Discussion questions<\/p>\n
Instructions: No word count limit Just be sure to answer all parts of the questions<\/p>\n
ACC-201<\/p>\n
Module 5 Discussion<\/p>\n
1. Summarize the events of a recent accounting scandal.<\/p>\n
2. Identify how the illegal\/unethical act was detected and the punishments that resulted (fines, prison terms, etc.).<\/p>\n
3. What could have been done to detect this act earlier.<\/p>\n
4. What could have been done to prevent this from happening in the first place.<\/p>\n
IMPORTANT NOTE: Be sure to consider the core value(s) of responsible stewardship and\/or integrity in your responses (particularly with item 4).<\/p>\n
Module 6 Discussion<\/p>\n
1. How is the cost of a lump-sum purchase allocated to the individual assets acquired? Provide a simple example of how the allocation would be performed if your company paid $1,000,000 cash in total for a restaurant (land, building, and equipment), and the appraised value was actually $1,200,000 for the 3 asset components $400,000, $500,000, and $300,000, respectively.<\/p>\n
2. Does the balance in the Accumulated Depreciation \u2013 Machinery account represent funds to replace the machinery when it wears out? If not, what does it represent?<\/p>\n
3. Assume you work for a company in sales and therefore are entitled to not only hourly pay, but commission and bonus as well. You work 40 hours in a payroll week. Calculate your gross pay for your company if you make $x per hour (you select your rate!), earn a 5% bonus (of gross pay), and earn 10% commission (of gross pay).<\/p>\n
4. Unfortunately, you do not get to keep all your Gross Pay. Assuming you have the following withholding deductions taken out of your pay, now calculate your Net Pay.<\/p>\n
Withholding deductions:<\/p>\n
Employee income tax (20%)<\/p>\n
Employee OASDI tax (see book for how to calculate)<\/p>\n
Employee Medicare tax (1.45%)<\/p>\n
Employee health insurance<\/p>\n
75<\/p>\n
Employee contribution to United Way<\/p>\n
20<\/p>\n
Total withholdings:<\/p>\n
Module 7 Discussion<\/p>\n
In this Module, we learn about Stockholders’ Equity (Chapter 13). This week’s discussion questions are as follows:<\/p>\n
1). Discuss the difference between authorized shares and outstanding shares.<\/p>\n
2). Are there other classifications of shares that are important to consider?<\/p>\n
3). What are treasury stocks and why do companies engage in their purchase?<\/p>\n
Module 8 Discussion<\/p>\n
1). What is the reporting purpose of the statement of cash flows? Why is this important to investors?<\/p>\n
2). Summarize the three types of cash flow activities, and describe at least 2 types of cash flows in EACH type of activity<\/p>\n
3). Is depreciation a source of cash flow? Why or why not?<\/p>\n
——-<\/p>\n
Questions for discussion<\/p>\n
There is no word count restriction. Just make sure you answer all of the questions.<\/p>\n
ACC-201<\/p>\n
Module 5 Deliberation<\/p>\n
1. Describe the events surrounding a recent accounting controversy.<\/p>\n
2. Describe how the illegal\/unethical act was discovered and the sanctions that followed (fines, prison terms, etc.).<\/p>\n
3. What could have been done earlier to notice this act?<\/p>\n
4. What could have been done in the first place to avoid this from happening?<\/p>\n
IMPORTANT NOTE: When responding, keep in mind the basic values of responsible stewardship and\/or integrity (particularly with item 4).<\/p>\n
Module 6 Deliberation<\/p>\n
1. How is the cost of a lump-sum purchase allocated among the many assets purchased? Give a brief illustration of how the allocation would be carried out if your<\/p>\n","protected":false},"excerpt":{"rendered":"
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