Accounting Questions

Question 1 – Classify account types



Owner’s Equity



Cash at Bank

Loan from bank

Drawings by owner

Sales of inventory



Accounts payable

Commission received

Rent paid on factory

Shelving and storage racks

Packaging and postage

Accounts receivable

Interest paid on bank loan


Mobile phone monthly plan

Fork lifts

Legal fees

Computer equipment

Office furniture

Shares in public companies

  1. Owner of the business:
  2. Weston is the owner of the business.
  3. Owner’s investment:
  4. Weston, owner of the business has invested $ 15,000 in the business.
  5. Owed by customers:

Customers are owed $ 1700 to business.

  1. Owned by suppliers:

Business owed $ 800 to suppliers.

  1. Inventories:

Inventories are the raw material; finished goods and work in process products which are analyzed as a portion of the assets of a business and these products are ready or would be ready by the business for sale. In the given case, inventory of the company could be the ceramic tiles which are ready to be sold.

  1. Secured loan:

Secured loan is the loan which is protected by an asset or some sort of security. Basically, security loans are the best way to obtain a great amount of money.  Usually, security loans offer lower rates. In the given case, secured loan of the company is $ 2000.


Account affected




Bank A/c  (Assets +)

 $        600

    Service revenue a/c (Revenue +)

 $          600

(Services have been delivered.)


Cash A/c (Assets +)

 $        200

      Commission received (Revenue +)

 $          200

(Commission amount received.)


Builder a/c (Assets+)

 $        350

      Services revenue a/c (Revenue +)

 $          350

(Repairs have been done at building site)


Wages A/c (Expenses +)

 $        700

     Cash  (Assets -)

 $          700

(Wages paid.)


Bank a/c (Assets +)

 $     1,150

    Accounts receivables (Assets -)

 $       1,150

(Client paid the amount.)


Loan payment a/c (Liability -)

 $        800

     Bank a/c (assets -)

 $          800

(Monthly loan instalment paid.)

According to Accounting Professional and Ethical Standards Board, five areas of ethics which must be followed by the accountants are as follows:

  • Integrity
  • Objectivity
  • Confidentiality
  • Professional competence and due care
  • Professional behaviour

An accountant is required to follow all the above ethical conduct in professional and ethical manner.


Integrity is a significant ethical element in accounting profession. Integrity ethical conduct explains that an accountant should be honest and straightforward in his task and must have strong moral principles towards the work (Warren and Jones, 2018). Accountants are required to be restricted themselves from advantages or personal gain by using the confidential information. For instance, an accountant should always hide the confidential information of the company from any outsider and must not share it with anyone outside the business.


Objectivity is an ethical value in accounting profession. An accountant should always remain free from any kind of conflicts of interest and any other questionable relationship at the time of providing accounting services. Objectivity explains that the accountant should not be bias, conflict or undue influence to override business judgements or professionals (Neu, Everett and Rahaman, 2015). For instance, an accountant should prepare the financial statement without involving into any kind of conflicts.


An accountant should respect the confidentiality of the information which is required as an outcome of business relationship and professionals, and, therefore, accountant should not disclose the information about the business to third parties without special and proper authority unless any legal or professional duty to disclose is there (Ho, Li, Tam and Zhang, 2015). For instance, ABC limited has offered accountant of XYZ limited to $ 1 million to disclose the financial information of the company, but the accountant should not disclose due to confidentiality element.

Professional competence and due care:

An accountant should have proper knowledge and skill which is required to make sure that employer or the client receives competent professional services that is based on legislations, current development and techniques to maintain the professional standards (Ferrell and Fraedrich, 2015). For instance, an accountant is required to have enough knowledge about the new changes into accounting standards and practices so that he could offer the best services.

Professional Behaviour:

An accountant should comply with the regulations and laws to avoid any tactic and action which could discredit the professional behaviour. Accountant should spate his personal and professional life so that the better services could be provided by him (Smith, 2017). For instance, an accountant is working with ABC limited and the owner of the company is his friend but the accountant should not involve the friendship in professional relationship.


Accounts affected



a)     1 March

Cash at Bank


    Rent Revenue


(Rent revenue has been received by the firm.)

b)     2 March



     Cash at Bank


(Stationery has been purchased.)                                                             

c)     3 March

Office furniture

2 000

     Accounts Payable

2 000

(Office furniture has been purchased on credit.)


Ferrell, O.C. and Fraedrich, J., 2015. Business ethics: Ethical decision making & cases. Nelson Education.

Ho, S.S., Li, A.Y., Tam, K. and Zhang, F., 2015. CEO gender, ethical leadership, and accounting conservatism. Journal of Business Ethics, 127(2), pp.351-370.

Neu, D., Everett, J. and Rahaman, A.S., 2015. Preventing corruption within government procurement: Constructing the disciplined and ethical subject. Critical Perspectives on Accounting, 28, pp.49-61.

Smith, M., 2017. Research methods in accounting. Sage.

Warren, C.S. and Jones, J., 2018. Corporate financial accounting. Cengage Learning.

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