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Week Four Guidance ACC 201 - Principles of Financial Accounting Hi Class! Welcome to Week 4 of Principles of Financial Accounting.
Week Four Guidance ACC 201 – Principles of Financial Accounting Hi Class! Welcome to Week 4 of Principles of Financial Accounting. Each week, my instructor guidance will expand upon the week’s readings, clarify the week’s assignments, and hopefully help you better understand the course material.If you have any questions that are not answered in my guidance or in the announcement section of the course, please post your question in the Ask Your Instructor Forum or send me an email at ord.edu.Introductory VideoChapter 7 introduces the accounting for both current and long-term. Throughout this chapter, the focus is on how liabilities and interest expense affect the financial statements. The current liabilities covered in this chapter include notes payable, sales tax liabilities, warranty liabilities, and contingent liabilities. The longer-term debt financing covered in this chapter include installment notes, lines of credit, and bonds payable.Chapter 7 VideoNotes Payable Chapter 8 describes the three primary forms of business organizations (sole proprietorship, partnership, and corporation), along with advantages and disadvantages of each. Proprietorship: A proprietorship is a business owned by one person. A proprietorship is easy to control and manage. A proprietorship is easy to form.Tax advantages.Usually no legal ownership agreement is required.Personal liability of the owners is a disadvantage. Partnership:A partnership is two or more individuals sharing ownership of the business. More owners so broader skills and resources.A partnership is easy to form.Tax advantages.Personal liability of the owners is a disadvantage.Corporation:A corporation is a business organization separate from the owner. The paperwork to start a corporation is complex.Owners are shareholders. Easy to transfer ownershipEasy to raise funds.Limited liability of the owners is an advantage.Tax disadvantages.Chapter 8 VideoCorporations Ethics: What Is It? The word "ethics" is derived from the Greek word ethos (character), and from the Latin word mores(customs).Ethics ExerciseAn Ashford University student travel to Ashford University for your graduation ceremony. The student checks into their hotel after a very long flight. The student had such a long day and is dying of thirst, so the student drinks a $5 bottle of water from the mini bar. Later that evening the student is walking around town and goes into a grocery store. The student sees the very same bottle of water for $2.00. The student buy’s the bottle of water and replaces it in the mini bar before the hotel charges the $5.Was this proper? After all no one will ever know.Know let me substitute the bottle of water for $300 from a company’s petty cash account. Does this change your answer? Week Four ObjectivesSummarize the unethical accounting procedures found in the Enron case. Determine the advantages and disadvantages of organizational forms as internal controls.Week Four Assignment Overview:Readings: Read Chapters 7 and 8 in your text. As you read the chapters please make sure to review the “Check Yourself” exercises throughout the chapter and the “Self-Study Review Problems” at the end of the chapter. This is usually the best way to learn accounting.Discussion Forums: Participate in the following Discussion Forums:Discussion 1 - Read ATC 7-5 in Chapter 7. This situation is very similar to what a company called Enron did several years ago. Use the internet or the university library to research exactly what Enron did in their accounting procedures and what eventually happened to the company. Post your findings and understanding of Enron’s story by the end of Day 3. Respond to two other classmates by the end of Day 7.Written Assignment: Complete Chapter 7 Problems: (Problems: 7-26, 7-27 & 7-28) and submit to your instructor. Due by Day 4.Complete Chapter 8 Problems: (Problems: 8-18 & 8-23) and submit to your instructor. Due by Day 5.Memo to Baku and Hanson - ATC 8-4 - Write a memo describing the advantages and disadvantages of organizational forms. Submit to your instructor. Due by Day 7.Overview of Week Four Deliverables: Assignment Due Point Value Discussion 1 – Enron Day 3 5Chapter 7 Problems Day 4 5Chapter 8 Problems Day 5 5Memo to Baku and Hanson Day 7 5ReferencesEdmonds, T., Olds, P., McNair, F., & Tsay, B. (2012). Survey of Accounting (3rd ed.). New York, NY: McGraw-Hill Irwin.