ACCOUNTING QUESTIONS

Jun 18th, 2015
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Accounting is the language of business, so don’t underestimate the importance of accounting questions. Some are easy, some are more challenging, but of all of them allow interviewers to gauge your knowledge level without the need to ask more complex valuation/finance questions.

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DELEN. Lady Sherlyn B.BBF 3-11SWhat are the uses of money?Before the introduction of money, people traded by bartering. One good was exchanged for another good at constantly fluctuating rates. Bartering often created shortages in an economy. The use of money instead of bartering solved this shortage problem (to an extent).Moneyis the set of assets in an economy used regularly by people to buy goods and services. The total quantity of money in an economy is themoney supply. Similar to money,currencyis all the paper bills and coins in an economy held by the public. The following three bullets list the functions of money in an economy:Medium of exchange- As mentioned above, bartering often caused rates of goods to fluctuate. Instead of goods, people use money to purchase other goods. The medium of exchange quality is the quality of money that allows it to be exchanged for goods between buyers and sellers.Unit of account- Because pre-money prices fluctuated so frequently in an economy, it was hard to determine the true value of a good. Money enables sellers to post prices of a good and to record debts. This is known as the unit of account quality.Store of value Most goods perish when held onto for long periods of time. Money, however, does not (at least not in value). The store of value quality of money enables purchasing power to be transferred from now to later.Good and bad uses of money.A. Good:Earning- people have to earn an income some way

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