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