Ashford ACC305 2021 May Week 3 Discussion (dq1+dq2) Latest

ACC305 Intermediate Accounting I

Week 3 Discussion

DQ1 Other Comprehensive Income [WLOs: 5, 6, 7] [CLO: 4]

Prior to beginning work on this discussion, review the following:

Chapters 4 and 5 in the textbook

Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.

Other comprehensive income (OCI) classification assists users in understanding the magnitude of these charges and the future impact on earnings. In your post,

Explain how OCI disclosures provide information about the future impact on earnings.

Give a real-world or hypothetical example to tie this concept to business practices.

DQ2 Reversing Entries [WLOs: 2, 3, 4] [CLO: 4]

Prior to beginning work on this discussion, review the following:

Chapters 4 and 5 in the textbook

Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.

If reversing entries are used for events such as accrued payroll at year’s end, how would the company’s accounting be affected if reversing entries were not made for payroll? What are the potential consequences for the business?