ACC100 Accounting
Week 1 Discussion
Explain the major advantages and disadvantages of a business owner with minimal accounting experience maintaining the company’s book.
 
ACC100 Accounting
Week 2 Discussion
In your own words, explain the recording process and the accounting equation to someone who has no accounting experience.
Then, give your opinion on the elements or areas that might cause the most confusion or be the most difficult to grasp.
 
ACC100 Accounting
Week 3 Discussion
Watch Video: “Cash and Accrual – Conceptual” (4:44)
Click here to open the video in a new window.
Based on the video, explain two (2) advantages and two (2) disadvantages in using both the cash and the accrual basis of accounting.
Then, determine the one (1) that you believe provides the most useful financial information to users.
Identify at least two (2) types of businesses that would benefit by preparing financial statements using either the cash or accrual basis of accounting.
 
ACC100 Accounting
Week 4 Discussion
Identify and discuss the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Why did you select these steps, and what makes them confusing?
Make at least two (2) recommendations for improving the accuracy and reliability of the information in the gaps that you have identified.
 
 
 
ACC100 Accounting
Week 5 Discussion
Video: Modernizing Inventory Management (5:04)
Click here to open the video in a new window.
This video explores the technological tools Cole Hardware uses to simplify its daily routines and reporting.
After watching this video, explain how Cole Hardware used technology to manage inventory, and identify at least two (2) benefits of the use of this technology by the company.
 
ACC100 Accounting
Week 6 Discussion
Use the Internet to research the annual report of at least one (1) merchandising company. For example, while you can’t use this one, here is one from Walmart.
Determine which costing method (Last In First Out [LIFO], First In First Out [FIFO], or weighted average cost) is used to record inventory by your selected company.
Share three (3) advantages and three (3) disadvantages of using the type of costing method (LIFO, FIFO, and weighted average) that the company has implemented.
Provide support for your response.
 
ACC100 Accounting
Week 7 Discussion
Imagine you are a consultant hired to convert a manual accounting system to an automated system. Suggest the key advantages and disadvantages of automating a manual accounting system. Identify the most important step in the conversion process. Provide a rationale for your response.
 
ACC100 Accounting
Week 8 Discussion
Employee theft is a major problem in the U.S. retail industry. Information obtained from SecurityInfoWatch reported that twenty-three (23) major retailers alone apprehended over 1.1 million shoplifters and dishonest employees, and recovered more than $189 million from these thieves in 2012. Watch J. Farrell’s video below titled “Prevent Employee Theft in Your Business,” and provide at least two (2) examples of internal controls that could be implemented to reduce theft in the U.S. retail industry.
 
 
ACC100 Accounting
Week 9 Discussion
Watch this video on Bad Debts (Allowance Method, Direct Write Off) and discuss the primary advantages and disadvantages of applying the direct write-off over the allowance method of writing off accounts. Take a position on whether estimating the allowance for doubtful accounts provides the opportunity to distort gross income. Provide support for your rationale.
 
ACC100 Accounting
Week 10 Discussion
Use the Internet to research an annual report of a retail company. Then, imagine you are an investor or creditor and suggest the ratios that you believe would provide an investor or creditor with the most important information needed to make accurate predictions about the company’s financial condition. When analyzing a company, is it more important to compare the ratios to competitors or to the company’s previous history? Provide a rationale for your response. Note: You must provide a link or instructions to the researched report.
 
ACC100 Accounting
Week 11 Discussion
Discuss the advantages of understanding accounting as it relates to your current or future position. Consider careers in management, sales, business operations, finance, and business ownership.
Please read and respond to the post of at least one (1) other student.
 
 
 
ACC100 Accounting
Assignment  Ethics in Accounting
Effective financial reporting depends on sound ethical behavior. Financial scandals in accounting and the businesses world have resulted in legislation to ensure adequate disclosures and honesty and integrity in financial reporting. A sound economy is contingent on truthful and reliable financial reporting.
Instructions:
Read the following scenario.
Answer the questions that follow. Your answers should result in a 2-3 page submission.
Reference back to your text book for guidance on how to think through the scenario.
This course requires use of new Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.
Scenario:
Imagine you are the assistant controller in charge of general ledger accounting at Linbarger Company. Your company has a large loan from an insurance company. The loan agreement requires that the company’s cash account balance be maintained at $200,000 or more, as reported monthly. At June 30, the cash balance is $80,000. You give this update to Lisa Infante, the financial vice president. Lisa is nervous and instructs you to keep the cash receipts book open for one additional day for purposes of the June 30 report to the insurance company. Lisa says, “If we don’t get that cash balance over $200,000, we’ll default on our loan agreement. They could close us down, put us all out of our jobs!” Lisa continues, “I talked to Oconto Distributors (one of Linbarger’s largest customers) this morning. They said they sent us a check for $150,000 yesterday. We should receive it tomorrow. If we include just that one check in our cash balance, we’ll be in the clear. It’s in the mail!”
Questions
What is the accounting problem that the Linbarger Company faces?
What are the ethical considerations in this case? Provide rationale for why these are ethical considerations.
What are the negative impacts that can happen if you do not follow Lisa Infante’s instructions to wait one more day to post the balance?
Who will be negatively impacted if you do comply? Provide a rationale for why these individuals will be impacted.
What is one alternative that you could pursue in this scenario? Support your recommendations with information you learned in this class.
 
 
ACC100 Accounting
Quiz 1
Question 1
Where can I connect with my peers if I want to chat with them, brainstorm about class ideas, or receive additional support from classmates?
Question 2
When is the first ALEKS weekly homework assignment due?
Question 3
How is the Week 9 Ethics in Accounting assignment sent to the instructor for grading?
Question 4
What is the best way to contact my professor if I need him / her?
Question 5
Which of the following options does a student in ACC100 have if they need to seek additional help with the course material?
Question 6
Where do you get the ALEKS registration code required for this course?
Question 7
What resources are available in the Tutoring tab (located in the side-vertical menu of the Blackboard course) if I need help with writing and / or grammar on my assignments?
Question 8
Where can you find your professor’s contact information, office hours, and email address?
Question 9
If I am having problems with my class or an assignment what is the first thing I should do?
Question 10
Which of the following statements is INCORRECT:
 
 
ACC100 Accounting
Quiz 2 Set 1
Question 1
Owner’s equity is best depicted by the following:
Question 2
An account will have a credit balance if the
Question 3
“For the basic accounting equation to stay in balance, each transaction recorded must”
Question 4
The revenue recognition principle dictates that revenue should be recognized in the accounting records
Question 5
In preparing closing entries
 
 
 
 
ACC100 Accounting
Quiz 2 Set 2
Question 1
Owner’s equity is best depicted by the following:
Question 2
An account will have a credit balance if the
Question 3
“For the basic accounting equation to stay in balance, each transaction recorded must”
Question 4
Which of the following is in accordance with generally accepted accounting principles?
Question 5
In preparing closing entries
 
ACC100 Accounting
Quiz 2 Set 3
Question 1
Liabilities of a company are owed to
Question 2
An account will have a credit balance if the
Question 3
“For the basic accounting equation to stay in balance, each transaction recorded must”
Question 4
Which of the following is in accordance with generally accepted accounting principles?
Question 5
“After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the”
 
 
ACC100 Accounting
Quiz 3
Question 1 The journal entry to record a credit sale is
Question 2 The LIFO inventory method assumes that the cost of the latest units purchased are
Question 3 Accounts Receivable and Accounts Payable are examples of
Question 4 A bank reconciliation should be prepared
Question 5 Trade accounts receivable are valued and reported on the balance sheet