Chatgpt And Ai For Accountants A Practitioners Guide To Harnessing The Power Of Genai To Revolutionize Your Accounting Practice 1st Edition Dr Scott Dell ,Dr Mfon Akpan - Solutions

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A company receives the money after it returned goods to the supplier.What is the correct Bookkeeping entry?1. DR A/R; CR C/B.2. DR C/B; CR A/R.3. DR C/B; CR A/P.4. DR C/B; CR R.I.
Which statement is correct?1. A Purchase account is a real account.2. A purchase is credited to the Purchase account and thereafter transferred to material expenses.3. A purchase on credit gives a credit entry in the Accounts Receivables account.4. The purchase of goods through the Purchase account
A trading company records an opening value of 100,000.00 EUR and makes 3 purchases at 50,000.00 EUR. The latter one is on credit.During the Accounting period goods for 12,000.00 EUR are returned to the supplier. At the end of the Accounting period, the closing stock is amounting to 30,000.00 EUR.
The Bookkeeping entry for a return inward is…1. DR R.I.; CR C/B.2. DR C/B; CR R.O.3. DR A/R; CR R.I.4. DR R.I.; CR A/P.
A company pays its worker per piecework. The salary to be paid per day is amounting to 135.00 EUR/d. The employee has a claim on 4 weeks of vacation. The year got 52 weeks (= 260 working days).What is the Bookkeeping entry for January, if the employee worked for 4 weeks (= 20 working days) and did
What is a freelancer?1. Someone living an easy life.2. Someone working for a company and charging it for her/his work by billing the hours or piecework.3. Someone working under contract for a company and paying pay-roll tax and half of the social securities.4. A student working as an intern.
A company pays for piecework on the 15th day of the month. After 15.12.20X3, the employees work for 10 days. The daily workload is paid 240.00 EUR/d for. What is the Bookkeeping entry at the end of the Accounting period 20X3?1. DR LAB 2,400.00 EUR; CR A/P 2,400.00 EUR.2. DR LAB 2,400.00 EUR; CR C/B
Which statement is wrong?1. The gross salary includes the employer’s social security contribution.2. The pay-roll tax is paid by the employer as she/he only get paid the net salary.3. The net salary includes pay-roll tax but not the employer’s contribution to social security.4. The total of
A company employs a worker, and her gross salary is amounting to 85,000.00 EUR/a. Pay-roll tax is 20% and the social securities are amounting to 25 % (both) of the gross salary. How much is the total of labour per annum?1. 85,000.00 EUR/a.2. 106,250.00 EUR/a.3. 102,000.00 EUR/a.4. 68,000.00 EUR/a.
What is the correct Bookkeeping entry to dissolve prepaid expenses of 100.00 EUR for fees(FEE-account)?1. DR PRE 100.00 EUR; CR C/B 100.00 EUR.2. DR FEE 100.00 EUR; CR PRE 100.00 EUR.3. DR PRE 100.00 EUR; CR FEE 100.00 EUR.4. DR C/B 100.00 EUR; CR PRE 100.00 EUR.
What is the difference between receivables and prepaid expenses?1. Receivables must be collected in the next Accounting period.2. Prepaid expenses are always net amounts and receivables are always gross amounts.3. Prepaid expenses are settled by service whereas receivables are paid.4. Prepaid
A company pays insurance in advance. The monthly payment is 730.00 EUR. What is the correct Bookkeeping entry in December?1. DR INS 730.00 EUR; CR C/B 730.00 EUR and DR PRE 730.00 EUR; CR INS 730.00 EUR.2. DR C/B 730.00 EUR; CR INS 730.00 EUR and DR PRE 730.00 EUR; CR INS 730.00 EUR.3. DR INS
A company pays rent one month in advance. At the beginning of the Accounting period, the prepaid expenses are amounting to 1,200.00 EUR. The landlord increases rent from 1.07. onwards to 1,500.00 EUR. How much rent is paid during the year by the Bookkeeping entry: DR RNT; CR C/B.1. 18,000.00 EUR.2.
Which statement is correct?1. Prepaid expenses are expenses.2. Prepaid expenses are assets.3. Prepaid expenses are debts.4. Prepaid expenses are gains.
