Solved by verified expert :mod 1Discussion
Choose ONE of the following to answer:
1. Technology is increasingly used to process accounting data. Why then must we study and understand accounting?
2. What type of accounting information might be useful to the marketing managers of a business? Why?
3. Why is the revenue recognition principle needed? What does it demand?Discussion
Choose ONE of the following to answer:
1. Why is the accrual basis of accounting generally preferred over the cash basis?
2. What type of assets require adjusting entries to record depreciation? Why is the recording of depreciation important?
3. What
is a prepaid expense and where is it reported in the financial
statements? Discuss the importance of the correct treatment of prepaid
expenses.
mod 2week 3Discussion
What
items appear in the financial statements of merchandising companies but
not in the statements of service companies? Explain in detail and
include an example.mod 4
Discussion
International
accounting assessment – Review the section towards the end of each of
chapters 1 through 5 titled “Global View.” Discuss the major
similarities and differences between US GAAP and IFRS. Which of the
differences do you find most interesting? If there is a convergence
between US GAAP and IFRS, would you choose the US GAAP or IFRS method?
Explain your reasoning.mod 5Discussion
Summarize the events of a recent accounting scandal.
Identify how the illegal/unethical act was detected and the punishments
that resulted (fines, prison terms, etc.). Next, consider what could
have been done to detect this act earlier and what could have been done
to prevent this from happening in the first place. Be sure to consider
the core values of responsible stewardship and/or integrity in your
response.
mod 6Discussion
Discussion
Choose ONE of the following to answer:
1. What are the three important questions concerning the uncertainty of liabilities? Why?
2. Why are warranty liabilities usually recognized on the balance sheet as liabilities when they are uncertain?
3. Suppose
that a company has a facility located where disastrous weather
conditions often occur. Should it report a probable loss from a future
disaster as a liability on its balance sheet? Explain.week 7
Discussion
Discussion
Choose ONE of the following to answer:
1. How is the cost of a lump-sum purchase allocated to the individual assets acquired? Why?
2. Does
the balance in the Accumulated Depreciation – Machinery account
represent funds to replace the machinery when it wears out? If not, what
does it represent?
3. When do we know that a company has goodwill? When can goodwill appear in a company’s balance sheet?
weeek 8
Discussion
Review
the section towards the end of each of chapters 6 through 10 titled
“Global View.” Discuss the major similarities and differences between
U.S. GAAP and IFRS. Which of the differences do you find most
interesting? If there is a convergence between U.S. GAAP and IFRS, would
you choose the U.S. GAAP or IFRS method? Why?
