Kenneth Boyd - 1,001 Accounting Practice Problems For Dummies

1,001 Accounting Practice Problems For Dummies

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Published simultaneously in Canada

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Library of Congress Control Number: 2014954678

ISBN 978-1-118-85328-3 (pbk)

1. Table of Contents

This book is intended for anyone who needs to brush up on basic accounting concepts. You may use this book as a supplement to material youre learning in an undergraduate accounting course. If youre working as an accountant, this book may help you with concepts that you need to review. The book provides a basic level of accounting knowledge. After you understand these concepts, you can move on to more complex accounting issues.

The 1,001 accounting questions are grouped into 14 chapters that cover everything from absorption costing to warranty expense. The last chapter of the book contains the answers, with detailed answer explanations. If you miss a question, take a close look at the answer explanation. Understanding where you went wrong will help you learn the concepts.

This product comes with a free online Cheat Sheet that helps you increase your accounting knowledge. Check it out at www.dummies.com/cheatsheet/1001accounting.

This book covers a great deal of accounting material. Because there are so many topics, you may struggle in some areas. If you get stuck, consider getting some additional help.

In addition to getting help from your friends, teachers, or coworkers, you can find a variety of great materials online. If you have Internet access, a simple search often turns up a treasure trove of information. You can also head to www.dummies.com to see the many articles and books that can help you in your studies.

1,001 Accounting Practice Problems For Dummies gives you just that 1,001 practice questions and answers that increase your understanding and give you an opportunity to apply accounting concepts. If you need more in-depth study and direction for your accounting courses, you may want to try out the following For Dummies products (or their companion workbooks), all published by Wiley. There are For Dummies books that cover each of the major areas of study in accounting:

• Accounting For Dummies, by John A. Tracy: This book provides an introduction to the most important accounting concepts. Youll learn about cash versus accrual accounting and how accounting transactions are processed.
• Cost Accounting For Dummies, by Ken Boyd: This book explains how costs are identified and assigned to products and services. The text also explains how companies price their products and how firms calculate profit.
• Financial Accounting For Dummies, by Maire Loughran: Use this book to understand how accountants generate financial statements. This book explains how accounting information is presented to investors, lenders, and regulators.
• Managerial Accounting For Dummies, by Mark P. Holtzman: Try this book if you need to understand how management uses accounting to make decisions. For example, managers need accounting data to decide whether they should manufacture a component part themselves or buy the part from an outside firm. This book explains how accounting is used inside an organization.

Part I

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In this part...

The only way to become proficient in accounting is through a lot of practice. Fortunately, you now have 1,001 practice opportunities right in front of you. These questions cover a variety of accounting concepts and range in difficulty from easy to hard. Master these problems and youll be well on your way to a solid foundation in accounting concepts.

Here are the types of problems that you can expect to see:

• Elements of accounting ()
• Financial effect of transactions ()
• Bookkeeping cycle and adjusting and closing entries ()
• Understanding and reporting profit ()
• Reporting financial conditions on the balance sheet ()
• Coupling the income statement and balance sheet ()
• Reporting cash flows ()
• Reporting changes in stockholders equity ()