1. Why you want to be an accountant?

Stereotypical answer to this question is that accountancy offers a respected professional qualification which can lead on to a wide range of opportunities in business. This is all true, but it doesn't answer the question of why YOU want to become an accountant - and if you give as general an answer as this, you can expect to be questioned in detail on the nature of the qualification and the opportunities you see it leading to.

Much of the income of the larger accountancy firms now comes from consultancy and related services rather than from audit. Even in audit you will spend much of your time visiting clients and asking questions, so good interpersonal skills are important. Your answer to this question should probably make this point.

2. What is accounting?

Accounting is a method or system used to keep track of and determine the financial status of a person or company's income/assets and outlay of money/possessions. (An Accountant engages in Accounting: "The occupation of maintaining and auditing records and preparing financial reports for a business"

3. Define account in accounting?

A account is the method used to visualize the debit credit accounting procedure. The account can represent any account regardless of expense, revenue, asset, or liability. The debits are placed the left side and the credits on the right.

4. Described fair value accounting?

Fair Value accounting is an accounting term that requires a company to place a value on all of the assets on its balance sheet that, it is the price at which the assets could be sold. This is easy to do when the asset has a quoted market price. However, it is often the case that there is no liquid market for an asset, and thus the company has to make an estimate of fair value. When the marketplace is in turmoil and illiquid, as it has been for much of 2008, companies are sometimes forced to place a very low value on an asset, resulting in a substantial markdown from the prior value. See related links for complete explanations.

5. Why financial accounting necessary?

Yes, the accounting calculates the cost of capital to the business. It compares the current, expected, and historic rates of return. Suppose a company is making 12% returns but borrowing money by using the owner's credit card at 22% be good to know that.

6. What are the 4 phases of accounting?

1) Recording
2) Classifying
3) Summarizing
4) Interpreting

7. Described accounting management?

Accounting Management (Business) is the practical application of management techniques to control and report on the financial health of the organization. This involves the analysis, planning, implementation, and control of programs designed to provide financial data reporting for managerial decision-making. This includes the maintenance of bank accounts, developing financial statements, cash flow, and financial performance analysis. Accounting management is a mandatory knowledge module of any MBA program.

Accounting (IT) management: Accounting is often referred to as billing management. The goal is to gather usage statistics for users.
Using the statistics the users can be billed and usage quota can be enforced.

Examples:
* Disk usage
* Link utilization
* CPU time

8. Described creative accounting?

"Thinking outside the box" when such practice is not permitted. Creative accounting is actually a good description of the practice, as it tends to create a picture, which is not technically correct from the perspective of the information's intended user.

9. Described the functions of accounting?

Accounting involves the creation of financial records of business transactions, flow of finance, the process of creating wealth in an organization, and summarizing the financial position of a business at a given moment in time.

10. Which are different branches of accounting?

Financial accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording, classifying, and summarizing transactions.

- Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs.

- Managerial accounting is the branch of accounting designed to provide information to various management levels in the hospitality operation for enhancing controls.

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11. Described about the accounting transaction?

A transaction is an execution of a user program and is seen by the DBMS as a series or list of actions. The actions that can be executed by a transaction include the reading and writing of database.

12. Which are the different fields of accounting?

There is one field of accounting, but there are many different jobs within the field such as auditor, bookkeeper, payroll accountant, cost accountant, tax accountants, etc. Accountants wear many hats and often do different tasks for different clients.

13. Described accounting loss?

It is when revenues are less than expenses.

14. Described accounting period?

This concept defines the unit of time for which accounting data are collected. It is hard to calculate and measure the profit if the business is trading for long periods. Therefore, accountants estimate profitability in the short segments of time that we call Accounting periods.

15. Define Control in Accounting?

A control is some type of device or procedure that attempts to limit the possibility of a transaction to be manipulated.

16. Described partnership accounting?

A business can be a corporation, a partnership, or a sole proprietorship. A corporation is incorporated at the state level. A sole proprietorship is one person in business. A partnership is two or more persons with an agreement on who has which assets and liabilities and income. Partnership accounting is doing the books for the partnership. For IRS purposes, a partnership return must be filed each year.

17. Described the definition of accounting?

The theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc.

18. Described the importance of accounting standards?

Financial statements are prepared to summarize all business activities by an enterprise during an accounting period in monetary terms & report financial outcomes in terms of performance, status of assets, liabilities, & flow of cash. These business activities vary from one enterprise to other on one hand and size & volume of business on the other hand. To compare the financial statements of various reporting enterprises poses some difficulties because of the divergence in the methods and principles adopted by these enterprises in preparing their financial statements. In order to make these methods and principles uniform, comparable, transparent, establish accountability, and bring true & fair view of Financial Statement - Accounting Standards are evolved.

19. What are different Branches of accounting?

For information, accounting field could be divided into a few branches, which is as follows:
i) Management Accounting
ii) Financial Accounting
iii) Taxation,
iv) Auditing

Management Accounting is consider a future prediction on the business cost which will be useful for the management (internal users) to make their decision, projection, planning and control their business activity.

The example of the M.A reporting consists of Sales Budget Report, Projection P & L for the year, Monthly Performance Review Report, etc.
The format is not standardized from one business to another and it will be more depending to the need and requirement of the company.

20. Who is considered the father of accounting?

Generally, Luca Pacioli is considered the father of accounting. For more information about him and double entry system he developed.

21. Explain the difference between accounting and auditing?

Accounting records the events. Auditing is a process that checks to see whether the events occurred and it is properly recorded.

22. Who created SnapIt accounting?

SnapIt accounting was developed in South Africa by Joe Schoemann Systems.
System Analysis: Joe Schoemann
Programming: Danny Schoemann

23. Explain the difference between Accounting and Marketing?

Accounting has to do with the company finances. Marketing has to do with company public relations, advertising, and product placement. The difference is accounting only deals with financial figures where marketing works on creating those figures.

24. Define peach tree accounting?

Peachtree Accounting is the name of a computerized accounting software program.

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25. Described accounting rules called?

Threre are 3 types of golden rules in accounting:
1)personal accounting
2)real accounting
3)Nominal accounting

1.personal accounting refers to individuals or organisation or companises the rule of personal accounting debit the reciever credit the giver

2.real accountinf refers to tangible and intangible assets the rukle of real accounting debit what comes in credit what goes out.

3.Nominal accounting refers to all expenditure and income the rule of nominal accounting debit all expenses/losses credit income/gains