ACCT 2301 Financial accounting

ACCT 2301 Week 8 Discussion 1 | Assignment Help | Central Texas CollegeLesson 8 DiscussionDiscuss the twobasesthat may be used to estimate bad debts under theallowance method.The first method, percentage of sales, assumes there is a direct relationship between the amount of sales and the amount of bad debt expense shown on the income statement. The second method, percentage of receivables, assumes there is a direct relationship between the outsta

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ACCT 2301 Week 7 Discussion 1 | Assignment Help | Central Texas CollegeLesson 7 Discussion Identify the principles of internal control. Explain the applications of internal control to cash receipts and cash disbursements and describe the preparation of a bank reconciliation. All businesses establish some form of internal control system. As you do your weekly shopping, what are some of the internal controls you see in place at various business

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ACCT 2301 Week 6 Discussion 1 | Assignment Help | Central Texas CollegeChapter 6 DiscussionWhen identical units of inventory are purchased, businesses may track the exact cost flow of the units individually, or they may use a cost flow assumption.Discuss the three cost flow assumptions (FIFO, LIFO, Weighted Average). Is there any advantage to using a cost flow assumption rather than keeping up with the actual flow of inventory? Explain the

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ACCT 2301 Week 5 Discussion 1 | Assignment Help | Central Texas CollegeLesson 5 DiscussionIdentify the differences between a service enterprise and a merchandising company.Explain the recording of purchases and sales under a perpetual inventory system, and distinguish between a single-step and multiple-step income statement. Merchandising companies purchase merchandise that is in a finished goods state, ready to sell to customers. How is r

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ACCT 2301 Week 4 Discussion 1 | Assignment Help | Central Texas CollegeLesson 4 DiscussionExplain the steps in preparing a worksheet.Discuss the purpose of closing entries.After the financial statements are complete, the company will "close the books" by preparing closing entries for the "temporary" accounts. Closing entries are entered in the general journal first, and then posted to the individual accounts in the general ledger. A third trial b

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ACCT 2301 Week 3 Discussion 1 | Assignment Help | Central Texas CollegeLesson 3 DiscussionExplain the revenue recognition principle and the matching principle. Differentiate between the cash basis and the accrual basis of accounting.Explain why adjusting entries are needed and identify the major types of adjusting entries.Adjusting entries are first entered into the general journal, and then they are posted to the individual ledger accounts. A se

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ACCT 2301 Week 2 Discussion 1 | Assignment Help | Central Texas CollegeLesson 2 DiscussionDiscuss the debit/credit rules. Do not over analyze these rules. You should just memorize them. You should also be familiar with the recording process. This process requires that you first analyze each business transaction to determine which accounts are affected by the transaction. Enter each transaction in the general journal and then "post" each transacti

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ACCT 2301 Week 1 Discussion 1 | Assignment Help | Central Texas CollegeLesson 1 DiscussionMeet with your classmates and discuss the meaning of assets, liabilities, and stockholders' equity. State the accounting equation and discuss the four basic financial statements.

8 Other / Other Central Texas College / ACCT 2301 08 Aug 2020