ACC 206 Week 1 Discussion

ACC 206 Week 1 Discussion | Assignment Help | Ashford University 

Week 1 - Discussion 1

Current Liabilities

Prior to beginning work on this discussion, review the following resources. This discussion will use the audio and video features in Canvas, the tutorials below will explain how to do it.

Read

·         Chapters 11 and 12 in the textbook.

Watch these videos

·         How Do I Record Audio Using the Rich Content Editor as a Student?

·         How Do I Record a Video Using the Rich Content Editor as a Student? 

In addition, the following materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional):

·         Chapter 11 LO1 Try It 

·         Chapter 11 LO3 Try It 

Current liabilities are due within the current operating cycle, which is usually a year. Examples of current liabilities include accounts payable, sales tax payable, unearned revenues, and short term notes payable. The payroll process also creates current liabilities. A business may know that a liability exists but not know the exact amount. In these cases, the company will estimate the amount. Common examples include bonus plans, health benefits, and warranties. A contingent liability is a potential rather than an actual liability, because it depends on future events. Let’s discuss current liabilities, and let’s do it in a new way. Reply to this discussion using the Rich Content Editor audio or video features in Canvas. Watch the “How To” videos to learn the steps for recording your response. You will need a webcam for recording video. It is recommended that you research your response and write it down before you reply for a seamless recording. If, for some reason, you cannot reply using audio or video tools, you may post a written response.

Answer the following questions in your post:

·         What factors determine whether contingent liabilities must be recorded?

·         What are the current liabilities that must be estimated? Include bonus plans, vacation, health, pension plans, and warranties in your explanation.

·         What liabilities are created by the payroll process? Why is this important to know?

Guided Response: Respond to at least two of your classmates by commenting on their posts. Replies can be written or recorded. Though two replies are the basic expectation for class discussions, for deeper engagement and learning you are encouraged to provide responses to any comments or questions others have given to you. Continuing to engage with peers and the instructor will further the conversation and provide you with opportunities to demonstrate your content expertise, critical thinking, and real-world experiences with the discussion topics.