The depreciation for an aircraft follows the HOBBS time. At the beginning of the Accounting period, the HOBBS reading is 2,460 hrs.The total useful life of the aircraft is 50,000 hrs. The cost of acquisition of the aircraft is 280,000.00 EUR. At the end of the Accounting period the HOBBS meter
Which statement is correct?1. The Depreciation account is a real account and is closed-off to the Profit and Loss account.2. The Accumulated Depreciation account is a real account and must be closed-off to the Property, Plant, Equipment account.3. The Depreciation account is a nominal account and
A machine is bought at 100,000.00 EUR. Depreciation follows declining method at an annual rate of 25 %/a. How much is depreciation in the second Accounting period?1. 16,000.00 EUR.2. 25,000.00 EUR.3. 20,000.00 EUR.4. 18,750.00 EUR.
What is the correct Bookkeeping entry for depreciation of a motor vehicle to the extent of 3,000.00 EUR?1. DR MVA 3,000.00 EUR; CR DPR 3,000.00 EUR.2. DR DPR 3,000.00 EUR; CR ACC 3,000.00 EUR.3. DR ACC 3,000.00 EUR; CR DPR 3,000.00 EUR.4. DR DPR 3,000.00 EUR; CR C/B 3,000.00 EUR.
On 30.06.20X4, a company buys a business car at 20,000.00 EUR. Its useful life is 5 years. The residual value is 2,000.00 EUR. How much is straight-line depreciation in 20X4?1. 4.000.00 EUR.2. 2,000.00 EUR.3. 1,800.00 EUR.4. 3,600.00 EUR.
A company buys a new item of property, plant, equipment for 100,000.00 EUR. At the end of the Accounting period, it runs 2 other PPE accounts with balancing figures of 80,000.00 EUR and 55,000.00 EUR respectively. What is the Bookkeeping entry for the acquisition and the reconciliation?1. DR PP3
What is the correct Bookkeeping entry to close-off PPE accounts to the Reconciliation (REC) account?1. DR REC; CR PPE.2. DR PPE; CR REC.3. DR REC; CR C/B.4. DR C/B; CR REC.
A company discloses on its reconciliation account a value of 120,000.00 EUR. The 2 subordinated accounts show cost of acquisition of 75,000.00 EUR each. Depreciation on one of the assets is 15,000.00 EUR. How much is depreciation on the other one?1. 10,000.00 EUR.2. 15,000.00 EUR.3. 20,000.00
A company runs an Asset Management.The various PPE accounts show balancing figures of 400.00 EUR, 300.00 EUR and 350.00 EUR. The Accumulated Depreciation accounts disclose all 50.00 EUR each. How much is the balancing figure of the PPE Reconciliation account?1. 350.00 EUR and 250.00 EUR and 300.00
Which statement is wrong?1. A reconciliation account gives additional information about the total of subordinated accounts.2. A reconciliation account is recorded to transfer figures to the balance sheet.3. A reconciliation account is a summary account.4. A reconciliation account represents the
A bondholder holds a bond with a principal of 10,000.00 EUR bought at 9,000.00 EUR. The coupon rate is 6.00 % and the bond matures in 5 years. What is the value of the bond if the rate of interest is 5.00 %/a according to Mathematics(Do not apply amortised costs)?1. 9,168.63 EUR.2. 10,000.00 EUR.3.
What are reasons to rise a provision?1. Bank loans; tax repayments.2. Uncertain penalties resulting from a law case.3. Customer receivables that are doubtful.4. Income tax liabilities following IAS 12.
A company leases a business car that has a value of 30,000.00 EUR.The leasing rates are amounting to 8 %/a. The leasing contract is for 3 years. How does the company record the lease initially?1. DR RUA 7,200.00 EUR; CR IBL 7,200.00 EUR.2. DR INT 2,400.00 EUR; CR C/B 2,400.00 EUR.3. DR PPE
A company takes a bank loan of 200,000.00 EUR. The annual rate of interest is 4.00 %/a. The bank requires paying interest monthly.How much is the effective rate of interest?1. 4.07 %/a.2. 4.00 %/a.3. 4.06 %/a.4. 4.08 %/a.
