Product Description Discussion Questions What Do You Think? Is Accounting Discipline A Science Or An Art? Why? Support Your Opinion With References

accounting discussion questions

The exam boards have various study groups organized by currency, region, and more. The AAT , is an excellent option for fellow accountants to seek help from one another. This is a more professional forum, but newer accountants need not fret; the forum is open to everyone and can provide useful information for anyone.

accounting discussion questions

Perhaps the candidate has designed methods to check for bookkeeping errors or quality control in the data entry process. What you’re looking for are answers that help you evaluate attention to detail and accuracy. And, of course, the ability to work effectively with, or quickly learn, collaboration tools is a big plus, particularly in remote work environments. If you’re interviewing recent graduates, you’re looking to see how well they paid attention in class, rather than a deep level of expertise. Look for an ability to explain the fundamentals of key roles and processes in finance and accounting.

What Is The Difference Between Accounts Receivable (ar) And Accounts Payable (ap)?

It’s an active community with some prevalent users, allowing posters to connect more with those answering and asking questions. Proformative is unique in that it was incorporated in 2009 to serve as a discussion forum where financial professionals and casual users could come together for the benefit of one another. Unlike questions that probe problem-solving abilities or relevant skills, this one explores knowledge of current industry practices. Their responses will help you determine their commitment to the profession they’ve chosen and their ability to express themselves. Accounting interview questions like this one can help bring to light how the applicant has approached a routine process with previous employers.

accounting discussion questions

Cash-basis accounting is a simple way to manage your books. With cash-basis accounting, you only record transactions when you physically make or receive a payment. To manage your books, you need to decide on an accounting system. You can use either cash-basis or accrual accounting.

Support your opinion with references/sources and or experience. All the companies listed are general merchandisers whose busiest time of the year is during the holiday season, which extends through most of December. Traditionally, the lowest point of business activity for general merchandisers will be near the end of January and the beginning of February. Thus, these accounting discussion questions companies have chosen their natural business year for their fiscal year. What is the most important output of the accounting cycle? Revenue, expense, and drawing accounts are generally referred to as temporary accounts. Assume that a trial balance is prepared with an account balance of $8,900 listed as $9800 and an account balance of $1,000 listed as $100 .

Credits increase liability, equity, and revenue accounts. And, debits decrease liability, equity, and revenue accounts. When transactions take place, you increase one account and decrease another account in your books to reflect the transaction.

Aat Discussion Forums

Sales tax is a percentage of the customer’s purchase. Your state, county, or city determines the sales tax rate you must collect. Sometimes, the IRS randomly chooses businesses to audits. Or, the IRS can audit you if your small business tax returns look suspicious. An audit is an examination of your business’s financial records. During an IRS audit, the IRS reviews your records and checks for inconsistencies in your books. The IRS lets you claim tax deductions to lower your small business owner tax liability.

For recent grads, this line of inquiry allows them to apply theoretical knowledge in venturing educated guesses, which could open a dialogue about how your company handles this issue. When you’re interviewing entry-level job candidates for bookkeeping or accounting clerk openings, you want to test for basic skills. Questions like this one will reveal whether potential hires understand accounting fundamentals. The end product of the accounting process is creating financial statements. A ledger is a group of accounts that records data from business transactions. I coach accounting students who are struggling with their study habits and mindset, and want their studies to be as effective as they used to be. What inventory costing method would you prefer, and why?

Questions like ‘What is account and accounting? Explain your answer’, ‘What are the 3 Definitions of accounting? Explain your answer’, and ‘What skills should I put on my resume for accounting?

Accounting Forums

No, you could have a transposition or slide error that equals out across the accounting equation. They can signify either (+

accounting discussion questions

c) Market value is the amount realizable upon sale. d) Par value is similar with maturity and face value. A discount on bonds payable results when investors demand a rate of interest higher than the rate stated on the bonds. Your question may have already been asked or your discussion started, check Any answers first. As you can surmise, youth 4 work serves as a resource for newer, more amateur accounting professionals. While you won’t precisely receive groundbreaking, complicated tax and accounting advice, these topics will help those who are just getting off of the ground in the field. Like any proper forum, there are multiple boards for a different discussion, not just for the CPA exam.

