SAINT LEO ACC201 ALL DISCUSSIONS

DISCUSSION 1Please respond to two of the three questions below:1. Discuss the steps in processing business transactions.2. How are assets and expenses related, and why are the debit and credit effects for assets and expenses the same?(Use the attached PPT)3.Compare and contrast the characteristics of the three main types of business entitiesDISCUSSION 2Please respond to two of the three questions below.:1. Why is the accrual basis of accounting generally preferred over the cash basis? (Please view the attached power point presentation before responding).2. How can financial information be consistent but not comparable?3. Discuss the differences between the general journal and the general ledger.DISCUSSION 3Please respond to one of the two questions below.:Describe how costs flow from inventory to cost of goods sold for the following methodsa) FIFO AND b) LIFOorWhat guidance does the accounting constraint of conservatism offers?DISCUSSION 4Please respond to one of the two questions below.:Why does the direct write-off method of accounting for bad debts usually fail to match revenues and expenses?OrWhy might a business prefer a note receivable to an account receivableDISCUSSION 5Summarize 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 values of responsible stewardship and/or integrity in your response.DISCUSSION 6Please respond to one of the two questions below.:What is the difference between a current and a long-term liability?orSuppose that a company has a facility located where disastrous weather conditions often occur. Should it report a probable loss from a future disaster as a liability on its balance sheet? Explain ?DISCUSSION 7Please respond to one of the two questions below.:What characteristics of a plant asset make it different from other assets?orDoes the balance in the Accumulated Depreciation – Machinery account represent funds to replace the machinery when it wears out? If not, what does it represent?DISCUSSION 8What is the advantage of issuing bonds instead of obtaining financing from the company’s owners?Please provide some brief feedback about the discussion board topics this term – which topics did you find useful or most interesting and why?