Devry ACCT 504 DQ questions week 1 & 2

Week 1: An Overview of
Financial Statements and the Environment of Financial Reporting – Discussion

Financial Reporting Environment and GAAP (graded)

The
discussion in this area will revolve around what accounting is, who the key
parties in the financial reporting process are, the role of generally
accepted accounting principles in the preparation of financial statements,
and the regulatory environment of financial reporting in the U.S. The
information being discussed here will be found partly in Chapter 1 and
Chapter 2.

Let’s begin by discussing what accounting is. Anybody? Week 1: An Overview of
Financial Statements and the Environment of Financial Reporting – DiscussionDetails of Financial Statements and Ratios (graded)

In this thread, we will talk about the primary
financial statements published by a corporation, the various classifications
used in a balance sheet, the relationships among different financial
statements, and how the numbers from the different financial statements are
analyzed together to evaluate the financial position and performance of a company.
The information being discussed here will be found partly in Chapter 1 and
mostly in Chapter 2.

In order to keep our discussion organized, we will go according to the
following plan:

Balance
Sheet [We will begin with this statement]
Income
Statement [We will begin this discussion on Wednesday morning]
Statement
of Retained Earnings [We will begin this discussion on Thursday night]
Statement
of Cash Flows [We will begin this discussion on Friday night]
Earnings
Per Share, Current Ratio, and Debt to Total Assets [We will begin this
discussion on Saturday night]

Let’s begin by asking the question: What is the
purpose of a Balance Sheet? What information does it provide?Week 2: The Accounting
Information System and Accrual Accounting Concepts – DiscussionAccounting Equation/Accounting Cycle (graded)

In this
area, we will discuss the significance of the accounting equation, the rules
of debit and credit, and the steps in the accounting cycle. We will talk
about recording of transactions, normal balances, and the creation of the
trial balance.

Let’s begin by asking this question: What is the role of the accounting
equation in the analysis of business transactions? Week 2: The Accounting
Information System and Accrual Accounting Concepts – DiscussionAccrual Accounting and Adjusting Entries(graded)

In this
area, we will talk about the difference between cash-basis and accrual-basis
accounting, the importance of revenue recognition and matching principles,
and the role of adjusting and closing entries in the preparation of the
income statement, statement of retained earnings, and balance sheet.

How is cash-basis accounting different from accrual-basis accounting?