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Ashford University ACC 205 Week 1 DQ

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Question;Wk 1 DQ;DQ 1 Accounting and;the Business Environment;Accounting and the Business Environment. From Chapter 1, Ethical Issue 1-1;page 59. Complete all parts of the case and respond to at least two of your;classmates? postings.;Ethical Issue 1-1;The board of directors of Xiaping Trading Company is meeting to discuss the;past year's results before releasing financial statements to the bank. The;discussion includes this exchange;Wai Lee, company owner: ?This has not;been a good year! Revenue is down and expenses are way up. If we are not;careful, we will report a loss for the third year in a row. I can temporarily;transfer some land that I own into the company's name, and that will beef up;our balance sheet. Brent, can you shave $500,000 from expenses? Then we can;probably get the bank loan that we need.?;Brent Ray, company chief accountant;?Wai Lee, you are asking too much. Generally accepted accounting principles are;designed to keep this sort of thing from happening.?;Requirements;1. What is the fundamental ethical issue;in this situation?;2. How do the two suggestions of the;company owner differ?;DQ 2Recording;Business Transactions;Recording Business Transactions. Define the terms ?debit? and ?credit?. Explain;how debits and credits affect the following: assets, liabilities, owner?s;capital account, revenues and expenses. Respond to at least two of your;classmates? postings

 

Paper#41897 | Written in 18-Jul-2015

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