Giving college students the wisdom and motivation to become CPAs. Find out if students know the difference bookkeeping between social and economical tax laws by giving them a short history of tax law origination.

You may accidentally use business funds to make personal purchases if you combine funds. Unless your business is a separate legal entity or operates under a “doing business as” name, you don’t have to open a separate business bank account.

Accounts receivable is money owed to your business, or an asset. Record accounts receivable in your books when customers purchase something on credit. If you use the accrual accounting system, you will deal with accounts payable and receivable. You must use accrual accounting if you make more than $5 million in annual gross sales or $1 million in gross receipts for inventory sales. You are also required to use accrual accounting if your business structure is a C corporation. Generally, you can choose the method you want to use, but the government requires some businesses to use accrual accounting.

Popular tax deductions include home office, self-employment tax, car, business loan interest, and bad debt deductions. Sole proprietors attach Schedule C, Profit or Loss From Business, to Form accounting discussion questions 1040 to file their small business tax return. Accounts payable is the money you owe to vendors, or a liability. Record accounts payable when you purchase something without paying right away.

subtotals are the used to calculate the balance of the account. These are questions that you’ll see more and more of. You need to get more comfortable with this form of communication.

You can record transactions by hand, hire an accountant, or use accounting software. To ease you into the business ownership process, here are some basic business startup questions. But to legally set up your business, avoid penalties, and boost profits, you must understand basic accounting principles. If their response is related to crunching numbers and doing taxes, then you have work to do explaining the pivotal role you can play in the growth and success of their business. Asking your potential client how they think you can add value to their company will help you understand which misconceptions they might have about your role.

Also, include a discussion as to whether the costing method you would use for your accounting records would follow the actual flow of your inventory. Conspicuously absent from this list are the innumerable LinkedIn groups that feature lots of good content but little peer banter. LinkedIn groups are good places to find interesting thought leadership and trending topics, but as much for technical accounting discussion. What are Social Security taxes and how do these taxes work?

  • When it comes to financial services, ‘financial advisor’ receives a whopping 1 million annual searches.
  • On top of your management responsibilities, you also need to handle accounting.
  • An accounting prospect question like this can launch your potential client into a story that they think fondly of, which helps build rapport during the client onboarding process.
  • You likely have a million thoughts, concerns, and questions swirling around in your head.
  • So, it’s great news if your potential client realizes your value as both an accountant and a financial advisor.

Collateral trust bonds are bonds secured by the securities of other corporations. Income bonds interest payments depend on the operating income in the issuing company. Callable bonds are called and retired by the issuer prior to maturity. Registered bonds are issued in the name of the owner and require surrender of the certificate and issuance of a new certificate to complete the sale. A coupon bond is not recorded in the name of the owner and may be transferred from one investor to another by delivery. Convertible bonds can be converted into other securities of the issuing corporation for a specified time after issuance.

See For Yourself How Easy Our Accounting Software Is To Use!

Does it make a difference if you are self-employed, or employed by a business? If you are a lender, do you think you may rely on any payroll data to assess business solvency? How about the rest of liabilities a business may have recorded? Does it make a difference if it is short-term bookkeeping or long-term liability? Would you please, provide us with links to some real financial statements of a business of your and provide your analysis of the business’s liabilities. Don’t forget to read the “Notes to Financial Statements” where the liabilities may be discussed.

Believe it or not, the iconic site, Reddit, is a valuable resource for accounting information. No matter what you are looking for, then the chances are that there is a subreddit , dedicated to that one topic. Consider, too, today’s unpredictable work environment. Look for answers that show high performance standards.

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Take time to go searching the Axitrader platforms and prepare yourself to assume extra systematically and logically about the markets. It’s a brand new talent-set for a lot of, however it is what the market requires of you. A cease-loss order is an order positioned with a dealer like Axitrader to purchase or sell as soon as the stock reaches a certain worth. A cease-loss is designed to restrict a merchants loss on a safety place.

The broker even has a web page devoted to evaluating historical and live spreads with these of different brokers. You can deposit funds in your AxiTrader account via AxiTrader bank transfer and debit or bank cards. Or you need to use Skrill/Moneybookers, Neteller, or dealer-to-dealer transfers.

