Premium Essay

Week 1 - Dq 1 Acc

In: Business and Management

Submitted By kzaglanis
Words 311
Pages 2
Week 1 – Discussion Question 1: ACC How would you describe the entries to record the disposition of accounts receivables? What is their function? How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method?

Companies dispose of accounts receivable for two main reasons. This may be their only reasonable source of cash, usually because they are unable to use typical borrowing methods. Also, billing and collection is costly and time-consuming, things many companies cannot afford. One of the most common ways for a company to dispose of their accounts receivable is by the method is a sale to a factor. To better explain, a factor is a finance company or back that can buy receivables from a business and then go directly to the customers and collect the payments. The factor in these cases charge fees for providing the service but the service itself can be extremely helpful to a smaller business that cannot afford the time-consuming process. As for the books, cash and fees are counted as a debit; the total of receivables purchased is recorded as a credit. This can help to eventually even out the books or accounts once debts are paid.
There are two main methods for bad debts the first is the direct write-off method. It is not accepted for financial recording under the GAAP. This is mainly because the actual losses from the uncollected debts are recorded in a different period than when it occurred. This can affect financial statements and balance sheets because they are not showing the “true” total for that period. I personally would not go with this option. The other method would be the allowance method. This is a method essentially keeps the debts recorded in the period they happened. By doing this income statements can become more…...

Similar Documents

Premium Essay

Week 1 Dq 1

...Week 1 DQ 1 What is strategic management and planning? Strategic management is the set of choices, activities that result in the preparation, and then carrying out in the plans that are designed to succeed in an organization’s objectives. Strategic management, planning is critical to the success of any organization through strategic planning an organization has the ability to open the door wide open for opportunity. Why would a strategic plan be important to the success of this business? Strategic planning is very important to an organization it define the organization’s values, create an organized visions to chart the direction of the organization this includes setting goals for future growth of the organization. The process begins with the statement of the organization’s vision, their objectives, their current organization’s strengths, weaknesses, available opportunities, and possible threats. Management develops implements and monitors a strategy. How are the four functions of management relative to creating and implementing a strategic plan? The four functions of management Planning, organizing, leading and controlling are relative to creating and implementing a strategic plan because it provides the necessary tools for building and organizing a plan to be successful. The four functions of management allow a plan to be successfully executed in an organization. The business I would like to start would be an old time malt shop called a Step Back in Time. It would......

Words: 316 - Pages: 2

Free Essay

Psy475 (Week 1 Dq 1)

...PSY475 (Week 1 DQ 1) Summarize the major assumptions and fundamental questions associated with psychological testing? The definition of test in our text reminds me of the definition of hypothesis that I encountered when I took my first statistics class. A hypothesis is not a simple prediction; rather the chore of a good hypothesis is the elucidation of causality (Aron, Aron & Coups, 2006). It is not enough to simply predict what will happen when vinegar is added to baking soda. A good hypothesis would propose a cause for the chemical interaction and further would devise a set of experiments to unearth that cause. In the same way, I thought that the “test” was merely the instrument by which causality was unearthed. Both of the standard definitions from the Oxford English Dictionary and Standards for Educational and Psychological Testing were clearly circular. For one, I don’t think you are supposed to use the term being defined in the definition. The text offers a six element definition of the word test (Hogan, 2007). Collective the six dimensions describe testing as a procedure or device used to yield quantifiable, measurable information about behavior and cognitive processes through a systematic, standardized procedure. I suppose the most fundamental question of psychological testing is: can behavior—cognitive or corporeal—be quantified into valid, reliable, usable, relevant numerical values? And further can the quantifications elucidate causality, because if they can’t......

