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devry acc304 week 5 and week 6 discussions




Question;Time Value of Money Concepts (graded)You might think of the "time value of money" to be a topic for Finance class, but accountants need an understanding of this topic as well. Let's discuss where/why an accountant may need to use these skills/calculations.Receivables (graded)When a business extends credit to its customers, we call this Accounts Receivable. Often a business will grant its customers a discount. What are the two types of discounts, and how does the journal entry to record the sale change when there is a discount granted?week 6Inventory Classification and Systems (graded)Merchandise Inventory is assets held for sale in the ordinary course of business of wholesale and retail companies. Manufacturing inventories are raw materials or WIP that will be used or consumed in the production of finished goods to be sold. Review the Annual Report that you chose for the Week 3 Discussion topic #1 and based on what you've read in the text and in the Becker materials, explain how inventory is presented on the balance sheet and what further information you found in the footnote disclosures about the inventory method and "Impairment of Inventory", if any.This section lists options that can be used to view responses.Inventoriable Costs/Cost-Flow Assumptions (graded)We read about the Perpetual and the Periodic Inventory System. Regardless of which system is used, under both, we need to assign dollar amounts to the Ending Inventory and Cost of Goods Sold so that we can trace how costs flow through the system. Start by identifying what is included in inventory and then discuss how each item might be treated differently in the Perpetual vs. the Periodic Inventory System.


Paper#40377 | Written in 18-Jul-2015

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