Intermediate Accounting 1 Discussion Questions

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Week 2 DQ1

Respond to the following:

General Accepted Accounting Principles (GAAP) are built on a framework of accounting assumptions, principles, and constraints.

  • Describe one:
    • Accounting assumption.
    • Accounting principle.
    • Accounting constraint.
  • Support your rationale with an example of how each shapes accounting rules.

Resources

Readings

How can accounting standards be created if there are so many ways to conduct financial reporting? This chapter covers how conceptual frameworks help standardize accounting.

In Intermediate Accounting, read:

Week 3 DQ1

Respond to the following:

An accounting information system is a well-thought-out plan joining together diverse operating units to develop accounting policies and to create financial statements:

  • Identify two departmental units that play a role in developing and maintaining the accounting information system.
  • Explain the role each department plays in this process.
  • Support your response with specific examples

Resources

Readings

Financial reporting can be a lengthy process, from analyzing transactions to completing the closing process. This chapter will help you understand how an accounting information system can help you manage the steps in financial reporting.

In Intermediate Accounting, read:

Respond to the following:

  • Review and reflect on the material we have covered up to this point in Chapters 1–4.
  • Identify any topics for which you still have questions or need clarification.
  • Post your questions in the discussion area.
    • This is an opportunity to get your questions answered.

Respond to at least one additional post:

  • Provide an explanation that helped you learn that particular topic if possible.
  • Offer support to your classmates.

Week 6 DQ1

Respond to the following:

Analysts use these ratios in three primary categories to analyze financial statements:

  • Liquidity Ratios.
  • Activity Ratios.
  • Profitability Ratios.

Financial analysts tend to use one or two of these categories to analyze a company’s financial position.

Imagine that you are a financial analyst:

  • Select at least one ratio from each category.
  • Describe what these ratios reveal about a company’s financial health.
  • Explain how you could use the ratio information to determine ways to improve a company’s financial health.
  • Explain which external user might be most interested in the ratio information and how they might use the information to make decisions.

Resources

Readings

The balance sheet is like a snapshot of a company’s financial standing. It helps determine a company’s worth and how much risk a business’s finances can take. Your reading this week addresses important information about preparing balance sheets. The chapter also covers how the statement of cash flows can be used to solve business problems. For example, if you were a retailer, would you continue to buy an item that never seemed to sell? A company wants to know how its daily sales and purchases are moving, so it knows whether to make changes to benefit the business.

In Intermediate Accounting, read:

Week 7 DQ1

Respond to the following:

A statement of cash flows is often one of the most used and least understood of the key financial statements. However, it is a vital report to use when evaluating or analyzing a company. Identifying where a company is receiving and using its cash—through operations, investing, and financing activities—is more important than knowing the company’s net income:

  • Describe the types of accounts/transactions in each section of the statement of cash flows.
  • Explain how the net effect of cash used in each activity will help to evaluate liquidity, solvency, and financial flexibility.
  • Explain why this statement is necessary even when a company has substantial net income.
  • Substantiate your response with examples.

Resources

Readings

More than one way to gain interest on money exists. This chapter provides insights on these options. In addition, this chapter also addresses how annuities differ and how they affect a business’s present and future, as well as the impact of these differences on the business.

In Intermediate Accounting, read:

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