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ACC 502 Introduction to the Accounting Cycle GCU

ACC 502 Full Course Discussions GCU

ACC 502 Week 1 Discussion 1

If you were to open a business, what form of business organization would you use, and why?

ACC 502 Week 1 Discussion 2

Review the available materials for the chapters covered this week, including the lecture, reading, publisher materials, demonstration problems and exercises at the end of the chapters. After reviewing these materials and attempting the assignment for the week, what challenges did you face? Do you have any questions on the material? Participate in follow up discussion by helping your classmates and sharing your tips for understanding materials, when possible.

ACC 502 Week 2 Discussion 1

The term “adjusting entries” refers to a very important step in the accounting cycle. Explain when, why, and how the adjusting process is used. Provide an example to clarify your statements.

ACC 502 Week 2 Discussion 2

ACC 502 Week 3 Discussion 1

The choice of inventory method is critical to the merchandising operation. Identify a well-known company, and state what inventory method you think would be best for that company, and why.

ACC 502 Week 3 Discussion 2

ACC 502 Week 4 Discussion 1

Consider your workplace (current or former) and identify any internal control procedures that you have seen implemented. Were they effective? Why, or why not? (If you do not have current or prior work experience, identify a place that you have observed internal controls in place, such as a store where you shop.

ACC 502 Week 4 Discussion 2

ACC 502 Week 5 Discussion 1

The cost of maintaining assets can be a challenge. How do you determine when and why to dispose of plant assets? What are the options for accounting for these dispositions? Provide examples to illustrate your response. You may not give examples mentioned in the text. Participate in follow-up discussion by adding to your classmates’ comments.

ACC 502 Week 5 Discussion 2

ACC 502 Week 6 Discussion 1

Find the financial statements of a publicly traded company and review its liability section of the balance sheet. What liabilities are included? What is the mix of current and long-term liabilities? What is the company’s current ratio and debt ratio, and what do these ratios tell us about the company?

ACC 502 Week 6 Discussion 2

ACC 502 Week 7 Discussion 1

Find the financial statements of a publicly traded company and review its stockholders’ equity section of the balance sheet. Does the company have common stock? Preferred stock? Treasury stock? Do you see anything unusual in this section of the balance sheet?

ACC 502 Week 7 Discussion 2

ACC 502 Week 8 Discussion 1

Find the financial statements of a publicly traded company and review its statement of cash flows. Of the company’s cash flows from operating activities, investing activities, and financing activities, which ones are net cash inflows and which are net cash outflows? What does this indicate about the company? Do you see anything unusual in this statement?

ACC 502 Week 8 Discussion 2