accouting homework

please read carefuly 

Each student is required for each "Discussion" item to have one (1) original post and at least one (1) response post. The original post must be done at least one (1) day PRIOR to the "Discussion" topic end date, thereby allowing your fellow classmates ample time to respond. One (1) response post is what is required but you may post more responses.

As is delineated within the course, there are a total of twelve (12) "Discussion" items. Each student may choose to do the response post to a fellow classmates point at any time prior to the stated "Discussion" end date. The response posts must be of substance and NOT only "me too" "I agree" "I disagree."

Do not use any direct quotes and/or cut and pasted information (i.e. your discussion is to be 100% your thoughts, ideals and insights). A minimum 350 words are required (this is the minimum and totally feel free to use more words) and a minimum 350 word response to another students original post is required.
 
The evaluation matrix is based upon the word context length and not upon the paragraph appearance length. This is an absolute non-debatable requirement. To receive any credit the minimum requirement must be completed. So that there is full clarity - students not meeting the 350 word minimum requirement will earn a score of zero (0) on said assignment. 350 words minimum per post are REQUIRED.

1- i need a disscusion about this :

350 word

Assume that one of your classmates states that all accounts on a company’s books should be ongoing and therefore not closed until that business is terminated.

Write to this classmate explaining the concept of the closing process by drawing analogies between (1) a scoreboard for an athletic event and the revenue and expense accounts of a business; or (2) a sports team’s record book and the capital account; or (3) any other similarly appropriate example that you may think of. 

2- i need a responce about this 

350 word

Dear classmate,

I heard you say that the accounts on a company’s books should be ongoing and only closed when the company itself is terminated. That would work fine if it wasn’t necessary for a company to prepare financial statements, pay yearly taxes on income, or for users of financial information to make decisions based off of the financial performance of the company. However, that is not reality. All of the above things need to happen. Therefore, although it is true that certain accounts are permanent, such as asset accounts or liability accounts, it is not true for expense, revenue, and dividend accounts. The difference between these accounts is as follows. Expense, revenue, and dividend accounts are like a scoreboard at a sporting event. They tell users whether a company is operating at a loss or at a gain just like scoreboards tell you who is winning the game that is being played. Imagine if the game started off with the scores from the previous game already on the scoreboard. Keeping track of the scores of the current game becomes a lot harder. You have to know what the scores were from the previous game and then subtract in order to arrive at the score for this game. Basically, you have to work backwards which is a lot more complicated, and it is a breeding ground for error. Therefore, scoreboards at sporting events start at zero to make keeping the current game’s scores easier and more precise. The same is true for the expense, revenue, and dividend accounts. If a company’s books began the period with the balance from the previous period, it becomes a lot more difficult to determine what the revenues and expenses are for this period. You would have to know what the balance from the previous period was in order to determine the net income or loss from the current period. Errors are bound to creep up when working backwards like that, and it makes the numbers on financial statements more difficult to verify. It is important for information regarding a business’s performance for a specific period to be accurate, as it affects the decisions of users like investors and managers, and, I imagine, it is important in determining what taxes are owed for that year. On the other hand, balance sheet accounts, like asset and liability accounts, are permanent, meaning the balance accumulates from period to period. That is because these are not items that display the earning or losing potential of a company, but the company’s financial position overall. I hope this was helpful. (430)