Based on that aggregation, the tech identifies the very best bid and provide available. This ends in the prices providing small value modifications in almost actual-time for every global forex pair. In other words, clients of AxiTrader get as close as they’ll to institutional-grade pricing.

Similarly to the net trading platform, Axi offers only a one-step login.A two-step login could be safer. Axi has an excellent cellular trading platform, we really liked its design and user-friendliness.

Stop loss orders are very useful for extra volatile investments. Especially if you end up speculating on a stock or Forex forex pair.

IC Markets is regulated by Australian Securities and Investments Commission , Financial Services Authority , Cyprus Securities and Exchange Commission and have been in enterprise since 2007. IC Markets is most definitely not a con as they’re regulated by main monetary regulators. Firstly whenever AxiTrader you want to trade it is essential that you can guarantee that your cash is in secure palms. Therefore, please bear this in thoughts when you enroll with IC Markets or Axitrader.

The time taken for your deposits to achieve your account depends on your preferred deposit choices. For instance, credit score/debit playing cards and digital wallet deposits are immediate, however Bank Transfer and broker-to-broker transfer takes up to 5 working days. Forex News, which lets you import your favorite information feeds and observe professional traders on social media. Sentiment Indicator, which provides you insights on reside market tendencies based on observing different individuals’s buying and selling activities. Check the field to point that you simply want to obtain free daily market analyses from the net dealer. Download and install the MT4 trading platform on your computer.

Axitrader Inactivity Charges

Not all potential charges will come from IC Markets or Axitrader. If you have an iPhone you’ll need an IOS Apple cellular buying and selling app.

IC Markets does supply clients negative stability safety, while Axitrader does supply purchasers adverse steadiness safety. Negative steadiness safety is there to protect its clients. Customers do indeed want defending as trading is usually a volatile business and never everyone who invests knows the complete penalties of their commerce.

Trading Bitcoin CFDs let you make the most of leverage and do not require proudly owning the coin or a cryptocurrency pockets. There can be no GST payment as Australian residents receive a tax exemption for Bitcoin trading. You can view the swap rates in addition to rollovers for the foreign exchange pairs on AxiTrader. The web page provides descriptions of various swaps, together with bullion and future CFD swaps.


Unfortunately, some articles can be found only through the Australian and UK web sites. If you might be on the worldwide web site, you will solely have the ability to access foreign exchange market analysis information and educational items.

Brokers By Platforms

Market Jar Media Inc. does not render common or particular funding advice and the knowledge on shouldn’t be thought-about a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or suggest the business, merchandise, services or securities of any company talked about on IC Markets and Axitrader offer low deposits and access to a choice of instructional resources. This is especially helpful for beginners and people who need to improve their trading abilities. This is a big plus for IC Markets and Axitrader as it shows on they have an interest of their clients. Axitrader is regulated by Financial Conduct Authority , Australian Securities and Investments Commission , Dubai Financial Services Authority and have been in business since 2007. Axitrader is most positively not a con as they’re regulated by main monetary regulators.

I already have began recommending Axi to my household and friends. So far, am very pleased with the service offered forex platforms by axi commerce,widrawal is quick,so for me axi dealer is the best.

  • However they don’t supply shares and have limited analysis resources.
  • They are greatest for traders who specialize in FX using the MT4 platform.
  • This is only closed on the weekend when foreign money markets are closed.
  • They also have a superb educational centre and superb customer service to assist new FX Traders.
  • They provide further Balance Insurance Protection for accounts with larger deposits.

Below we give an overview on the account sorts that Axitrader offer. Whatever you want to trade the varying Axitrader account varieties will be able to give you what you need forex signals. Axitrader MetaTrader 4 is appropriate with the most recent macOS Mojave. Axitrader allows merchants to commerce on cell devices via Android and IOS units like the iPhone.

Desktop Trading Platform

While we strongly suggest AxiTrader as top-of-the-line online buying and selling platforms in the industry, we additionally advise you to do your personal analysis. Find out if AxiTrader is able to catering to your personal trading requirements.

