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About this publication

This book of questions, exercises and problems has been prepared to accompany the textbook, A Concepts-Based Introduction to Financial Accounting by David Kolitz. It has corresponding chapters for ease of reference. Questions, exercises and problems in Financial Accounting can also be used independently of the Kolitz text as a  Tutorial tool for financial accounting courses at a tertiary level.

Each chapter is divided into a selection of questions, exercises and problems.

• The questions are multiple choice and ensure understanding of a topic before moving on to the exercises and problems.
• The exercises are generally shorter and less complex than the problems, and can be used to develop proficiency in a topic where students are expected to reach the standard of the problems. Where the level of the course dictates, the exercises can be used instead of the problems.
• The problems are longer and more complex in nature, requiring an in-depth understanding of the topic.
• In addition, there are three revision sets (after chapters 10, 16 and 23) which provide comprehensive coverage of material covered in earlier chapters. These are also excellent exam preparation material.

The book and accompanying solutions are up-to-date with the requirements of the 2018 Conceptual Framework as well as the latest requirements of International Financial Reporting Standards.

Content

1 The Accounting Environment

2 Fundamental Accounting Concepts

3 The Accounting Equation and the Analysis of Transactions

4 Recording External Transactions

5 Recording Internal Transactions

6 Preparation and Presentation of Financial Statements

7 Closing Entries

8 Value-added Tax

9 Purchase and Sale Transactions

10 Analysis Journals

11 Property, Plant and Equipment

12 Inventory and Cost of Sales

13 Accounts Receivable

14 Cash and Bank

15 Accounts Payable

16 Owner's Equity and Non-current Liabilities

17 Partnerships

18 Companies

19 Close Corporations

20 Statement of Cash Flows

21 Analysis of Financial Statements

22 Non-business Entities

23 Incomplete Record