# Acc-240-fundamentals of accounting | Accounting homework help

MODULE 1

DQ1

Assessment Description

Accounting is often referred to as the language of business. Explain in your own words what this expression means. Also, considering this definition of accounting, discuss how the knowledge of accounting will enhance your own career. Please give examples. Participate in follow-up discussion by adding additional information in support of or in disagreement with fellow students’ reasonings. Remember to use a professional tone.

DQ2

Assessment Description

In biblical times, livestock was the indicator of wealth and, in essence, was the currency that was traded. Therefore, Proverbs 27 warns that it is important to know the condition of your flock and to give careful attention to your herds because riches do not endure forever. Relate this concept to the importance of the financial statements in today’s business environment. Briefly describe each financial statement and examine how each helps a business to “know the condition of its flock.” Participate in follow-up discussion by comparing your interpretation of this verse to that of a classmate.

RESOURCES

Review “Beginners’ Guide to Financial Statement,” by the U.S. Securities and Exchange Commission (SEC, 2007), located on the SEC website. https://www.sec.gov/reportspubs/investor-publications/investorpubsbegfinstmtguidehtm.html

View “McGraw Hill SmartBook Orientation,” by Jacobson (2022), located on the YouTube website, for an introduction to using SmartBooks in this course.   https://www.youtube.com/watch?v=XH0dsUJFtOc

MODULE 2

DQ1

Assessment Description

Ratios are simply the relationship of one number to another. We are looking at many ratios in this topic that give us an idea of how profitable, liquid or solvent, a company is. A ratio by itself tells only part of a story. It is important to see a trend as well. Pick two ratios that were discussed this week and explain what they tell us about the company. Additionally, discuss what a trend of these ratios will tell that a single ratio cannot. Participate in follow-up discussion by discussing your ratios in comparison to those of a classmate..

DQ2

Assessment Description

Define liquidity in your own words and discuss how you would evaluate the liquidity of a company. In your opinion, is it possible for a company to be too liquid? Give reasons for your rationale. Participate in follow-up discussion by adding additional information in support of or in disagreement with fellow classmates’ reasonings. Remember to use a professional tone.

MODULE 3

DQ1

Assessment Description

Debt tends to have a bad reputation and we are advised to try to stay out of debt. Debt or financial leverage, however, can be a good thing for a business. Explain how leverage can have both positive and negative effects, and give examples as to when a company should increase debt or avoid it to finance projects. Use the Wall Street Journal for additional research. Participate in follow-up discussion by adding additional elements or additional rationale to those of a classmate.

DQ2

Assessment Description

Briefly describe the four categories of financial ratios (liquidity, activity, profitability, and financial leverage). From an investor’s standpoint, which of these categories might be the most helpful? Explain your reasoning. Participate in follow-up discussion by critiquing your classmates’ posts and/or defending their challenges to your post.

MODULE 4

DQ1

Assessment Description

Explain the difference between fixed and variable costs, and give two examples of each. Can a company budget for variable costs? Explain using your understanding of the behavior and variable classification of costs. Participate in follow-up discussion by adding additional examples or reasoning to those of a classmate.

DQ2

Assessment Description

Explain the basic components of cost-volume-profit (CVP) analysis. Why is it important to determine a company’s break-even point? Participate in follow-up discussion by adding additional elements or additional rationale to those of a classmate.

MODULE 5

DQ1

Assessment Description

Explain the differences between direct and indirect costs, and give two examples of each while also explaining how they relate to the product/activity. Participate in follow-up discussion by adding additional elements or an additional explanation to those of a classmate.

DQ2

Assessment Description

Explain the difference between product and period costs. Why is it important to distinguish between them? Participate in follow-up discussion by providing examples of costs that fall under each and rationale behind distinguishing to those of a classmate.

MODULE 6

DQ1

Assessment Description

In your own words, explain what a budget is and why it is important for a business to have a budget. Participate in follow-up discussion by adding additional elements or additional rationale to those of a classmate.

DQ2

Assessment Description

Budgets are developed months before the end of the current year and are best guess estimates of future performance. What do you think might be some pitfalls of budgeting, and how can they be avoided? In your response, consider also discussing the various time frames for budgets. Participate in follow-up discussion by adding additional elements or additional rationale to those of a classmate.

MODULE 7

DQ1

Assessment Description

Incremental analysis is used to help companies make decisions involving a choice that offers alternative courses of action. People use incremental analysis in their own personal decision making as well. Provide a hypothetical example from your personal life for how you might use incremental analysis in making a decision. Participate in follow-up discussion by adding additional elements or additional rationale to those of a classmate.

DQ2

Assessment Description

Making decisions often involves financial and nonfinancial factors. Provide a hypothetical example from your personal life for a situation in which you would consider both financial and nonfinancial factors. What factors would be considered? Participate in follow-up discussion by adding additional elements or additional rationale to those of a classmate.

RESOURCES

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