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ACC 421 All Discussions

ACC 421 All Discussions

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ACC 421 Wk 1 Discussion – GAAP
 

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Thursday

Respond to the following in a minimum of 175 words:

Discuss “generally accepted accounting principles,” or GAAP. How do accounting principles become “generally accepted,” and how are accountants made aware of these principles? What are the negative consequences, if any, that an account can expect who fails to follow GAAP?

Due Monday

Reply to at least two of your classmates. Be constructive and professional in your responses.

 

 

 

 

ACC 421 Wk 1 Discussion #2 – IASB
 

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Monday (end of day 7)

Respond to the following in a minimum of 175 words:

The International Accounting Standards Board (IASB) was created to oversee the IFRS Foundation.

Please go to the following link. There are 15 members of this body. Pick one and summarize for me:

 

 

 

What makes them qualified?
 

 

What, if any qualifications do you think they are missing?
 

 

What about their background made you pick them to review.
 

 

 

https://www.ifrs.org/groups/international-accounting-standards-board/#members

Due Monday

Reply to at least two of your classmates. Be constructive and professional in your responses.

 

 

 

 

 
 

 

 

 

ACC 421 Wk 1 Discussion #3 –
 

Post a total of 2 substantive responses over 1 separate day for full participation. This includes your initial post and 1 reply to other students.

Due Monday (end of Day 7)

Respond to the following in a minimum of 175 words:

What did you get out of week 1?

What could have been better in week 1?

What should we do different in week 2?

All, I understand this change is very difficult to the new format. I get it. I really do. We will get thru it together.

 

 

 

 

ACC 421 Wk 2 Discussion – The Income Statement
 

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Thursday

Respond to the following in a minimum of 175 words:

What is the purpose of an income statement, and who is the audience for this document? What components do income statements typically contain? Why?

Due Monday

Reply to at least two of your classmates. Be constructive and professional in your responses.

 

 

 

ACC 421 Wk 2 Discussion #2 –

Post a total of 3 substantive responses over 1 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Monday

Respond to the following in a minimum of 175 words:

Revenue recognition is very important. Some might argue it is the most important accounting concept.

Here is the ask:

 

 

 

 

Select an industry. One that you are curious about.
 

 

Select a publicly traded company in THAT industry.
 

 

Go to their most recent annual report and tell the class, in very simple terms, how they recognize revenue.
 

 

 

Due Monday

Reply to at least two of your classmates. Be constructive and professional in your responses.

 

 

 

 

ACC 421 Wk 2 Discussion #3 –

Post a total of 2 substantive responses over 1 separate day1 for full participation. This includes your initial post and 2 replies to other students.

Due Monday

Respond to the following in a minimum of 175 words:

Why do you want to be an accountant?

What drew you to this course and the profession?

What do you plan to do with you degree?

 

 

ACC 421 Wk 3 Discussion – Accounting Ratios

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Thursday

Respond to the following in a minimum of 175 words:

Imagine that you’ve been asked to explain one of the major accounting ratios to a group of high school students who have no background in business or accounting, but who are eager to learn. Choose one of the following ratios and describe how you would explain it in your own words, using a specific example: current ratio, asset turnover, or profit margin on sales.

Due Monday

Reply to at least two of your classmates. Be constructive and professional in your responses.

 

 

 

ACC 421 Wk 3 Discussion #2 –

Post a total of 3 substantive responses over 1 separate days for full participation. This includes your initial post and 2 replies to other students.

 

Due Monday

Respond to the following in a minimum of 175 words:

There are multiple exams and certifications that “prove” your skills in the area of accounting. Some to consider:

CPA

CMA

CGMA

EA

There are MANY more.

Please do the following:

1 – which Certification is right for you?

2 – why is it right? What has drawn you to this one?

3 – When (not if) you take and pass the exam and become Certified, what are you going to do with the certification?

Thanks,

Due Monday

Reply to at least two of your classmates. Be constructive and professional in your

responses.

 

 

ACC 421 Wk 4 Discussion – Statement of Cash Flows

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Thursday

Respond to the following in a minimum of 175 words:

A statement of cash flows classifies cash receipts and cash payments into what three categories of activity? For each category of activity, share two specific examples of both cash receipts and cash payments based on two different business scenarios of your choosing. The business scenarios you choose can be based on real or fictional companies. For example, if you chose Uber and the fictional MarksABunch Art Supplies company, you would share six examples of cash receipts and cash payments per company, each broken out into one of the three different categories of activity presented in a statement of cash flows.

Due Monday

Reply to at least two of your classmates. Be constructive and professional in your responses.

 

 

 

ACC 421 WK 4 ZZZZ Best

Go to the following link:

 

 

My guess is most of you have never heard of this company. If you have, good for you.

Read the article. In your own words, tell me what the “accountants” missed here?

Did they? How did this happen?

 

 
 

 

 

ACC 421 Wk 5 Discussion – Time Value of Money

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Thursday

Respond to the following in a minimum of 175 words:

Many of us apply the time value of money in our personal lives; for example, when we invest dollars in a young child’s bank account earmarked for his or her eventual college education. Share an explanation of the time value of money in your own words. What criteria do accountants use to decide whether to use present or future values in accounting statements?

Due Monday

Reply to at least two of your classmates. Be constructive and professional in your responses.

 

 

 

ACC 421 WK 5 The “Streets” Definition of Time Value of Money

All,

Time value of money is probably one of the easiest concepts to grasp. I lend you money, you pay me back more. Easy.

Time is the issue though. Time is such an important commodity. In fact, I would argue that it is the MOST IMPORTANT.

See below. Simple explanation.

https://www.thestreet.com/personal-finance/education/time-value-of-money-14796679

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