A company takes a bank loan which is an annuity. The principal of the bank loan is 100,000.00 EUR.The rate of interest is 2.5 % and the annuity is amounting to 5,000.00 EUR. What are the Bookkeeping entries in the 2nd Accounting period following IAS 1.60?1. DR A/P 2,562.50 EUR; CR C/B 2,562.00 EUR,
A company records a profit carried forward of 45,000.00 EUR and a profit after taxation of 200,000.00 EUR. It declares a dividend of 0.80 EUR/s to its 100,000 shareholders and adds 75,000.00 EUR to earnings reserves. What is the correct Bookkeeping entry?1. DR R/E 245,000.00 EUR; CR A/P 80,000.00
A company carries forward a loss of 34,000.00 EUR. In the actual Accounting period, the pre-tax profit is amounting to 100,000.00 EUR. How much is the distributable amount?1. 36,000.00 EUR.2. 66,000.00 EUR.3. 134,000.00 EUR.4. 104,000.00 EUR.
Define distributable amount!1. Number of shares to be allocated to shareholders.2. Profit of the period that can be paid to the shareholders.3. Amount in the Retained Earnings account that can be declared as a dividend.4. Annual surplus that can be added to equity.
A company issues 500,000 ordinary shares with a face value of 5.00 EUR/s at 8.35 EUR/s. What is the correct Bookkeeping entry? (SPA =Share Premium Account)1. DR ISS 4,175,000.00 EUR; CR C/B 2,500,000.00 EUR; CR SPA 1,675,000.00 EUR.2. DR C/B 4,175,000.00 EUR; CR ISS 2,500,000.00 EUR; CR SPA
Which are items of equity?1. Issued capital, dividends, capital reserves.2. Bonds, revaluation reserves, profit carried forward.3. Issued capital, Provisions, retained earnings.4. Share premiums, earnings reserves, retained earnings.
A trading company buys goods for 200,000.00 EUR and sells 60 %thereof at a selling price that is double of the cost of purchase. How much is the profit?1. 120,000.00 EUR.2. 240,000.00 EUR.3. 40,000.00 EUR.4. 160,000.00 EUR.
A company buys 2,000 shares of McDonald's that have a face value of 0.01 USD/s at 113.00 EUR/s with the intention to sell them on and earning a profit. How does it record the share purchase?1. DR SEC 226,000.00 EUR; CR C/B 224,000.00 EUR; CR ISS 2,000.00 EUR.2. DR SEC 226,000.00 EUR; CR ISS
What are the criteria for the recognition of an asset?1. Value of the asset; reliable measurement.2. Future economic benefit; reliable measurement.3. Future economic benefit; ownership.4. Ability to sell the asset; reliable measurement.
What is the Bookkeeping entry for the recognition of a machine bought half on cash and half on credit?1. DR PPE; CR A/P.2. DR PPE; DR A/R; CR C/B.3. DR PPE; CR A/P; CR C/B.4. DR PPE; DR A/P; CR C/B.
What are non-current assets?1. Machinery, cars, land.2. Business cars, materials, equipment.3. Financial instruments, cash/bank, receivables.4. Machinery, investments, inventory.
When closing-off depreciation to the Profit and Loss account, what is the correct Bookkeeping entry?1. DR P&L; CR ACC.2. DR P&L; CR DPR.3. DR DPR; CR P&L.4. DR DPR; CR ACC.
A company buys machinery on credit. What is the correct Bookkeeping entry?1. DR INV; CR C/B.2. DR PPE; CR C/B.3. DR PPE; CR A/P.4. DR PPE; CR A/R.
What are expense accounts?1. Inventories, interest, rent.2. Depreciation, revenue, rent.3. Depreciation, interest, rent.4. Cash/bank, interest, rent.
Which are debit entries?1. Increase of inventories due to purchase.2. Debt collection in the Accounts Receivables account.3. Payment recorded in the Cash/Bank account.4. Revenue recognition in the Revenue account.
On 3.02.20X1, a company buys inventories for 1,000.00 EUR on credit. What is the Bookkeeping entry?1. DR C/B 1,000.00 EUR; CR INV 1,000.00 EUR.2. DR INV 1,000.00 EUR; CR C/B 1,000.00 EUR.3. DR INV 1,000.00 EUR; CR A/P 1,000.00 EUR.4. DR A/R 1,000.00 EUR; CR INV 1,000.00 EUR.