Words: 341 - Pages: 2

Premium Essay

Acc 206 Week 1 Dq 2

...This paperwork includes ACC 206 Week 1 DQ 1 Ethical Issue Stan Sewell paid $50,000 to have a business which allowed him to market software applications in the countries of the European Union. Sewell planned to sell individual companies for the main language groups of Western Europe-German, French, English, Spanish, as well as Italian. Obviously, investors thinking about buying a company from Sewell asked to see the financial statements of his organization. Supposing the price of the company to be $500,000, Sewell wanted to capitalize his own company at $500,000. The law company of St. Charles LaDue assisted Sewell create a corporation chartered to issue 500,000 shares of common share with par value of $1 for each share. Lawyers recommended the following series of dealings: a. Sewell's relative, Bob, borrows $500,000 from a bank and buys the company from Sewell. b. Sewell pays the corporation $500,000 to get all its shares. c. The corporation purchases the company from Cousin Bob. d. Cousin Bob repays the $500,000 loan to the bank. In the bottom line, Cousin Bob is debt-free and away from the picture. Sewell has all the corporation's shares, and the corporation has the franchise. The corporation's balance sheet lists a franchise purchased for $500,000. This balance sheet is Sewell's most effective marketing strategy. Requirements 1. What is unethical about this situation? 2. Who can be harmed? How can they be harmed? What role does accounting play? Business -......

Words: 382 - Pages: 2

Premium Essay

Acc 440 Week 1 Dqs

...This archive file of ACC 440 Final Exam Test comprises: 1) The equity method of accounting for a stock investments requires that an investor recognize its share of earnings in the period in which the 2) Which of the following observations is consistent with the equity method of accounting? 3) Under the cost method of accounting for a stock investment, the differential 4) Byner Corporation accounts for its investment in the common stock of Yount Company under the equity method. Byner Corporation should ordinarily record a cash dividend received from Yount as 5) On January 1, 2007, Yang Corporation acquired 25 % of the outstanding shares of Spiel Corporation for $100,000 cash. Spiel Company reported net income of $75,000 and paid dividends of $30,000 for both 2007 and 2008. The fair value of shares held by Yang was $110,000 and $105,000 on December 31, 2007 and 2008, respectively. What amount will be reported by Yang as balance in investment in Spiel on December 31, 2008, if it used the equity method of accounting? 6) On January 1, 2007, Yang Corporation acquired 25 % of the outstanding shares of Spiel Corporation for $100,000 cash. Spiel Company reported net income of $75,000 and paid dividends of $30,000 for both 2007 and 2008. The fair value of shares held by Yang was $110,000 and $105,000 on December 31, 2007 and 2008, respectively. What amount will be reported by Yang as income from its investment in Spiel for 2008, if it used the equity method...

Words: 394 - Pages: 2

Free Essay

Acc 460 Week 1 Dqs

...This document of ACC 460 Week 1 DQs consists of: DQ1: Log into charitynavigator.org/. Choose a good charity and a bad charity and explain why you feel they should labeled good or bad. DQ2: What is fund accounting? How does it compare to proprietary accounting? Why is fund accounting necessary? What are the major fund types? DQ3: What are some examples of government and not-for-profit organizations? How do proprietary businesses measure achievement? How do government organizations measure success? DQ4: What is the purpose of CAFR? What are the components of CAFR? Why is the Federal Government not subject to GASB 34? How do government-wide financial statements add information not available in fund financial statements? Business - Accounting ACC 460 Week 1 Individual Assignment Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper ACC 460 Week 2 Individual Assignment Ch. 1, 2, 3 Textbook Exercises ACC 460 Week 2 Learning Team Assignment CAFR Budget Analysis ACC 460 Week 3 Individual Assignment Ch. 2, 4, 5, 6 Textbook Exercises ACC 460 Week 3 Learning Team Assignment Ch. 4 6 Textbook Problems ACC 460 Week 4 Individual Assignment Ch. 9 10 Textbook Exercises ACC 460 Week 4 Learning Team Assignment Ch. 5 10 Textbook Problems ACC 460 Week 5 Individual Assignment Accountability in Reporting Memo ACC 460 Week 5 Individual Assignment Ch. 12......

