Question ACC 205 (Principles of Accounting)

ACC 205 (Principles of Accounting)

Week 3

Week 3 DQ 1

.The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?

Week 3 DQ 2

A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?

Week 3 Assignments:

ACC 205 Week 3 Exercise Assignment (Inventory)1-(Specific identification method) 2-(. Inventory valuation methods: basic computations)3-( Perpetual inventory system: journal entries)4-( Inventory valuation methods: computations and concepts)5-( Depreciation methods)6-( Depreciation computations)7-( Depreciation computations: change in estimate)

ACC 205 Week 3 Exercise Solution Includes:1-( Specific identification method)2-( Inventory valuation methods)3-( Perpetual inventory system)4-( Inventory valuation methods)5-( Depreciation methods)6-( Depreciation computations)

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