Lackawanna ACC105 2021 September Discussions Latest (Full)

ACC105 Principles of Accounting 1

Module 1 Discussion

DQ1 International Financial Reporting Standards

International Financial Reporting Standards

(IFRS)             

WGEED IFRS are considered to be more “principles-based” than U.S. GAAP, «which is considered to be more “rules-based.” For example, U.S. GAAP consists of approximately 17,000 pages, which include numerous industry-specific accounting rules. In contrast, IFRS allow more judgment in deciding how business transactions are recorded. Many believe that the strong regulatory and litigation environment in the United States is the cause for the more rules-based GAAP approach. Regardless, IFRS and GAAP share many common principles.

Questions:

Think about if the entire world used the same accounting systems as opposed to the US using GAAP and the EU using the IFRS.

What are the advantages of this?

What are the disadvantages of this?

Should there be more than one accounting system? Why or why not?

DQ2 In business, there are many laws that are required of companies. These laws while there to protect the consumer are not always the in the best interest of the company’s bottom line. In some cases, many cases, the CEOs and other higher up executives find ways around these laws (some illegal and some legal) to benefit not the company, but themselves. This project is going to give you an in depth look at one of these such businesses where a member of the business took it upon themselves to find ways to get money out of the business for personal use. In this course, we are going to be doing some research on these companies and sharing it with the class. This project will be broken down into weekly steps.

Step one: Choosing a Business – post it to the discussion area

Choose a business from the list. Once you have chosen your business please post the name of your business on the discussion. EVERYONE MUST DO A DIFFERENT BUSINESS. If your chosen business is taken, please choose a different one. Once you have chosen a business, please reply to your classmates about the business they have chosen. Share with them thoughts and research you have done about their businesses. Please be sure to cite your sources.

Adelphia Communications

Bristol-Meyers Squibb

CVS

Enron

Global Crossing

HealthSouth Corporation

Kmart

Martha Stewart

Merck

Pharmor

Qwest Communications International

Tyco

Wal-mart’s various law issues

Worldcom

Xerox

 

ACC105 Principles of Accounting 1

Module 2 Discussion

DQ1 Computerized Accounting Systems

Computerized accounting systems are widely used by even the smallest  companies. These systems simplify the record-keeping process in that  transactions are recorded in electronic forms. Forms used to bill customers for services provided are often completed using drop-down menus that list services that are normally provided to customers. An auto-complete entry feature may also be used to fill in customer names. For example, type “ca” to display customers with names beginning with “Ca” (Caban, Cahill, Carey, and Caswell). And, to simplify data entry, entries are automatically posted to the ledger accounts when the electronic form is completed.

One popular accounting software package used by small- to medium-sized businesses is QuickBooks’. Some examples of using QuickBooks to record accounting transactions are illustrated and discussed in Chapter 5.

Questions:

What do you see as the advantages and disadvantages of computerized accounting systems?

Discuss the experience if any that you have had with computerized accounting systems either as a customer or as an employee.

If you were to run a business (some of you already do), how would you complete the accounting for your business (paper or computer)? Why?

DQ2 Step two:  Research!

Using the internet, newspapers, magazines, and/or library, research your company.  Write 1-2 pages double spaced about the following topic regarding your chosen company. Post those here. Be sure to cite your sources using APA format!

History of the company. Please do NOT include details of the scandal in this section. You can comment on it as part of the history, but the details will come later in the project.

When replying to your classmates, please be sure to include both positive feedback and constructive criticism. We want to help each other become better writers.

 

 

ACC105 Principles of Accounting 1

Module 3 Discussion

DQ1 Integrity, Objectivity, and Ethics in Business Free Issue

Office supplies are often available to employees on a “free issue” basis. This means that employees do not have to “sign” for the release of office supplies but merely obtain the necessary supplies from a local storage area as needed. Just because supplies are easily available, however, doesn't mean they can be taken for personal use, There are any instances where employees have been terminated for taking supplies home for personal use.

Discuss this issue. What is your experience and opinion of this "free issue"?

DQ2 Step two:  Research!

     Using the internet, newspapers, magazines, and/or library, research your company.  Write 1-2 pages double spaced about the following topic regarding your chosen company. Post your work here. Be sure to cite your sources using APA format!

