acc205 week 4 DQ

DQ: 01
What
is a current liability? From the perspective of a user of financial
statements, why do you believe current liabilities are separated from long-term
liabilities? Based on your current experience as well as any additional
research you may have done provide two examples of situations where businesses
collect monies from customers and employees and reports these amounts as a
current liability.DQ: 02
A client comes
to you thinking about starting a consulting business. Your client is
specifically interested in what type of entity should be created for this new
business. Based on your readings or any additional research you may have
done, discuss the advantages and disadvantages of the following: sole
proprietorship, partnership, and corporation. Based on these advantages
and disadvantages provide a clear recommendation to your client.