Accounting Discussions

Discussion-(BTN 2-4)

BTN 2-4 (Chapter 2)

Lila Corentine is an aspiring entrepreneur and your friend. She is having difficulty understanding the purposes of financial statements and how they fit together across time.

Required

· Write a one-page memorandum to Corentine explaining the purposes of the four financial statements and how they are linked across time.

Basic Requirements

Create your initial posts and classmate replies in MS Word and then copy and paste into the discussion board threads.   Do not attach word documents. Use your book and Internet as sources.  APA style not required.

Substantive Response and Replies

A substantive response will reflect critical thinking, offer sources in support of your position, and add value to the response and classmate replies.

Grading Rubric (20 points for each BTN)

15 points for a substantive response by Sunday of the due date (between 125-150 words minimum)

5 points for two classmate replies by the following Sunday  (50 words minimum )-late replies not accepted

Discussion-(BTN 4-4)

BTN 4-4  (Chapter 4)

You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Vic Velakturi, recently reviewed the annual financial statements you prepared and sent you an e-mail stating that he thinks you overstated net income. He explains that although he has invested a great deal in security, he is sure shoplifting and other forms of inventory shrinkage have occurred, but he does not see any deduction for shrinkage on the income statement. The store uses a perpetual inventory system.

Required

· Prepare a brief memorandum that responds to the owner's concerns.

Basic Requirements

Create your initial posts and classmate replies in MS Word and then copy and paste into the discussion board threads.  Do not attach word documents. Use your book and Internet as sources.  APA style not required.

Substantive Response and Replies

A substantive response will reflect critical thinking, offer sources in support of your position, and add value to the response and classmate replies.

Grading Rubric (20 points for each BTN)

15 points for a substantive response by Sunday of the due date (between 125-150 words minimum)

5 points for two classmate replies by the following Sunday (50 words minimum)-late replies not accepted

Discussion-(BTN 6-3)

BTN 6-3 (Chapter 6)

Harriet Knox, Ralph Patton, and Marcia Diamond work for a family physician, Dr. Gwen Conrad, who is in private practice. Dr. Conrad is knowledgeable about office management practices and has segregated the cash receipt duties as follows. Knox opens the mail and prepares a triplicate list of money received. She sends one copy of the list to Patton, the cashier, who deposits the receipts daily in the bank. Diamond, the recordkeeper, receives a copy of the list and posts payments to patients' accounts. About once a month the office clerks have an expensive lunch they pay for as follows. First, Patton endorses a patient's check in Dr. Conrad's name and cashes it at the bank. Knox then destroys the remittance advice accompanying the check. Finally, Diamond posts payment to the customer's account as a miscellaneous credit. The three justify their actions by their relatively low pay and knowledge that Dr. Conrad will likely never miss the money.

Required

· Who is the best person in Dr. Conrad's office to reconcile the bank statement?

· Would a bank reconciliation uncover this office fraud?

· What are some procedures to detect this type of fraud?

· Suggest additional internal controls that Dr. Conrad could implement.

  Basic Requirements

Create your initial posts and classmate replies in MS Word and then copy and paste into the discussion board threads.  Do not attach word documents. Use your book and Internet as sources.  APA style not required.

Substantive Response and Replies

A substantive response will reflect critical thinking, offer sources in support of your position, and add value to the response and classmate replies.

Grading Rubric (20 points for each BTN)

15 points for a substantive response by Sunday of the due date (between 125-150 words minimum)

5 points for two classmate replies by the following Sunday (50 words minimum)-late replies not accepted

Discussion-(BTN 7-3)

BTN 7-3  (Chapter 7) Anton Blair is the manager of a medium-size company. A few years ago, Blair persuaded the owner to base a part of his compensation on the net income the company earns each year. Each December he estimates year-end financial figures in anticipation of the bonus he will receive. If the bonus is not as high as he would like, he offers several recommendations to the accountant for year-end adjustments. One of his favorite recommendations is for the controller to reduce the estimate of doubtful accounts.

Required

· What effect does lowering the estimate for doubtful accounts have on the income statement and balance sheet?

· Do you believe Blair's recommendation to adjust the allowance for doubtful accounts is within his right as manager, or do you believe this action is an ethics violation? Justify your response.

· What type of internal control(s) might be useful for this company in overseeing the manager's recommendations for accounting changes?

Basic Requirements

Create your initial posts and classmate replies in MS Word and then copy and paste into the discussion board threads.  Do not attach word documents. Use your book and Internet as sources.  APA style not required.

Substantive Response and Replies

A substantive response will reflect critical thinking, offer sources in support of your position, and add value to the response and classmate replies.

Grading Rubric (20 points for each BTN)

15 points for a substantive response by Sunday of the due date (between 125-150 words minimum)

5 points for two classmate replies by the following Sunday (50 words minimum)-late replies not accepted

Discussion-(BTN 10-4)

BTN 10-4 (Chapter 10)

 Your business associate mentions that she is considering investing in corporate bonds currently selling at a premium. She says that since the bonds are selling at a premium, they are highly valued and her investment will yield more than the going rate of return for the risk involved.

Required

· Reply with a memorandum to confirm or correct your associate's interpretation of premium bonds.]

Basic Requirements

Create your initial posts and classmate replies in MS Word and then copy and paste into the discussion board threads.  Do not attach word documents. Use your book and Internet as sources.  APA style not required.

Substantive Response and Replies

A substantive response will reflect critical thinking, offer sources in support of your position, and add value to the response and classmate replies.

Grading Rubric (20 points for each BTN)

15 points for a substantive response by Sunday of the due date (between 125-150 words minimum)

5 points for two classmate replies by the following Sunday (50 words minimum)-late replies not accepted