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.
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