devry acct504 week 1 and 2 discussions

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 – Discussion

Details 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:
1. Balance
Sheet [We will begin with this statement]
2. Income
Statement [We will begin this discussion on Wednesday morning]
3. Statement
of Retained Earnings [We will begin this discussion on Thursday night]
4. Statement
of Cash Flows [We will begin this discussion on Friday night]
5. 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 2Week 2: The Accounting
Information System and Accrual Accounting Concepts – Discussion

Accounting 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 – Discussion

Accrual 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?