ACC 291 Week 1 Discussion Questions and Responses -

Topics: Depreciation, Balance sheet, Generally Accepted Accounting Principles Pages: 10 (1722 words) Published: July 31, 2014
ACC 291 Week 1 Discussion Questions and Responses -
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DESCRIPTION FOR THIS STUDY GUIDE:
TUTORIAL: Includes guides for INITIAL RESPONSE to discussion questions DQ1 through DQ4 and guides for STUDENT RESPONSES to other students for all discussion questions.  
Individual Assignment: Discussion Questions
 
DQ 1
1) Why would you use the percentage of sales method of calculating doubtful accounts as opposed to the percentage of receivables method? 2) Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating the allowance for doubtful accounts? Why or why not? 3) Does GAAP allow for the use of both methods at the same time? Why or Why not? 4) If you are employed, determine which method of calculating doubtful accounts your company uses. DQ2

1) What are the differences among valuation, depreciation, amortization, and depletion? 2) Is it appropriate to calculate depreciation using two different methods? Why or why not? 3) Which depreciation method gives you the highest depreciation expense in the first year? Why? DQ3

Management can choose between two bases in calculating the estimated uncollectible accounts under the allowance method. One basis emphasizes an income statement viewpoint whereas the other emphasizes a balance sheet viewpoint. Identify the two bases and contrast the two approaches. How do the different points of view affect the amount recognized as Bad Debts Expense during the accounting period? DQ4

1) What is the criterion for capitalizing a cost as opposed to expensing a cost? 2) What qualifies as an intangible asset?
3) What are natural resources, and what are their distinguishing characteristics? 4) What are the benefits of disposing of accounts receivables?

ACC 291 Week 1 Discussion Questions and Responses -
www.paperscholar.com
DIRECT LINK TO THIS STUDY GUIDE:
http://www.paperscholar.com/acc-291-week-1-discussion-questions-and-responses-7/

Instantly Download! Get Better Grades in Less Time!
100% Satisfaction Guarantee
DESCRIPTION FOR THIS STUDY GUIDE:
TUTORIAL: Includes guides for INITIAL RESPONSE to discussion questions DQ1 through DQ4 and guides for STUDENT RESPONSES to other students for all discussion questions.  
Individual Assignment: Discussion Questions
 
DQ 1
1) Why would you use the percentage of sales method of calculating doubtful accounts as opposed to the percentage of receivables method? 2) Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating the allowance for doubtful accounts? Why or why not? 3) Does GAAP allow for the use of both methods at the same time? Why or Why not? 4) If you are employed, determine which method of calculating doubtful accounts your company uses. DQ2

1) What are the differences among valuation, depreciation, amortization, and depletion? 2) Is it appropriate to calculate depreciation using two different methods? Why or why not? 3) Which depreciation method gives you the highest depreciation expense in the first year? Why? DQ3

Management can choose between two bases in calculating the estimated uncollectible accounts under the allowance method. One basis emphasizes an income statement viewpoint whereas the other emphasizes a balance sheet viewpoint. Identify the two bases and contrast the two approaches. How do the different points of view affect the amount recognized as Bad Debts Expense during the accounting period? DQ4

1) What is the criterion for capitalizing a cost as opposed to expensing a cost? 2) What qualifies as an intangible asset?
3) What are natural resources, and what are their distinguishing characteristics? 4) What are the benefits of disposing of accounts receivables?

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