If you already are an MT4 consumer, they’ll ask you to sort within the variety of your MT4 account. Then you have to choose the subject of your inquiry, i.e. whether it considerations withdrawals, deposits, buying and selling, updating your account, and so on. As for additional costs, keep in mind that AxiTrader does not cost additional for depositing or withdrawing from your account. You will, nonetheless, pay a fee for aggregation and clearing prices if you maintain a Pro Account. You can arrange an AxiTrader account in AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, PLN, SGD or USD. If you’re new to this trading platform, they may prompt you to join free. Do not worry concerning the personal data you fill in, the knowledge transmission is encrypted with SSL.

AxiTrader mainstays on the technical answer by way of a platform – MetaTrader 4, offered in a Web, Android, iPhone and iPad versions. Good to note, that not all MT4 platforms created equal, because the dealer may make investments into a co-situated server and fiber optics, in order to process more correct buying and selling or not. These will go as low as 1.0 for the usual account and zero.1 for the pro account. As a result of AxiTrader being considered one of a handful of brokers that say they don’t have any requotes, you’ll be able to remove slippage from the equation.

In a normal commerce you cannot lose more than what you invested however if you end up using leverage this is not the case. Under these terms it is always good to set a cease loss so you possibly can shield yourself from having any vicious outcomes. IC Markets and Axitrader have multiple deposit and withdrawal choices. Funding and withdrawing out of your IC Markets and Axitrader account to your chosen payment technique should be straight ahead. Lets see how IC Markets and Axitrader compare with one another. Be aware that relying on the payment methodology you resolve upon there could also be extra processing charges from your payment provider or financial institution for processing and converting your funds.

Retail Trader

That is why AxiTrader is so devoted to constructing trust and ensuring proper regulation. All requests are processed via the secured shopper cost portal. Please be aware that your financial institution could charge you a receiving fee for any international fee upon your withdrawal transaction, and this charge will be incurred by you.

To use the MT4 Multi-Account Manager program with AxiTrader, you have to be regulated and accredited. It is only open to those operators of managed funding schemes or discretionary accounts that meet those necessities. AxiTrader has invested in its MT4 servers heavily, making certain that its MAM offerings are dependable and quick. This permits account managers to have all the regular options of MT4, such as Expert Advisors, with additional tools. The AxiTrader MAM solution delivers elevated automation, expanded functionality, and convenience. The sentiment indicator gives you insights into live market tendencies.

AxiTrader excels on this area as they offer you a host of instruments that you need to use to take advantage of out of the MT4 platform. Here are a few of the features included in the MT4 platform that you can use to make your trades higher.


Ultra-competitive pricing and fairer charges, so more of your money is invested in the markets. AxiTrader provides 24-hour customer assist to its merchants making certain that their interests are well taken care of and their issues never go unresolved. You might at all times reach customer assist through e mail forex platforms, telephone calls, or live chat. Personalized buyer help is guaranteed due to the multi-lingual employees that’s dedicated and decided to offer quality providers. By opening this page, each reader accepts and agrees to Market Jar Media Inc.’s phrases of use and full authorized disclaimer as set forth right here.

I also have a fee based mostly web site and obviously I registered at Interactive Brokers via you. The dealer only has a small range of products, that are forex instruments and some CFDs. Customer help is available only 24/5, while research options are restricted.

The correlation trader helps you reduce money administration errors whereas discovering new opportunities. The alarm manager makes use of alarms, so that you don’t have to constantly watch the display to take advantage of alternatives. The financial calendar enables you to arrange alerts for major occasions. Clients then receive the most effective-unfold pricing due to AxiTrader’s investments in expertise. The dealer makes use of a global server community and a world-class pricing engine. This mixture permits for digital aggregation of real-time prices from the liquidity providers.

MT4 is only a great software when it has entry to all the great plugins, extensions, and other third-party tools that open up a brand new world of possibilities for traders. In comparison with other brokers on the same stage, like Pepperstone and IC Markets, you possibly can see the fees variations. Pepperstone costs $14.9, $11.9, $3.7 and $12.5 respectively for the same pairs. IC Markets charges $15.8, $10.6, $four.8 and $12.1 respectively.