Module Discussions Week 1 to Week 8 (Principles of Accounting I ACC-201-OL03) Saintleo University
Principles of Accounting I ACC-201-OL03
Module 1 Discussion 1
Answer one of the following questions in the discussion forum:
1. Explain the importance of accounting. Provide current and past examples in the news supporting the facts.
2. Explain why ethics are crucial in accounting. Provide examples in the news, positive and negative.
3. Explain double-entry accounting. Provide an example of recording a transaction and explain why two entries are necessary.
***Required: APA cited references - Your grade will automatically be reduced if citations are not cited in APA format, and at least 1 source is used in your answer to the question. Initial responses should be around 200 words, and replies should be between 125 words.
Module 1 Discussion 2
Define the time period concept, revenue recognition, and matching principles. Provide a real-world example of each.
***Required: APA cited references - Your grade will automatically be reduced if citations are not cited in APA format, and at least 1 source is used in your answer to the question. Initial responses should be about 200 words, and and replies should be about 125 words.
Module 1 Discussion 3
Please chose from one of the following questions:
Does an item's cost flow have to match its physical flow? What costs are included/excluded from inventory?
What are the differences between FIFO, LIFO, average cost, and specific identification? How do you know which to choose? Can you mix and match or change whenever you want?
Module 1 Discussion 4
Review the sections on international accounting (IFRS) in each of Chapters 1, 2, 3, 4, 5, 6, and 8. Discuss the major similarities and differences between U.S. GAAP and IFRS. Which of the differences do you find most interesting? If there is a convergence between U.S. GAAP and IFRS, would you choose the U.S. GAAP or IFRS method? Why?
Module 1 Discussion 5
Summarize the events of a recent accounting scandal. Identify how the illegal/unethical act was detected and the punishments that resulted (fines, prison terms, etc.). Next, consider what could have been done to detect this act earlier and what could have been done to prevent this from happening in the first place. Be sure to consider the core value(s) of responsible stewardship and/or integrity in your response.
Module 1 Discussion 6
Chose one question below to answer:
1. Explain how to account for liabilities, including contingent liabilities. Provide and example of each.
2. Explain and prepare example entries to account for accounts payable, short-term notes payable, and taxes payable.
Module 1 Discussion 7
Chose one discussion question:
1. Explain and measure the cost of plant assets and investments. Provide three examples.
2. Explain how to compute and record depreciation using the various methods. Provide three examples.
3. Explain how to account for natural resources and intangible assets, including depletion and amortization. Provide three examples.
Module 1 Discussion 8
Review the sections on international accounting (IFRS) in each of Chapters 7, 9, 10, 11, and 12. Discuss the major similarities and differences between U.S. GAAP and IFRS. Which of the differences do you find most interesting? If there is a convergence between U.S. GAAP and IFRS, would you choose the U.S. GAAP or IFRS method? Has your opinion changed since your discussion in Module 4? Why?
