Accounting
Discussion Questions-Solution
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Discussion questions
1).What do you think? Is accounting discipline a science or an art? Why? Support your opinion with references/sources and or experience.
Based on your original response to the above question and your classmates’ responses that you agree/disagree with, (provide why!), I would like you to think of accounting theory, its assumptions, concepts, and principles. Do they make sense to you? Why? If you are currently working in the field of accounting, why do you think it is an important discipline to be learned by people who have any relation to a business? Do you benefit from learning financial accounting as an individual? Why? Explain.
1).What do you think? Is accounting discipline a science or an art? Why? Support your opinion with references/sources and or experience.
Based on your original response to the above question and your classmates’ responses that you agree/disagree with, (provide why!), I would like you to think of accounting theory, its assumptions, concepts, and principles. Do they make sense to you? Why? If you are currently working in the field of accounting, why do you think it is an important discipline to be learned by people who have any relation to a business? Do you benefit from learning financial accounting as an individual? Why? Explain.
Inventory
2).In this module, you will learn about inventory costing systems and inventory flow. How may the inventory reported in the balance sheet be manipulated to affect an investor’s opinion regarding the financial health of a business? Would you share with us some of your experiences or an article or event that demonstrates inventory manipulation? Please, cite your resources clearly. (Hint, Crazy Eddie, Bauch and Lomb, etc..) Do you believe that managers need to know about inventory and receivable fraud? Why? Please provide some examples to share.
2).In this module, you will learn about inventory costing systems and inventory flow. How may the inventory reported in the balance sheet be manipulated to affect an investor’s opinion regarding the financial health of a business? Would you share with us some of your experiences or an article or event that demonstrates inventory manipulation? Please, cite your resources clearly. (Hint, Crazy Eddie, Bauch and Lomb, etc..) Do you believe that managers need to know about inventory and receivable fraud? Why? Please provide some examples to share.
Business Liabilities
3).What are employment taxes? What are Social Security taxes and how do these taxes work? Does it make a difference if you are self-employed, or employed by a business? If you are a lender, do you think you may rely on any payroll data to assess business solvency? How about the rest of liabilities a business may have recorded? Does it make a difference if it is short-term or long-term liability? Would you please, provide us with links to some real financial statements of a business of your and provide your analysis of the business’s liabilities. Don’t forget to read the “Notes to Financial Statements” where the liabilities may be discussed.
3).What are employment taxes? What are Social Security taxes and how do these taxes work? Does it make a difference if you are self-employed, or employed by a business? If you are a lender, do you think you may rely on any payroll data to assess business solvency? How about the rest of liabilities a business may have recorded? Does it make a difference if it is short-term or long-term liability? Would you please, provide us with links to some real financial statements of a business of your and provide your analysis of the business’s liabilities. Don’t forget to read the “Notes to Financial Statements” where the liabilities may be discussed.
Stockholder Equity
4).How do you judge a business’s well-being from examining its capital structure? Does it make a difference who you are (investor, lender, government, labor union, etc..)? Show us part of a balance sheet that represents stockholders’ equity section of a company of your choice. Did you notice any notes attached to the financial statements relating to Stockholders’ equity section? Please share with us your findings and provide your resources as well.
4).How do you judge a business’s well-being from examining its capital structure? Does it make a difference who you are (investor, lender, government, labor union, etc..)? Show us part of a balance sheet that represents stockholders’ equity section of a company of your choice. Did you notice any notes attached to the financial statements relating to Stockholders’ equity section? Please share with us your findings and provide your resources as well.
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