because they are required by law. Companies must file certain documents with government agencies in order to operate. These filings include tax returns, annual reports, and shareholder communications. Failure to file these documents can result in penalties or even the closure of a company.

Regulatory filings are important because they provide transparency. By law, companies must file certain documents with government agencies. These filings are public, which means that anyone can access them. This transparency allows investors and other stakeholders to see how a company is operating.

Revenue projections are important for businesses because they help businesses plan for future income. Revenue projections can be used to determine how much money a business will need to operate and grow. Revenue projections can also be used to help businesses raise money from investors.

Revenue projections are important because they help businesses plan for future income. Revenue projections can be used to determine how much money a business will need to operate and grow. Revenue projections can also be used to help businesses raise money from investors.

Account reconciliation is the process of ensuring that all transactions in a company’s books are accurate. This process is important because it helps ensure that the company’s financial statements are accurate and can be relied upon by investors, creditors and other stakeholders.

Account reconciliation involves comparing the company’s books with the records kept by its banks, vendors and other parties with whom it does business. If there are any differences, they need to be investigated and resolved. This process can be time-consuming, but it is important to ensure that the company’s books are accurate.

Compliance is the process of ensuring that you are in compliance with the laws and regulations that apply to your business. It is important for businesses to be compliant because it helps to protect them from penalties and fines. Compliance also helps to build trust with customers and regulators.

To be compliant, businesses need to understand the laws and regulations that apply to them and then take the necessary steps to ensure that they are following the rules. For example, businesses that sell products to consumers need to be aware of the consumer protection laws that apply to them. Businesses that operate in certain industries, such as healthcare, need to be aware of the regulations that apply to them.

General ledger is an important accounting problem solving skill because it is used to track and report financial information for a business. The general ledger is a summary of all of the accounts that make up the financial statements, and it is used to keep track of the money coming in and going out of the business. The general ledger is also used to prepare financial statements, and it is important that the information in the general ledger is accurate and up to date.

Quickbooks is an important skill for anyone in the accounting field. Quickbooks is a software program that helps accountants and business owners keep track of their finances. Quickbooks can help you track invoices, manage payroll, and create financial reports. Quickbooks is a valuable skill because it can save you time and make your job easier.

Business knowledge is important for accounting problem solving because it helps accountants understand the context of the problem they are trying to solve. It also helps them identify the root cause of the problem and develop a solution that will be effective in the real world.

Accounting problem solving often involves looking at a company’s financial statements and trying to identify where the company is spending too much money or where it is making mistakes in its accounting practices. To do this, accountants need to understand the company’s business and the industry in which it operates. They also need to be familiar with the latest accounting standards and best practices.

Problem solving is an important skill for accountants because they often have to solve complex problems. Problem solving requires the ability to identify the problem, gather information, develop a plan and implement the plan. Accountants must be able to think critically and creatively to solve problems.

Problem solving often requires good communication skills. Accountants must be able to explain the problem, gather information and develop a plan with the client. They also need to be able to follow up to make sure the plan is working and to troubleshoot if there are any issues.

How to Improve Your Accounting Problem Solving Skills

1. Understand the basics of accounting If you want to improve your accounting problem solving skills, it is important to have a strong foundation in accounting principles. You should be able to read and understand financial statements, as well as have a working knowledge of payroll, regulatory filings, revenue projections and account reconciliation.

2. Be well-versed in accounting software In order to be an effective problem solver, you need to be well-versed in accounting software. This will allow you to quickly and efficiently find solutions to accounting problems.

3. Stay up-to-date on accounting news and changes It is also important to stay up-to-date on accounting news and changes. This will help you anticipate problems and find solutions more quickly.

4. Be proactive in solving problems When you encounter an accounting problem, it is important to be proactive in solving it. This means taking the time to understand the problem and researching potential solutions.

5. Communicate effectively with your team When you are working on a team, it is important to communicate effectively. This means being clear about what you need from your team members and keeping them updated on your progress.

6. Be organized and efficient When solving accounting problems, it is important to be organized and efficient. This means having a system in place for tracking your progress and keeping your work area tidy.

7. Practice problem solving One of the best ways to improve your accounting problem solving skills is to practice. This can be done by working on practice problems or by taking on small projects in your personal life.

8. Seek out feedback When you are working on solving accounting problems, it is important to seek out feedback. This can be done by asking for feedback from your team members or by seeking out feedback from a mentor.

