Accounting Homework Help

About Accounting

Accounting homework is about recording transactions correctly and showing every step. Students bring cash payments and creditors journals, ledger postings, bank reconciliations, depreciation schedules, statements of comprehensive income and financial position, partnership appropriation accounts, share issues, and salary questions with UIF and overtime. The format matters as much as the numbers: the right columns, the right accounts debited and credited, and workings shown.

Popular topics in Accounting

• Journals

  Cash receipts, cash payments, debtors and creditors journals, and allowances journals: what goes where and why.

• Ledger Accounts

  Posting to the general ledger, balancing accounts, and control accounts for debtors and creditors.

• The Accounting Equation

  Assets, owner's equity and liabilities, and how each transaction affects at least two accounts.

• Bank Reconciliation

  Adjusting the bank account, outstanding deposits and cheques, and reconciling with the bank statement.

• Depreciation & Fixed Assets

  Straight-line and diminishing-balance methods, depreciation expense and the asset register.

• Financial Statements

  The statement of comprehensive income, the statement of financial position, and adjustments at year end.

• Partnerships

  Capital and current accounts, appropriation of profit, interest on capital, and revaluation on a change in partners.

• Companies & Shares

  Authorised and issued shares, shares issued for assets, and the related journal entries.

• Salaries & Wages

  Gross and net pay, overtime rates, UIF and other deductions, and the employer's contributions.

• Ratios & Analysis

  The acid-test ratio, current ratio and other indicators, and what the numbers say about the business.

How ScanSolve helps with Accounting

Photograph the question with its information, and ScanSolve answers in the format the question asks for: a journal with the right columns, a ledger account with dates and folios, or a statement laid out in order. Each figure comes with its working, so you can see where every number came from.

For adjustments and year-end questions, the answer names each adjustment, shows its effect on the relevant accounts, and carries it through to the statement. For theory questions, it defines the term precisely and gives a short example from the scenario.

Checking your own work gets easier too: compare your debit and credit entries line by line against the solution to find exactly where a balance went wrong.

Study tips for Accounting

1. 01

   Before any entry, ask which two accounts are affected and whether each goes up or down. The debit and credit follow from that.

2. 02

   Always show workings in a separate calculation. Method marks are awarded even when a final figure is wrong.

3. 03

   Learn the layout of each financial statement from memory. Headings and order carry marks of their own.

4. 04

   Reconcile as you go: if a control account does not agree with its list of balances, find the error before moving on.

Frequently asked Accounting questions

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