Words: 351 - Pages: 2

Premium Essay

Acc 561 Accounting Week 1 to 6, Assignment, Wilyplus, Dq, Final

...ACC 561 Accounting Week 1 to 6, Assignment, WilyPLUS, DQ, Final Purchase here http://homeworkonestop.com/ACC%20561/acc-561-accounting-week-1-to-6-assignment-wilyplus-dq-final Product Description ACC 561 Accounting WEEK 1 Individual Assignment, Financial Statement Review Paper Individual Assignment, Wileyplus BE1-7, BE1-8, BE1-9 Discussion Question 1 and 2 WEEK 2 Individual Assignment, Sarbanes-Oxley Act of 2002 Individual Assignment, Wileyplus E13-5, E13-6, E13-8, E13-9 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 3 Individual Assignment, American Corporation Analysis Individual Assignment, Wileyplus BE15-5, E16-1, E17-9 Discussion Question 1 and 2 WEEK 4 Individual Assignment, WileyPLUS BYP17-2 Managerial Analysis Individual Assignment, Wileyplus BE18-1, BE18-7, BE18-11, E19-2 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 5 Individual Assignment, Costing Methods paper Learning Team Assignment, CVP and Break-Even Analysis Paper Individual Assignment, Wileyplus E20-2, E20-5, BE21-4, E22-5 Learning Team Deliverable Discussion Question 1 and 2 WEEK 6 Individual Assignment, Wileyplus E23-1, E23-2 Learning Team Summary Learning Team Reflection ACC 561 Final Exam WileyPLUS (30 Q & A) ACC 561 Final Exam 2 (30 Q & A) ACC 561 Final Exam 3 (54 Q & A) ACC 561 Final Exam 4 (54 Q & A) ACC 561 Final Exam 5 (54 Q & A) ACC 561 Final Exam 6 (52 Q & A) ACC 561 Final Exam 7......

Words: 4411 - Pages: 18

Free Essay

Acc 220 Week 1 Dq 1 and Dq 2

...ACC 220 WEEK 1 DQ 1 AND DQ 2 To purchase this visit here: http://www.nerdypupil.com/product/acc-220-week-1-dq-1-and-dq-2/ Contact us at: nerdypupil@gmail.com ACC 220 WEEK 1 DQ 1 AND DQ 2 Discussion Questions Based on what you know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Explain why. Why are ethics so important in the field of accounting? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 220 Week 1 DQ 1 and DQ 2 in order to ace their studies. ACC 220 WEEK 1 DQ 1 AND DQ 2 To purchase this visit here: http://www.nerdypupil.com/product/acc-220-week-1-dq-1-and-dq-2/ Contact us at: nerdypupil@gmail.com ACC 220 WEEK 1 DQ 1 AND DQ 2 Discussion Questions Based on what you know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Explain why. Why are ethics so important in the field of accounting? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 220 Week 1 DQ 1 and DQ 2 in order to ace their studies. ACC 220 WEEK 1 DQ 1 AND DQ 2 To purchase this visit here: http://www.nerdypupil.com/product/acc-220-week-1-dq-1-and-dq-2/ Contact us at: nerdypupil@gmail.com ACC 220 WEEK 1 DQ 1 AND DQ 2 Discussion Questions Based on what you know about accounting, what role do you see it......

Words: 465 - Pages: 2

Premium Essay

Acc 210 Week 3 Dq 1

...ACC 210 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-210-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 210 WEEK 3 DQ 1 What are the steps in the systems development life cycle? Which step is most important? Why? What are the ramifications of skipping one of the steps? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 210 Week 3 DQ 1 in order to ace their studies. ACC 210 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-210-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 210 WEEK 3 DQ 1 What are the steps in the systems development life cycle? Which step is most important? Why? What are the ramifications of skipping one of the steps? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 210 Week 3 DQ 1 in order to ace their studies. ACC 210 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-210-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 210 WEEK 3 DQ 1 What are the steps in the systems development life cycle? Which step is most important? Why? What are the ramifications of skipping one of the steps? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 210 Week 3 DQ 1 in order to ace their studies. ACC 210 WEEK 3 DQ 1 To purchase this visit......