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Accounting is a subject that is a combination of a lot of theory memorization such as memorizing formulas, concepts etc and then their application into numerical problems called accounting problems. Due to its importance in the field of commerce, more and more people are taking up accounting as a field of study. This has led to an increased number of people searching for who can Solve My Accounting Paper Online.

Will Anyone Solve My Accounting Paper Online?

Students seek Online Help for their Accounting Papers and assignments. With the help of a good assignment writing help service, you will never have to wonder as to who will Solve My Accounting Paper Online. In this respect TotalAssignmentHelp.com is a premier service provider for solving your Accounting papers and Assignments. The solutions that we provide are given by highly specialized professionals who have been dealing with Assignment writing and Paper solving for Accounting for a long time now. Additionally they happen to hold advanced degrees that allow them an added advantage in answering these questions.

These online services help students to obtain assignment help and paper writing help and they are able to submit their assignments and papers before the deadline. Also as the questions are answered by expert professionals, therefore students are able to obtain higher grades on their papers and assignments. What makes these Online assignment Writing and Online Paper solving services an amazing facility is the fact that students are able to get their hands on high quality content, within a stipulated time frame and with little to no burden of their own. And all of this comes at very affordable prices. Best thing is that they done have to worry about who will Solve My Accounting Paper

Accounting: An Overview Accounting is the art as well a science of recording financial transactions and keeping financial records. It requires recording and effecting transaction that a business is involved with, provided the transaction is of a financial nature and there is a monetary value attached to it. It requires the preparation of the financial statements of an enterprise that showcase the financial position of a business at a given point of time, and helps to ascertain the profitability of a business. Thus depending on the complexity of this subject it is quite obvious for students to wonder, “who will Solve My Accounting Paper”

Features of Accounting that Appear in Accounting Assignment Predominantly Recording: It is absolutely imperative to record every transaction that takes place in the business as long as it is of a financial nature and has a monetary value associated to it.

Classification: Once the transaction has been recorded then it needs to be classified under the correct head under which this particular transaction fall into. This allows for proper segmentation of transactions.

Summarizing: It is the process of summing up all the details and then presenting a final picture. In Accounting summarizing refers to preparation of a summarized version of all the accounts and transactions within a financial year. This is done through the preparation of Final Accounts, which comprises of the Trading Accounts, Profit & Loss Accounts and the Balance Sheet. The final accounts summarize the entire financial position of the business and you are able to check the financial value of all assets and liabilities at a given point of time.

Interpretation: Once the final accounts are prepared, based on these accounts there are certain reports that need to be prepared that analyze the position of business and analyze the situation of the business based on the financial statements.

Principles that Appear in Accounting Assignments

When you look for an academic writing service, wondering, “who will Solve My Accounting Paper” you must make sure that they know the following principles properly. Accounting principles are basic methodologies that govern accounts through out. These principles form the back bone of accounting. These principles are basically concepts that govern the laws of accounting. Some of these accounting principles include Accrual Concept, Conservatism Concept, Cost Concept, Going Concern Concept, Consistency Concept, Matching Concept etc.

The Basic Elements of Accounting

Journal Entries: These are the first records of any transaction that takes place, which is of a monetary value. It involves recording the transaction in the Journal which ultimately makes up the Ledger Balance.

Trial Balance: It is a worksheet that comprises of the sum total of all the debits and Credits within a double entry accounting system.

Trading Account: Trading account is the account that helps in determining whether the primary business of the company is able to generate enough revenues to set off the most basic operating costs that are incidental to running the production. The excess at each side results in either gross revenue or gross loss.

Profit and loss Statement: The Profit and loss statement is an account that deals with all the revenues that are flowing into a business concern and all the expenses that a company has to bear in order to earn those revenues. It ultimately reveals that whether a business has earned any profit or has sustained any loss during a financial year.

Cash Flow Statement: The cash flow statement basically deals with the inflow and outflow of cash to and from the business. Cash flow statement helps to understand the cash reserves that a company has to take care of its immediate cash needs for short term requirements such as payroll, operating costs etc.

Revenue Expenditure: It refers to a cost that is incurred for short term basis and is expensed the same financial year that it is incurred.

Capital Expenditure: It is a cost incurred for acquiring a Fixed Asset and thus this cost will most likely be expensed over a period of years.

