ACC 400 Week 2 DQs

This pack of ACC 400 Week 2 Discussion Questions shows the solutions to the following points:

1. Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these liabilities?2. What are the types of equity accounts? What is the role of equity accounts in raising capital? Under what circumstances would you not pay a dividend? Under what circumstances would you pay a dividend?3. Identify and discuss the major characteristics of a corporation, including the advantages and disadvantages of being a corporation.