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What are the four different adjusting entries? What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries? What are your thoughts on making adjusting entries; are they really needed or is this just extra work by accountants? Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why? What are the positives and negatives of each? Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual method?

Week 2:

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6thed:

Chapter 1:

1) Exercise E1-1

2) Exercise E1-5

3) Exercise E1-12

4) Exercise E1-13

Chapter 2:

1) Exercise E2-2

2) Exercise E2-3

Chapter 7:

Exercise E7-3

Learning Team Assignments

Resources: Internet or other resources; annual report for the company of your choice

Select a company for analysis by your team that has been (1) profitable for the last three fiscal years, (2) is not a bank/financial institution, and (3) is on a major U.S. Stock Exchange.

Attain instructor approval of the selected company.

Acquire a copy of the selected company’s most recent annual report by using the Internet or other resources.

Prepare a 1,050- to 1,400-word Executive Summary, using the information contained in the company’s balance sheet and income statement, answering the following questions, noting that annual reporting period and fiscal year mean year-end numbers

Discussion Questions:

Week 2:

What are the four different adjusting entries? What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries? What are your thoughts on making adjusting entries; are they really needed or is this just extra work by accountants?

Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why? What are the positives and negatives of each? Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual method?

When is the trial balance prepared? What is the purpose of preparing a trial balance? What does the trial balance tell you? What does the trial balance not tell you? Why not use the Trial Balance to report financial information internally and externally? What limitations does it have over formal financial statements?

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