Accounting Methods:

  • Accrual Basis: This is a Method of Accounting that focuses on recognizing Expenses and Revenues when they are incurred and earned.
  • Cash Basis: Under this Accounting Method the Income and Expense is recognized when th cash is either received or paid.

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Accounting is the study and application of maintaining accounting records and tracking financial transactions.

If a firm is involved in a transaction that is of a financial character and has a monetary value linked to it, it must be recorded and carried out.

It necessitates the creation of an organization’s financial statements, which represent the company’s financial situation at a specific period and aid in determining its competitiveness. 

It is a discipline that involves acquiring a lot of theory knowledge, including formulae, principles, etc., and then applying that to numerical challenges.

More and more people are choosing to study accounting due to its significance in the world of business.

However, because of its complexity, it is also one of the subjects for which students look to professionals for help to finish their assignments or to ensure that they fully comprehend them.

  • The challenge in modern schooling is just so fierce. Universities are always boosting their expectations.
  • Students find it challenging to complete their assignments, submit their papers, and coordinate their studies under such demanding conditions.
  • Students are forced to experience extreme pressure and physical and mental tiredness as a result.

Accounting Features:

Every operation that occurs in the company, which is of financial nature and has a monetary value linked with it, must be recorded.

 The registered transaction must be categorised in order to be segmented properly.

  • Summarizing is the act of compiling all the information into a cohesive whole before presenting it. Summarizing in accounting refers to the creation of a version that condenses all of the accounts and transactions within a fiscal year.
  • This is accomplished by the creation of final accounts, which include the balance sheet, profit, & loss accounts, and trading accounts. The final accounts provide a comprehensive overview of the company’s financial situation.
  • After the final accounts are created, specific reports that examine the financial position of the business and evaluate the state of the company using the financial statements need to be documented.

Why is accounting a challenging subject?

One of the core disciplines for commerce graduates across the world has historically been accounting. The handling of financial transactions falls within the purview of accounting departments.

  • Additionally, it has a significant impact on the stability of an organization’s finances. As a result, accounting tasks are frequently given to students majoring in finance.
  • These tasks are typically fairly challenging.
  • Students struggle to comprehend difficult concepts and extensive calculations.

STEPS TO ORDER

Online assistance 

Accounting is a challenging topic for assignments. Most students choose it as their major often without realizing the intricacy involved. That is the main justification for why students seek help from online resources.

  • Students find it challenging to select the most reliable writing platform because the Internet is now overloaded with options.
  • With the aid of these online services, students can get assistance with their assignments and papers, enabling them to turn them in on time.
  • Students can earn better scores on their papers and assignments since qualified specialists answer these questions.
  • The advantage that students can access high-quality work, within a certain time period, and with minimal to no stress, makes these online services a wonderful choice.

Why Help@Assignmentstore?

One of the top companies offering online accounting assignments is Help@Assignmentstore. For years, our team of financial specialists has assisted many students with their accounting papers.

A few reasons that may compel students to consider Help@Assignmentstore for writing their Accounting Paper are as follows:

  • High-quality Content: At Help@Assignmentstore, our professional writers have years of expertise in writing academic papers and assignments. Our writers are skilled professionals with doctorates in the subject area in which you need help, and years of experience producing assignments and papers for students.
  • Content that is grammatically accurate and plagiarism-free: Each project that our writers create is original and free of plagiarism. We ensure that the assignments we generate are well-explored from a variety of sources, so plagiarism will never be a problem with our writing. Before giving it to you, we make sure that your work has been thoroughly checked for technical and factual errors.
  • Consistently meeting deadlines is another strength of ours. In fact, we make every effort to send your assignment before the due date. This gives you plenty of time to review the assignment and paper, spot any errors or flaws, and let us know so we can correct them.
  • If you need a reliable accounting problem solution, you can rely on our assignment-writing specialists. We have a team of dedicated professionals. This allows us to match you with the ideal accounting expert so that you receive the best support. You can always count on our large staff of writers to assist you with any task. Years of expertise have allowed our authors to provide the most perfect accounting projects. So call us if you want assistance with a difficult calculation or a fast accounting query solution. We’ll provide you with the greatest accounting assignment assistance we can.
  • Students always like to turn in papers that are uniquely their own. You can depend on us to provide you with a copy of your accounting project that incorporates your thoughts and suggestions rather than feeling generic.

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