External users of financial statements use the information to make key business decisions. Some common users include banks, investors, suppliers, and customers.
DQ1 External users of financial statements use the information to make key business decisions. Some common users include banks, investors, suppliers, and customers. Briefly describe one reason why one of these stakeholders would evaluate the financial information and provide at least one example to illustrate your ideas. Participate in follow-up discussion by providing additional reasons and examples that have not already been listed related to the stakeholders’ evaluation of financial statements.
DQ2 Internal users of financial statements use the information to make key business decisions. Some common users include managers, employees, internal accountants, and executives. Briefly describe one reason why one of these stakeholders would evaluate the financial information and provide at least one example to illustrate your ideas. Participate in follow-up discussion by providing additional reasons and examples that have not already been listed related to the stakeholders’’ evaluation of financial statements.
ACC502 Accounting Practices
Week 2 Discussion
DQ1 Internal users of financial statements use the information to make key business decisions. Some common users include managers, employees, internal accountants, and executives. Briefly describe one reason why one of these stakeholders would evaluate the financial information and provide at least one example to illustrate your ideas. Participate in follow-up discussion by providing additional reasons and examples that have not already been listed related to the stakeholders’’ evaluation of financial statements.
DQ2 As mentioned in Chapter 3 of the textbook, International Financial Reporting Standards (IFRS) are generally utilized by non-U.S.-based companies. Both IFRS and GAAP standards follow core principles, such as asset valuation, revenue recognition, and the matching principle. However, the standards may approach financial reporting differently. Review the “Why Global Accounting Standards?” page of the International Financial Reporting Standards (IFRS) Foundation website at https://www.ifrs.org/use-around-the-world/why-global-accounting-standards and select an item to summarize. As part of your post, provide an opinion on whether U.S. companies should converge to the global standards. Participate in follow-up discussion by trying to professionally persuade classmates who have a different opinion on convergence and why your logic is more appropriate for businesses.
ACC502 Accounting Practices
Week 3 Discussion
Using the first letter of your last name, answer the question below for which the letter of your name falls in the range. Use your own words to summarize the information from the textbook. Provide proper citations for sources used, including the textbook.
A – M: Calculate the accounts receivable turnover and the average collection period ratio for The Coca-Cola Company for the most current year presented. Explain what the results indicate about the company. Summarize how well Coca-Cola is collecting on its receivables based upon the type(s) of products it sells and the industry in which it competes. Justify your speculation by using supporting facts from the income statement, balance sheet, or other resources.
N – Z: Calculate the accounts receivable turnover and the average collection period ratios for PepsiCo for the most current year presented. Explain what the results indicate about the company. Summarize how well PepsiCo is collecting on its receivables based upon the type(s) of products it sells and the industry in which it competes. Justify your speculation by using supporting facts from the income statement, balance sheet, or other resources
Participate in follow-up discussion by comparing the ratios for both companies and explaining what they mean in relation to each other. Also, discuss what specific actions each company should take to improve its ratios. Consider if there are any other ratios that can be looked at to analyze accounts receivable.
DQ2 Respond to Question 5 from Chapter 8 of the textbook: Consider the following statement: “The fewer the uncollectible accounts, the better.” Can you think of instances where this might not be the case? Support your points with an example of why fewer uncollectible accounts may not be better for business. Participate in follow-up discussion by reviewing the fact patterns described by classmates and change them to try to prove the point that fewer uncollectible accounts are not better.
ACC502 Accounting Practices
Week 4 Discussion
DQ1 As indicated in the reading, U.S. GAAP requires the use of historical cost for valuing most assets while IFRS permits the use of fair value. Using the first letter of your last name, answer the question below for which the letter of your name falls in the range. Use your own words to summarize the information from the textbook. Provide proper citations for resources used, including the textbook.
A – M: Assume you are in support of the historical cost basis as required by GAAP. Discuss why you think the historical cost approach best values the long-term assets on the balance sheet. In addition, provide an example to support your position.
N – Z: Assume you are in support of the fair value basis as recommended by IFRS. Discuss why you think the fair value approach best values the long-term assets on the balance sheet. In addition, provide an example to support your position.
Participate in follow-up discussion by responding to classmates who posted about the opposite approach and professionally debate why the approach you reported on is the better method for valuing the long-term assets on the balance sheet.
DQ2 Refer to Question 10 in Chapter 17 of the textbook: How is the use of the equity method subject to manipulation? How might a financial statement reader detect such behavior? In addition, provide an example to prove how the equity method may result in manipulation of the financial results.
