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Devry ACCT304 week 5 and 6 discussions




Question;Week 5;Cash (graded);Cash is listed first on;the balance sheet because it is the asset most readily available to pay off;debt or use in operations. Cash is also one of the assets that most often;grows legs" and walks away. Therefore, it is important that any;business protect its cash, it does so through Internal Control Procedures.;Please start by defining Internal Control, then discuss specific procedures;related to cash.;Q2;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 6;Inventory 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 #1and 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.;Q2;nventoriable 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.;Week 7


Paper#40593 | Written in 18-Jul-2015

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