Words: 349 - Pages: 2

Premium Essay

Acc 210 Week 3 Dq 1

...ACC 210 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-210-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 210 WEEK 3 DQ 1 What are the steps in the systems development life cycle? Which step is most important? Why? What are the ramifications of skipping one of the steps? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 210 Week 3 DQ 1 in order to ace their studies. ACC 210 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-210-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 210 WEEK 3 DQ 1 What are the steps in the systems development life cycle? Which step is most important? Why? What are the ramifications of skipping one of the steps? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 210 Week 3 DQ 1 in order to ace their studies. ACC 210 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-210-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 210 WEEK 3 DQ 1 What are the steps in the systems development life cycle? Which step is most important? Why? What are the ramifications of skipping one of the steps? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 210 Week 3 DQ 1 in order to ace their studies. ACC 210 WEEK 3 DQ 1 To purchase this visit......

Words: 349 - Pages: 2

Free Essay

Acc 206 Week 1 Dq 1 Ethical Issue 12 to 1 Ash Course

...ACC 206 WEEK 1 DQ 1 ETHICAL ISSUE 12 TO 1 ASH COURSE To purchase this visit here: http://www.nerdypupil.com/product/acc-206-week-1-dq-1-ethical-issue-12-to-1-ash-course/ Contact us at: nerdypupil@gmail.com ACC 206 WEEK 1 DQ 1 ETHICAL ISSUE 12 TO 1 ASH COURSE Ethical Issue 12-1 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 206 Week 1 DQ 1 Ethical Issue 12 to 1 Ash Course in order to ace their studies. ACC 206 WEEK 1 DQ 1 ETHICAL ISSUE 12 TO 1 ASH COURSE To purchase this visit here: http://www.nerdypupil.com/product/acc-206-week-1-dq-1-ethical-issue-12-to-1-ash-course/ Contact us at: nerdypupil@gmail.com ACC 206 WEEK 1 DQ 1 ETHICAL ISSUE 12 TO 1 ASH COURSE Ethical Issue 12-1 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 206 Week 1 DQ 1 Ethical Issue 12 to 1 Ash Course in order to ace their studies. ACC 206 WEEK 1 DQ 1 ETHICAL ISSUE 12 TO 1 ASH COURSE To purchase this visit here: http://www.nerdypupil.com/product/acc-206-week-1-dq-1-ethical-issue-12-to-1-ash-course/ Contact us at: nerdypupil@gmail.com ACC 206 WEEK 1 DQ 1 ETHICAL ISSUE 12 TO 1 ASH COURSE Ethical Issue 12-1 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 206 Week 1 DQ 1 Ethical Issue 12 to 1 Ash Course in order to ace their studies. ACC 206 WEEK 1 DQ 1 ETHICAL ISSUE 12 TO 1 ASH COURSE To purchase this visit......

Words: 373 - Pages: 2

Premium Essay

Acc 363 Week 1 Dq 2

...ACC 363 WEEK 1 DQ 2 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-1-dq-2/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 1 DQ 2 Why would you select the percentage of sales method on calculating doubtful accounts as opposed to the percentage of receivables method? Which method favors the income statement? Which method favors the balance sheet? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 1 DQ 2 in order to ace their studies. ACC 363 WEEK 1 DQ 2 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-1-dq-2/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 1 DQ 2 Why would you select the percentage of sales method on calculating doubtful accounts as opposed to the percentage of receivables method? Which method favors the income statement? Which method favors the balance sheet? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 1 DQ 2 in order to ace their studies. ACC 363 WEEK 1 DQ 2 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-1-dq-2/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 1 DQ 2 Why would you select the percentage of sales method on calculating doubtful accounts as opposed to the percentage of receivables method? Which method favors the income statement? Which method favors the balance sheet? Home Work Hour aims to provide quality study notes and......