Participate in follow-up discussion by providing recommendations to classmates’ fact patterns on how a company could implement procedures to prevent manipulation of the use of the equity method.
ACC502 Accounting Practices
Week 5 Discussion
DQ1 The ability for a company to meet its liability obligations is important when assessing financial stability. Consider what high liability balances might indicate about a company and explain the pros and cons of this type of balance. Provide real-world examples to illustrate your ideas. Participate in follow-up discussion by discussing whether you agree or disagree with the assessment provided and offer additional examples to justify your position.
DQ2 The principles regarding leases were recently updated by FASB, as discussed in the textbook. Explain two main differences between capital and operating leases.
Select a publicly traded company and access its most recent financial statements, form 10-K. Include the name of the company in your subject line, and do not choose a company about which one of your classmates has already posted. Navigate to the notes to the financial statements and locate the company’s note on lease disclosures. Identify the types of leases the company has and explain how you can tell which types of leases are used. Participate in follow-up discussions by comparing the lease reporting of your company to that of a classmate’s company and comment on any similarities or differences between the companies.
ACC502 Accounting Practices
Week 6 Discussion
DQ1 The stockholders’ equity section of the balance sheet typically includes the line items of retained earnings, common stock, treasury stock, and other comprehensive income. Select two of these line items and explain what their balances might indicate about how the company is utilizing the investment by its stockholders. In your response, address whether you would want to purchase stock in the company based on your analysis. Participate in follow-up discussion by reviewing the information provided by classmates and providing your opinion as to whether you would purchase the company’s stock. In your response, compare your opinions and note any significant similarities or differences.
DQ2 Companies may issue common or preferred stock to generate cash flow. However, sometimes companies will buy back stock that was issued to shareholders. Discuss at least one reason why a company would buy back its own stock and provide an example to support your points. In addition, discuss any potential negative effects of the stock repurchase. Participate in follow-up discussion by changing the fact patterns provided by classmates to show when/why a company may want to reissue its treasury stock. Provide an example to support your points.
ACC502 Accounting Practices
Week 7 Discussion
DQ1 Select a publicly traded company and access its most recent financial statements, form 10-K. Include the name of the company in your subject line, and do not choose a company about which one of your classmates has already posted. Navigate to the notes to the financial statements and locate the company’s note on their statement of cash flows that was prepared using an indirect method. Discuss an item that was included when calculating net income but is adjusted as an increase or decrease to determine cash provided by (used in/by) operating activities. Specifically an asset, liability, gain, or loss. Include a summary of how that item impacted net income (or net loss) and why an adjustment might be necessary to reconcile net income to net cash flows from operations. Use an item not already used in a classmate’s post, if possible. In your post, include a screenshot of the statement of cash flows you are analyzing. Participate in follow-up discussion by providing additional explanations on line items identified by your classmates.
DQ2 Many small business owners focus on the cash balance in their bank accounts and may not use the statement of cash flows to analyze how their businesses are generating or using cash. Discuss what one piece of information is found on the statement of cash flows that is just as important as the bank balance (or more so) for the purpose of understanding the financial position of a company. Participate in follow-up discussion by adding additional detail or asking additional questions to the posts of a classmate regarding the differences and similarities between the statement of cash flows and the income statement information.
ACC502 Accounting Practices
Week 8 Discussion
DQ1 In the textbook there are 21 questions provided regarding items to consider when conducting an industry analysis. Review the questions listed on pages 116 and 117. Choose three that you think are the most important of all questions provided. Discuss why those three items are important when conducting an industry analysis. Participate in follow-up discussion by reviewing classmates’ posts and discussing whether the cost leadership or differentiation competitive strategy would be the most effective approach based on the three items provided.
DQ2 Refer to Problem 6.1 in the textbook: Exhibit 6.3 shows common-size balance sheet and income statements for 12 companies, described on page 141 & 143. Your job is to match each company with its financial statements. Using the first letter of your last name, answer the question below for which the letter of your name falls in the range.
A – F: Using numbers 1, 2 and 3 on Exhibit 6.3 match the companies to the respective number.
G– L: Using numbers 4, 5 and 6 on Exhibit 6.3 match the companies to the respective number.
M – R: Using numbers 7, 8 and 9 on Exhibit 6.3 match the companies to the respective number.
S – Z: Using numbers 10, 11 and 12 on Exhibit 6.3 match the companies to the respective number.
Participate in follow-up discussion by reviewing classmates’ posts who used the same numbers as you and provide details supporting why their companies chosen are incorrect. Remember to use a professional tone. Try to locate a classmates’ post with different results than what you determined to be correct.
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