ACC201- Week2

ACC201- Week2 - accountants can begin to record financial...

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Action: Items to be completed:  Due No Later Than: Read Chapter 3 from the textbook Post Initial response to the discussion board Thursday 11:59 PM EST/EDT Post Responses to at least two classmates Sunday 11:59 PM EST/EDT Submit Assignment/Homework via Dropbox Sunday 11:59 PM EST/EDT Complete Self assessment  Complete Module exam Sunday 11:59 PM EST/EDT
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DISCUSSION: Choose one discussion posting and answer in paragraph form: 1. Explain accrual accounting and how it improves financial statements. Give examples. 2. Explain the importance of periodic reporting and the time period assumption. Periodic reporting is very important in the accounting business. Reports need to be generated at regular intervals and in a timely manner in order to reach the people who need to make financial decisions at the right time. The time period assumption assumes that a company reports their activities into specific time periods such as quarterly, monthly, semi-annually, or annually. Once the time period is established,
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Unformatted text preview: accountants can begin to record financial activities for that period. For example, if a company chooses a one year reporting period, and they purchase equipment that is expected to last 5 years, the accountant will use accounting principles to record that transaction vice reporting the entire expense all at once, making the company seem unprofitable for that year. 3. Discuss the current ratio and describe what it reveals about a company's financial condition. ASSIGNMENT: From the Financial and Managerial Accounting text: Problem 3-1A and Problem 3-4A from Chapter 3 • All of the problems should be submitted to the instructor in a single Word or Excel attachment via the Dropbox. • The assignments will be evaluated based on completeness of the work and presentation in good accounting form....
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ACC201- Week2 - accountants can begin to record financial...

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