Grand Canyon ACC 250 All Modules 1 – 7 Discussion Questions

ACC-250 | Fundamental Principles of AccountingModule 1 DQ 2Desean Edwards plans on opening a new business named Desean Edwards Online Marketing Strategies. He is considering the various types of business organizations and wishes to organize his business with unlimited life and limited liability features. Additionally, Desean wants the option to raise additional equity easily in the future. Which type of business organization will meet Desean’s needs best and why? Discuss possible issues and/or limitations Desean may encounter as a result of choosing this business organization compared with others.ACC-250 | The Accounting CycleModule 2 DQ 2Susie Homaker wants to open a delivery service called Cookies on Wheels. Baking skills and creativity are her strengths, but she lacks knowledge on how to keep records on money transactions for a business. While she might hire an accountant, she needs to be able to speak the language. Discuss which key accounting practice or principles (e.g., procedural steps, types of accounts, tools, etc.) are going to be important for her to understand and why.ACC-250 | The Adjusting ProcessModule 3 DQ 2The term “adjusting entries” sounds like an illegal practice, but, in fact, it refers to a very important accounting process. Explain when, why, and how the adjusting process is used. Provide examples to clarify your statements.ACC-250 | Completing the Accounting CycleModule 4 DQ 2Under what circumstances is an accounting worksheet used? Do you find this to be an effective tool? Why, or why not?ACC-250 | Merchandising and Inventory AccountingModule 5 DQ 2Under what circumstances would you use a periodic inventory system? Under what circumstances would you use a perpetual inventory system? Why?ACC-250 | Reporting and Interpreting AssetsModule 6 DQ 2A textbook production company makes all sales on credit. Cash receipts arrive by mail by Employee A. Someone in the mailroom opens envelopes and separates the checks from remittance advices. The same person forwards the checks to Employee B. Employee B makes a daily bank deposit, but does not have access to accounting records. The accompanying remittance advices are forwarded from the mailroom (by Employee A) to the accountant for entry into the books. Where are the weaknesses in internal control? What are possible ramifications to the gaps? What are the remedies to these weaknesses?