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Acc 304 Discussion Questions Week 1-11

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ACC 304 Discussion Questions Week 1-11

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ACC 304 Week 1-11 Discussion Question Solutions

Week 1 DQ 1
"Convergence"
Please respond to the following:
• From the e-Activity, provide an analysis of the current status of the convergence of GAAP and IFR.
• Based on your analysis, what area do you believe is the most challenging to converge and why?
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 1 DQ 2
"Accountable Events"
Please respond to the following:
• The Internal Revenue Code allows some accountable events to be considered differently for income tax reporting purposes and financial accounting purposes, while other accountable events must be reported the same. Identify an event related to inventories that is treated different for income tax purposes and financial accounting purposes. • Discuss why it might be desirable to report this event differently for financial accounting purposes. Do you agree with the difference in treatment? Support your position.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 2 DQ 1
"LIFO Accounting"
Please respond to the following:
• From the e-Activity, discuss whether or not you agree or disagree with the disallowance of LIFO for valuing inventory. • Determine how the disallowance of LIFO will impact U.S. multinational firms that report under IFRS.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 2 DQ 2
"Retail Valuation of Inventory"
Please respond to the following:
• High-volume retailers generally use the retail method for valuing inventories instead of the various cost methods. Identify and evaluate the conditions that may distort the results under the retail method.
• Compare the advantages of using the retail method with those of using the cost methods of inventory pricing.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 3 DQ 1
"Rental Income"
Please respond to the following:
• From the video, explain to a client how he / she would determine the rental income need for a desired return on his /her investment.
• From the second e-Activity in which you researched furnished rental properties, evaluate how the New York rent scenario presented compares to the average rent-to-value ratio of an average furnished apartment in your area. State your area and cite your source for rent averages in your area.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 3 DQ 2
"Nonmonetary Exchanges"
Please respond to the following:
• Examine how the purchases and sales of inventory with the same counterparty are similar to the accounting for other nonmonetary exchanges.
• From the third e-Activity, compare the reporting of nonmonetary exchanges of property plant and equipment under GAAP with IFRS. Identify any problems that may result upon convergence with the treatment.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 4 DQ 1
"MF Global"
Please respond to the following:
• From the first e-Activity, analyze and explain the weaknesses within MF Global and how it led to this crisis.
• Make a recommendation as to how organizational failures may be minimized in the future.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 4 DQ 2
"Asset Impairment"
Please respond to the following:
• From the second e-Activity, Identify and discuss some of the conditions that may lead to an impairment of long-lived assets. How could these conditions relate to the impairment of Marriott’s time-shares? Explain your response.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 5 DQ 1
"AICPA"
Please respond to the following:
• From the e-Activity, assume that you are a practicing CPA working in a public accounting firm. Discuss how a membership to the AICPA would help you professionally.
• Identify other professional accounting organizations and explain how each may help you professionally.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 5 DQ 2
"Accounting Careers"
Please respond to the following:
• Identify at least two different accounting careers that you would like to pursue. What excites you about these careers?
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 6 DQ 1
"PCAOB"
Please respond to the following:
• From the e-Activity, identify and evaluate the issues related to the internally created software for HouseRaising. Discuss the potential problems related to the capitalization of internally created software and the requirements for capitalization under GAAP. • Identify and evaluate the issues related to goodwill for UpSNAP. Discuss these issues in the context of recent FASB guidelines on goodwill impairment. • Discuss the actions you would employ as a CPA to prevent a disciplinary action by the PCAOB in this situation.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 6 DQ 2
"Research and Development Costs"
Please respond to the following:
• Evaluate the practical and conceptual reasons for the reporting requirements of research and development costs required by GAAP. Do you agree with the reporting requirements? Explain your response.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 7 DQ 1
"Signs of Illegal Activity"
Please respond to the following:
• From the first e-Activity, explain how you, as a financial advisor, could mitigate the risk of being held responsible for a client who is laundering money.
• Assume that you are a CPA working in a public accounting firm and discover that your client is involved with money laundering and other fraudulent activities. What would you do?
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 7 DQ 2
"Overstock.com"
Please respond to the following:
• From the second and third e-Activity, evaluate and discuss how the under billings should have been accounted for in the original financial statements. • Should the under billings be treated as gain contingencies? Explain your position.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 8 DQ 1
"Information Revealed in the 10-Q"
Please respond to the following:
• From the e-Activity, evaluate the “Off the Balance Sheet Arrangements” reflected in the 10-Qs of Freddie Mae and Freddie Mac. Explain how these red flags were ignored by the SEC and its public accounting firm.
• Describe the accounting rules and regulations you would introduce to ensure that these types of accounting irregularities do not occur in the future
• Analyze how Variable Interest Entities (VIEs) can result in understatement of liabilities.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 8 DQ 2
"Extinguishment of Debt"
Please respond to the following:
• Gains or losses from the early extinguishment of debt can be accounted for in three ways: (1) amortized over remaining life of the debt; (2) amortized over the life of the new debt; or (3) recognized in the period of the adjustment. Develop supporting arguments for or against each of the three theoretical methods of accounting for the gains or losses from the early extinguishment of debt.
• Which method is generally accepted? Why do you think this method is generally accepted? Explain your position.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 9 DQ 1
"Groupon"
Please respond to the following:
• From the e-Activity, explain the questionable accounting issue at Groupon and how would it affect the company's financial statements.
• Assume that you are a CPA working for the public accounting firm that audits Groupon and discover the questionable accounting activity. What would you do? Why?
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 9 DQ 2
"Stock Dividends"
Please respond to the following:
• A company is considering issuing a 10% stock dividend to common stockholders. What are the accounting implications of the stock dividend? • Should the stock dividend be issued to all stockholders of record or to stockholders of record excluding shares held as treasury stock? Why or why not?
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 10 DQ 1
"XBRL Corporation"
Please respond to the following:
• From the first and second e-Activities, discuss how you believe XBRL will impact the financial reporting of public and private U.S. corporations.
• Do you support the use of XBRL? Why or Why not?
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 10 DQ 2
"Stock Warrants"
Please respond to the following:
• From the third and fourth e-Activities, discuss the significance of the price at which stock warrants are issued in relation to the market price.
• Analyze and evaluate the impact that financial instruments known as stock appreciation rights (SARs) have on earnings per share (EPS). Do not use calculations.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 11 DQ 1
"The GAO"
Please respond to the following:
• From the e-Activity, provide an analysis and explanation of the role of the GAO.
• Evaluate at least one recommendation made by GAO on the Troubled Asset Relief Program (TARP). Will this recommendation improve the way TARP funds are administered? Support your position.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Week 11 DQ 2
"Course Wrap-Up" Please respond to the following:
• Analyze how the concepts of this course can be applied to your current or future work position.
• Explain the most valuable concept learned in this course and why you found it valuable.
Please make sure you post an Initial Post and at least one Reply Post in this Thread All posts should be substantive and add value to the discussion. Please make sure your posts are grammatically correct and do not have any spelling errors. Each post should have original content and you must cite any sources that you quote or paraphrase. For additional guidance, please refer to the Threaded Discussion Announcement posted in the course.

Acc 304 week 1 Discussion Question Acc 304 week 2 Discussion Question Acc 304 week 3 Discussion Question Acc 304 week 4 Discussion Question Acc 304 week 5 Discussion Question Acc 304 week 6 Discussion Question Acc 304 week 7 Discussion Question Acc 304 week 8 Discussion Question Acc 304 week 9 Discussion Question Acc 304 week 10 Discussion Question Acc 304 week 11 Discussion Question

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Acc 375 Week 1 Discussion Question 1

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