ECO 205 Week 5 Discussion Questions

Topics: Bookkeeping, Depreciation, FIFO and LIFO accounting Pages: 3 (665 words) Published: October 27, 2014

This file of ECO 205 Week 5 Discussion Questions consists of: DQ 1: Post your response to the following: Since the September 11th attack there has been an increase in the demand for security personnel Deadline: ( ), Business - Accounting

Week1 D1: 
As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity.  Is the accounting equation true in all instances?  Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. 

D2: What does the term account mean?  What are the different classifications of accounts?  How do the rules for debits and credits impact accounts?  Please provide an example of how debits and credits impact accounts.

Assignment: (see attached file)

Week2 D1: Financial statements are a product of the accounting cycle.  Think about two different companies: a manufacturing company, and a retail company.  Why would different companies have different accounting cycles?  Would you expect the steps of the accounting cycle to be the same for each company?  Why or why not?

What is the purpose of a bank reconciliation?  What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements? 

Assignment:  See attached file

Week3 D1:
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method.  The controller’s bonus is based on the next income.  It is the controller’s belief that the switch in inventory methods would increase the net income of the company.  What are the differences between the LIFO and FIFO methods? 

D2: A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset.  Your client has just purchased a piece of equipm...

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