A company makes a loss of 130,000.00 EUR. What is the Bookkeeping entry to transfer the loss to equity?1. DR P&L 130,000.00 EUR; CR R/E 130,000.00 EUR.2. DR R/E 130,000.00 EUR; CR P&L 130,000.00 EUR.3. DR R/E 130,000.00 EUR; CR P&L 91,000.00 EUR, CR ITL 39,000.00 EUR.4. DR P&L 130,000.00 EUR; CR
A company records revenue 40,000.00 EUR, material expenses 14,000.00 EUR, depreciation 3,500.00 EUR and labour 9,000.00 EUR. How do you record income tax expenses?1. Crediting the Profit and Loss account with 4,050.00 EUR.2. Crediting the Income Tax Expense account with 4,050.00 EUR.3. Debiting the
Which event increases profit?1. Revenue recognition.2. Depreciation.3. Rent paid to landlord.4. Consumption of materials.
Which of the below accounts are nominal accounts?1. Depreciation, property-plantequipment, interest, insurance fees.2. Accumulated depreciation, rent, interest, revenue.4. Depreciation, motor vehicle, interest, insurance fees.4. Depreciation, rent, interest, insurance fees.
A company records depreciation.What is the correct entry in the account?1. Enter depreciation on the debit side of the Depreciation account.2. Enter depreciation on the credit side of the Depreciation account.3. Enter depreciation on the debit side of the Property, Plant, Equipment account.4. Enter
A company buys items of property, plant, equipment and sells them at the same price on credit.Which accounts are involved?1. PPE, C/B, A/R.2. INV, C/B, A/R.3. PPE, C/B, A/P.4. INV, C/B, A/R.
A company sells goods to a customer for 3,000.00 EUR on credit.The goods were bought for 3,000.00 EUR recently. Which is the correct Bookkeeping entry?1. DR C/B 3,000.00 EUR; CR INV 3,000.00 EUR.2. DR A/R 3,000.00 EUR; CR INV 3,000.00 EUR.3. DR A/P 3,000.00 EUR; CR INV 3,000.00 EUR.4. DR INV
An account shows 3 debit entries of 200.00 EUR, 400.00 EUR and 350.00 EUR. On the credit side there is only one entry: 500.00 EUR.What is the balancing figure?1. b/d on the debit side: 550.00 EUR.2. b/d on the credit side: 450.00 EUR.3. c/d on the credit side: 450.00 EUR.4. c/d on the debit side:
A company sells an item of property, plant, equipment on cash.What is the correct Bookkeeping entry?1. DR A/R; CR PPE.2. DR PPE; CR C/B.4. DR PPE; CR A/P.4. DR C/B; CR PPE.
Which of the following accounts are real accounts?1. Interest, VAT, Cash/Bank.2. Depreciation, Rent, Cash/Bank.3. Property-Plant-Equipment, VAT, Cash/Bank.4. Accounts receivables, depreciation, Cash/Bank.
A company discloses a revenue of 56,000.00 EUR, 20,000.00 EUR for labour and 12,000.00 EUR for rent. How much is the profit after taxes?1. 56,000.00 EUR.2. 24,000.00 EUR.3. 16,800.00 EUR.4. 22,400.00 EUR.
What are the changes on the balance sheet if a company pays for labour?1. Reduction of cash/bank and retained earnings.2. Labour increases and profit decreases.3. Increase of liabilities and decrease of profit.4. Nothing.
A company records a revenue 100,000.00 EUR and expenses to the extent of 70,000.00 EUR. How does it disclose income taxes on the income statement?1. Positive entry of 9,000.00 EUR under income tax liabilities.2. Negative entry of 30,000.00 EUR under income tax expenses.3. Negative entry of 9,000.00
A company buys an item of property, plant, equipment at 80,000.00 EUR and depreciates it over 4 years following straight-line method. What are the changes on the financial statements?1. Property, plant, equipment decreases 20,000.00 EUR and retained earnings decreases 20,000.00 EUR.2. Property,
Which are items on the income statement?1. Inventories, materials, depreciation.2. Rent, receivables, depreciation.3. Revenue, materials, depreciation.4. Income tax liabilities, materials, depreciation.
