ACCT 304 week 2 Discussions

ACCT 304  week 2 Discussions

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Balance Sheet: Purpose and Uses (graded)
Hello class;
The balance sheet is one of the first financial statements I turn to when reviewing a company. You can learn a lot about a company by looking at its balance sheet.
The balance sheet is also called the statement of financial position. Why is this? What is the purpose of the balance sheet?

Hello Class;
Disclosures are required to elaborate on certain items that are presented in summarized form in the financial statements. There are specific disclosure notes that are required to be present in all financial statements, while others may be unique to the disclosure needs of a particular company.

Let’s start by discussing the three required disclosures. Please pick one and explain what information is to be included in the note:
a) Summary of Significant Accounting Policies
b) Subsequent Events
c) Third Party Transactions

week 4

Revenue Recognition (graded)
Hello Class;

When a company sells a product for cash, it generally recognizes the revenue. However, there are situations when it is not always clear when a company should recognize the revenue.

1) How do you handle a car dealership that sells a warranty contract to its customers for $650 that will cover the next 5 years?

Time Value of Money Concepts (graded)
Hello Class;

You might think of the “time value of money” to be a topic for Finance class, but accountants need an understanding of this topic as well.

Let’s discuss where/why an accountant may need to use these skills/calculations.