Details of the scandal

Who was involved

How was it committed

What exactly happened

When did it happen

Who did it affect

What laws were broken

 

ACC105 Principles of Accounting 1

Module 4 Discussion

DQ1 Integrity, Objectivity, and Ethics in Business CEO's Health?

How much and what information to disclose in financial statements and to investors presents a common ethical dilemma for managers and accountants. For example, Steve Jobs, co-founder and CEO of Apple Inc., had been diagnosed and treated for pancreatic cancer. Apple Inc. had insisted that the status of Steve Jobs's health was a “private” matter and did not have to be disclosed to investors. Apple maintained this position even though Jobs was a driving force behind Apple's innovation and financial success.However, in response to increasing investor concerns and speculation, Jobs released a letter on January 5, 2009, to investors on his health. The letter indicated that his recent weight loss was due to a hormone imbalance and not due to the recurrence of cancer. On October S, 2011, Steve Jobs died at the age of 56.

Do you think the health of a CEO or any major company employee should be public knowledge?  Why or why not?

DQ2 Step two:  Research!

 Using the internet, newspapers, magazines, and/or library, research your company.  Write 1-2 pages double spaced about the following topic regarding your chosen company. Post your work here. Be sure to cite your sources using APA format!

Where is the company now

What happened to the people involved

Is the company still in business

Are they succeeding or struggling

 

ACC105 Principles of Accounting 1

Module 5 Discussion

DQ1 Business Connection

Accounting Systems and Profit Measurement

A Greek restaurant owner in Canada had his own system of accounting. He kept a his accounts payable in a cigar box on the left-hand side of his cash register, his daily cash returns in the cash register, and his receipts for paid bills in another cigar box on the right. A truly “manual” system. When his youngest son graduated as an accountant, he was appalled by his father's primitive methods. “I don't know how you can run a business that way,” he said. “How do you know what your profits are?” “Well, son,” the father replied, “when I got off the boat from Greece, I had nothing but the pants I was wearing. Today, your brother is a doctor. You are an accountant. Your sister is a speech therapist. Your mother and I have a nice car, a city house, and a country home. We have a good business, and everything is paid for....”

“So, you add all that together, subtract the pants, and there's your profit!”

Thoughts?  Why do we have accounting systems?  Why can't we follow this gentleman's train of thought?

DQ2 Step two:  Research!

 Using the internet, newspapers, magazines, and/or library, research your company.  Write 1-2 pages double spaced about the following topic regarding your chosen company. Post your work here. Be sure to cite your sources using APA format!

What types of measures are they taking to ensure this doesn’t happen again?

NOTE: while researching keep in mind ethics and accounting (SEC, FASB, etc). Apply your research to these topics!!!

Any other topics you would like to research or things you stumble upon.

 

ACC105 Principles of Accounting 1

Module 6 Discussion

DQ1 Integrity, Objectivity, and Ethics in Business

The Case of the Fraudulent Price Tags

One of the challenges for a retailer is policing its sales return policy. There are many ways in which customers can unethically or illegally abuse such policies. In one case, a couple was accused of attaching Marshalls’ store price tags to cheaper merchandise bought or obtained elsewhere. The couple then returned the cheaper goods and received the substantially higher refund amount. Company security officials discovered the fraud and had the couple arrested after they had allegedly bilked the company for more than $1 million.

What are some ways store can protect against these situations?

If you owned a store, what are some steps you would take?

DQ2 Step three:  Presenting your information

Present the information you found about your business.  You can use PowerPoint or write a paper.

PowerPoint:  Just remember when using PowerPoint, the 6X6 rule…no more than 6 words per line, no more than 6 lines per slide.  It should be an outline, not complete sentences. Don't forget your APA citations in text and listed at the end!

Paper: Don’t forget a title page and page numbers. Your paper should be set up using APA formatting.

Once you have all of your information into one of the above formats, post it here for peer critiques!

ACC105 Principles of Accounting 1

Module 7 Discussion

DQ1 List two things you learned in this class that you didn't know before.

Do some research...find one interesting/fun fact about accounting.

List a question(s) about accounting that you have that did not get answered through the class.

DQ2 We have been studying ethics along with accounting. Look over the Sarbanes Oxley Act. Post 2-3 paragraph defense or offense of the Act.

When replying to your classmates, choose the other side.