A company buys goods for 5,000.00 EUR and pays half on cash and half by bank transfer. Which is the correct Bookkeeping entry.1. DR INV 5,000.00 EUR; CR C/B 2,500.00 EUR; CR A/P 2,500.00 EUR.2. DR INV 5,000.00 EUR; CR C/B 2,500.00 EUR; CR A/P 2,500.00 EUR.3. DR INV 5,000.00 EUR; CR C/B 2,500.00
Which statement is wrong?1. When a company pays its debts cash decreases.2. When a company sells goods cash/bank decreases.3. When a company takes a loan, cash/bank increases.4. When a company buys items of property, plant, equipment, cash/bank decreases.
Which are changes on the balance sheet when a company issues shares?1. Issued capital decreases, cash/bank increases.2. Issued capital increases, cash/bank decreases.3. Issued capital decreases, cash/bank decreases.4. Issued capital increases, cash/bank increases.
What items change on the balance sheet when a company pays its debts to suppliers?1. Interest bearing liabilities, accounts payables.2. Accounts receivables, cash/bank.3. Accounts payables, cash/bank.4. Retained earnings, cash/bank.
A company borrows 10,000.00 EUR from the bank. How does the loan change its balance sheet?1. Cash/bank increases 10,000.00 EUR; accounts payables increase 10,000.00 EUR.2. Cash/bank increases 10,000.00 EUR; interest bearing liabilities increase 10,000.00 EUR.3. Cash/bank decreases 10,000.00 EUR;
When selling machinery on cash which figures on the balance sheet change?1. Motor vehicles, cash/bank.2. Property-plant-equipment, cash/bank.3. Cash/bank, sum of the balance sheet.4. Property-plant-equipment, sum of the balance sheet.
When a company sells goods at the same price as purchased on cash how is that activity recorded on its balance sheet?1. Inventories increase and cash/bank increase.2. Inventories decrease and cash/bank increase.3. Inventories decrease and cash/bank remains unchanged.4. Inventories increase and
Which statement is correct?1. When a company purchases goods on cash the total of the balance sheet increases.2. When a company purchases goods on cash the total of the balance sheet decreases.3. When a company purchases goods on cash the total of the balance sheet does not change.4. When a company
When a company buys an item of property, plant, equipment and pays by bank transfer, which items on the balance sheet are affected?1. Property-plant-equipment and accounts receivables.2. Property-plant-equipment and accounts payables.3. Property-plant-equipment and cash/bank.4. Inventories and
A company records a cash purchase on its balance sheet. Which are the correct changes?1. Inventories increase, cash/bank increases.2. Inventories increase, cash/bank decreases.3. Inventories increase, accounts payables increase.4. Inventories increase, accounts receivables increase.
A company takes a bank loan and receives the money. Which items on its financial statements change?1. Interest on the income statement and cash/bank on the balance sheet.2. Cash/bank and interest bearing liabilities on the balance sheet.3. Income tax liabilities on the balance sheet and interest on
Which of the items belong to the income statement?1. Inventories, other expenses, income tax expenses.2. Materials, other expenses, income tax liabilities.3. Materials, other expenses, income tax expenses.4. Inventories, other expenses, income tax liabilities.
Which statement is correct?1. Machinery is recorded under property, plant, equipment.2. Purchases are recorded under property, plant, equipment.3. A bank loan is recorded under interest bearing liabilities.4. Issued shares are recorded under provisions.
Which of the items are assets?1. Motor vehicles, inventories, retained earnings.2. Property-plant-equipment, cash/bank.3. Investments, accounts payables, cash/bank.4. Inventories, securities, interest bearing liabilities.
The Accounting equation is:1. Assets + Equity = Liabilities.2. Assets = Equity – Liabilities.3. Assets = Equity + Liabilities.4. Equity = Assets + Liabilities.
What are group statements?1. Total of financial statements prepared for a group of companies which are linked to each other by ownership.2. Financial statements prepared for a group of companies which are linked to each other by ownership.3. Financial statements prepared for a group of companies
Which standards are linked to non-current assets?1. IAS 16, IAS 36, IAS 40, IFRS 5.1. IAS 16, IAS 36, IAS 2, IFRS 5.1. IAS 16, IAS 38, IAS 40, IFRS 9.1. IAS 16, IAS 36, IAS 7, IFRS 5.