Words: 565 - Pages: 3

Free Essay

Acc 363 Week 1 Dq 3

...ACC 363 WEEK 1 DQ 3 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-1-dq-3/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 1 DQ 3 What is the purpose of a subsidiary ledger? How are subsidiary ledgers used in journalizing entries? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 1 DQ 3 in order to ace their studies. ACC 363 WEEK 1 DQ 3 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-1-dq-3/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 1 DQ 3 What is the purpose of a subsidiary ledger? How are subsidiary ledgers used in journalizing entries? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 1 DQ 3 in order to ace their studies. ACC 363 WEEK 1 DQ 3 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-1-dq-3/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 1 DQ 3 What is the purpose of a subsidiary ledger? How are subsidiary ledgers used in journalizing entries? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 1 DQ 3 in order to ace their studies. ACC 363 WEEK 1 DQ 3 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-1-dq-3/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 1 DQ 3 What is the purpose of a subsidiary ledger? How are subsidiary ledgers used in journalizing entries? Home Work......

Words: 540 - Pages: 3

Free Essay

Acc 363 Week 2 Dq 1

...ACC 363 WEEK 2 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-2-dq-1/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 2 DQ 1 What payroll taxes are paid by the employee? Which are paid by the employer? What types of reports are used to document to the government the payroll taxes paid by the employer and employee? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 2 DQ 1 in order to ace their studies. ACC 363 WEEK 2 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-2-dq-1/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 2 DQ 1 What payroll taxes are paid by the employee? Which are paid by the employer? What types of reports are used to document to the government the payroll taxes paid by the employer and employee? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 2 DQ 1 in order to ace their studies. ACC 363 WEEK 2 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-2-dq-1/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 2 DQ 1 What payroll taxes are paid by the employee? Which are paid by the employer? What types of reports are used to document to the government the payroll taxes paid by the employer and employee? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 2 DQ 1 in order to ace their studies. ACC 363......

Words: 761 - Pages: 4

Premium Essay

Acc 363 Week 3 Dq 1

...ACC 363 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 3 DQ 1 Why does a company decide to form as a corporation? What are the advantages and disadvantages of the corporate form of business? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 3 DQ 1 in order to ace their studies. ACC 363 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 3 DQ 1 Why does a company decide to form as a corporation? What are the advantages and disadvantages of the corporate form of business? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 3 DQ 1 in order to ace their studies. ACC 363 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 3 DQ 1 Why does a company decide to form as a corporation? What are the advantages and disadvantages of the corporate form of business? Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 363 Week 3 DQ 1 in order to ace their studies. ACC 363 WEEK 3 DQ 1 To purchase this visit here: http://www.nerdypupil.com/product/acc-363-week-3-dq-1/ Contact us at: nerdypupil@gmail.com ACC 363 WEEK 3 DQ 1 Why does a company......

Words: 582 - Pages: 3

Premium Essay

Week 1 Dq 1

...Week 1 DQ 1 Why is it important that financial accounting systems report performance fairly and factually? Financial accounting systems are responsible for recording, monitoring and maintaining all financial and accounting transactions within an organization. It is crucial that financial accounting systems report performance fairly and factually because the information within the system is required for the organization to make good economic decisions that could make or break the entire business. The reports that are created by financial accounting systems are used to provide information to outside parties such as tax experts, creditors, and/or potential investors. Inaccurate financial reports can lead an organization to experience legal issues, financial fraud, and can cause a bad reputation for the overall organization. In order to maintain and grow a profitable business, organizations must rely on fair and factual financial reports. Financial accounting systems must also report performance fairly and factually to ensure that the organization is performing and operating properly. An inaccurate financial report, for example, can cause an organization to make an economic decision that the organization may not be able to afford to do. In a health care organization, financial reports must also be accurate to avoid errors in medical billing that can lead the organization to lawsuits and major financial losses. Financial reports that are not created fairly and......

Words: 595 - Pages: 3