DeVry ACCT504 Wk 1 – 6 Discussions latest 2016 September

DeVry ACCT504 Wk 1 Discussion latest 2016 SeptemberFinancial Reporting Environment, Financial Statements, and Ratios (graded)Welcome to week 1 discussions. This week we are going to be discussing an overview of accounting. Please see Professor Hicks’ posts for the questions this week to be discussed.DeVry ACCT504 Wk 2 Discussion latest 2016 SeptemberAccounting Equation, Accounting Cycle, and Accrual Accounting (graded)Class, welcome to week 2. This week we will discuss the significance of the accounting equation, the rules of debit and credits, and the steps in the accounting cycle. We will talk about recording of transactions, normal balances, and the creation of the trail balance. Let’s begin by asking this question: What is the role of the accounting equation in the analysis of business transactions?DeVry ACCT504 Wk 3 Discussion latest 2016 SeptemberMerchandising Operations, Income Statements, and Inventory Cost-Flow Assumptions (graded)In this area, we will discuss the accounting for inventory transactions of merchandising companies, the two formats of preparing the income statement, and how to evaluate the profitability of a merchandising company. We will also discuss how companies determine the year-end inventory value and cost of goods sold using one of the cost-flow assumptions. Finally, we will also examine the impact of choosing a certain cost-flow assumption on the tax liability and other financial statement numbers of a company.Let’s begin with this question: How is the income statement of a merchandising company different from that of a service company?DeVry ACCT504 Wk 4 Discussion latest 2016 SeptemberInternal Control, Reporting Cash, and Accounting for Receivables (graded)In this area, we will talk about the importance of internal control in a business organization and the reporting of cash on the balance sheet as well as managing receivables and estimating uncollectible accounts. What is internal control, and what are the objectives of a well-designed internal control structure in an organization?DeVry ACCT504 Wk 5 Discussion latest 2016 SeptemberPlant Assets, Intangibles, and Accounting for Liabilities (graded)Companies have a significant amount of investment in long-lived assets, which include property, plant and equipment (commonly referred to as plant assets), and intangible assets. We will also discuss different types of liabilities and understand how to account for and report those liabilities.Let’s begin by talking about plant assets. Can you tell us what kind of plant assets are used in your company or place of business? Do you have an estimate of the amount invested in those plant assets?DeVry ACCT504 Wk 6 Discussion latest 2016 SeptemberAccounting for and Reporting Equity and the Statement of Cash Flows (graded)Stockholders’ equity is an important heading in a corporate Balance Sheet. Let’s begin the discussion of stockholders’ equity by asking: How is the stockholders’ equity section of a corporate Balance Sheet different from that in a single-owner business?