Which rules for financial statements apply in Germany?1. HGB.2. HGB and IFRS for group statements.3. HGB and IFRS for group statements if group members are traded on the capital market.4. IFRS.
What is IAS 16 about?1. IAS 16 rules the acquisition, depreciation and impairment loss of property, plant, equipment.2. IAS 16 rules the acquisition and depreciation of property, plant, equipment.3. IAS 16 rules the acquisition, valuation, depreciation and liquidation of property, plant,
Who prepares financial statements?1. Only limited companies.2. Traders and groups, in Germany small traders are exempted.3. Traders and limited companies, in Germany small traders are exempted.4. Traders, no matter what legal form applies.
When you buy a share what is the price you pay?1. Book value.2. Fair market value.3. Nominal value.4. Issue price.
What is the time value of money concept?1. A method that determines the present value of payments and receipts by deducting the interest paid.2. A method that determines the present value of payments and receipts by discounting the values to the first period.3. A method that determines the present
What is a financial plan?1. A plan that shows all payments and receipts for the periods and considers the interest earned during the Accounting periods.2. A schedule that shows all payments to be made in future Accounting periods.3. A plan that shows all payments for the periods and considers the
A share gives its investor an annual dividend of 12.00 EUR/a. The investor bought the share at 100.00 EUR. How much is the present value of the share buy if held for 5 years? The first dividend is paid in the year of acquisition. The market interest rate is 10 %.1. 136.40 EUR.2. 150.04 EUR.3.
A shareholder has 5 ordinary shares of a fast food restaurant. The shares were acquired at 40.00 EUR/s and have a nominal value of 1.00 EUR/s. Their fair market value is 45.00 EUR/s. The company makes a profit of 300,000.00 EUR and carries forward a profit of 75,000.00 EUR. It declares a dividend
What is part of a set of financial statements?1. Balance sheet, income statement, statement of cash flows, statement of liabilities.2. Balance sheet, income statement, statement of cash flows, statement of changes in equity.3. Balance sheet, income statement, statement of cash flows, statement of
What does the statement of changes in equity not show?1. The issue price of shares divided in nominal value and premium.2. The market value of shares.3. The dividends.4. The addition to earnings reserves.
A company earns a revenue of 100,000.00 EUR which is paid half.The total of expenses is 60,000.00 EUR. How much is profit after taxation and cash flow?1. 28,000.00 EUR and-10,000.00 EUR.2. 40,000.00 EUR and-10,000.00 EUR.3. 28,000.00 EUR and 40,000.00 EUR.4. 12,000.00 EUR and-22,000.00 EUR.
What is the meaning of the Accounting equation?1. The total of the balance sheet's asset side equals the total of its capital side.2. The total of the balance sheet's asset side equals the total of its liability side.3. The total of the balance sheet's asset side equals the total of its capital and
What are items on the income statement?1. Proceeds, material expenses, depreciation, interest.2. Revenue, inventories, depreciation, interest.3. Revenue, material expenses, depreciation, interest.4. Profit, material expenses, depreciation, income tax liabilities.
What cultural shifts are necessary within accounting teams to facilitate the acceptance and effective use of AI?
In what ways might AI impact your day-to-day responsibilities as an accountant?
What major challenges might organizations face when integrating AI into existing accounting systems?
How could the long-term application of AI redefine the accounting profession in the coming years?
What ethical considerations are necessary to ensure AI in accounting upholds data privacy and security?
How can educators balance the use of AI with traditional teaching methods?
What role does interdisciplinary learning play in a technology-driven world?
How can organizations foster a culture of lifelong learning?
What strategies can ensure that AI tools are accessible to all learners?
How can AI personalize learning without compromising privacy?
In what ways can boards and executive teams lead the charge in AI integration and change management?

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Chatgpt And Ai For Accountants A Practitioners Guide To Harnessing The Power Of Genai To Revolutionize Your Accounting Practice 1st Edition Dr Scott Dell ,Dr Mfon Akpan - Solutions

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