QuestionDevry ACCT 212 (Financial Accounting)Week 1

09 May QuestionDevry ACCT 212 (Financial Accounting)Week 1

Posted at 17:10h in 2Past Paper by Past Papers

Question

Devry ACCT 212 (Financial Accounting)

Week 1

Introduction to Financial Statements – Discussion

Financial Statements (graded)

One key concept for week 1 is that financial statements are comprised of 4 statements: 1) Income Statement, 2) Balance Sheet, 3) Cash Flows Statement, and 4) Statement of Retained Earnings.
External users of financial statements, such as investors or banks, review the financial statements to perform analysis on the company. For example, to determine if s/he wants to buy the stock of a company, the investor may review how much profit the company has generated during the past two years. Or, to determine if a bank should provide a loan to the company, the loan officer may review the company’s cash balance from the previous two years.
Which financial statement do you believe provides the best information to determine if a company is performing well financially and/or is financially stable? Why?

Week 2

The Accounting System and Accrual Accounting – Discussion 1

Prepaid Expenses vs. Unearned Revenue (graded)

From this week’s reading, you were introduced to the concept of unearned revenue and prepaid expenses. Imagine that you are CFO of a company that manufacturers picture frames. Your company wants to become more vertically integrated, meaning it no longer wants to purchase the products that go into the frame, but rather manufacture them. To do this, your company has decided to acquire a glass manufacturing company. There are two glass manufacturers that your company is deciding between: Glass R’ US and Glass Team. In reviewing the balance sheet of each company, you noticed the following:

a. Glass R’ US has a large amount of Unearned Revenue and no Prepaid Expenses.
b. Glass Team has a large amount of Prepaid Expenses and no Unearned Revenue

In your discussion post, explain what unearned revenue and prepaid expenses represent. Then, basing your decision solely on the amount of unearned revenue and prepaid expenses each company has, tell us which company you would acquire and why? (In answering “why”, be sure to include why you believe that company’s position is superior. For example, “I believe having a large amount of prepaid expenses is a better position because ….”)

Week 2: The Accounting System and Accrual Accounting – Discussion 2

Accrual vs. Cash Accounting (graded)

US GAAP dictates that all financial accounting use accrual accounting. This means that if a company must use accrual accounting if they want to state that their financial statements are in accordance with US GAAP. However, some companies, particularly smaller, privately-owned companies, use cash accounting.

What is the difference between accrual and cash accounting? Which accounting method do you prefer and why?

Week 3

Internal Controls, Cash, Short-term Investments and Accounts Receivables Discussion 1

Ethical Business Decisions (graded)

Unfortunately, a quick scan of the business news will normally result in reports of unethical business behavior. To prove this point, let’s start with a review of the news for stories about fraud and other unethical behavior in business. You can use the University Library to start your search. Once you have located an article share it with the class by developing a summary of the important information. Make sure that you give credit to your source.

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