ACC 240: Fundamentals of Accounting- Full Course Discussions: Topic 1-Topic 7

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ACC 240: Fundamentals of Accounting- Topic 1 DQ 1

Specify your major and identify your career plans. Explain how accounting might help you in your career if you are not planning to be an accountant. What information provided in financial reports would help you in your business?

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ACC 240: Fundamentals of Accounting- Topic 1 DQ 2

Accounting is often referred to as “the language of business.” Explain in your own words what that expression means.

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ACC 240: Fundamentals of Accounting- Topic 2 DQ 1

Describe the three line items of the multistep income statement. Explain why it would be important for a company to break out its income in this manner.

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ACC 240: Fundamentals of Accounting- Topic 2 DQ 2

Describe what a classified balance sheet is. Also, explain why a classified balance sheet might be more advantageous to financial statement readers than the simple balance sheet.

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ACC 240: Fundamentals of Accounting- Topic 3 DQ 1

Not all events that occur in a business on a daily basis constitute financial transactions that are recorded. Give an example of a business transaction that would not be recorded and explain why it would not need to be recorded.

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ACC 240: Fundamentals of Accounting- Topic 3 DQ 2

Briefly describe each element of the accounting equation. Explain why it is necessary for the equation to remain in balance.

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ACC 240: Fundamentals of Accounting- Topic 4 DQ 1

Describe the difference between gross profit and income from operations. Why would a company be concerned with gross profit rather than just overall income from operations?

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ACC 240: Fundamentals of Accounting- Topic 4 DQ 2

Explain what is meant by the term “sustainable income.” Why is it important to distinguish between sustainable income and actual net income? Is one more important than the other? Please explain.

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ACC 240: Fundamentals of Accounting- Topic 5 DQ 1

Explain the difference between fixed and variable costs and give two examples of each. Can a company budget for variable costs? Explain.

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ACC 240: Fundamentals of Accounting- Topic 5 DQ 2

Explain the basic components of cost-volume-profit (CVP) analysis. Why is it important to determine a company’s break-even point?

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ACC 240: Fundamentals of Accounting- Topic 6 DQ 1

In your own words, explain what a budget is and why it is important for a business to have a budget.

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ACC 240: Fundamentals of Accounting- Topic 6 DQ 2

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?

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ACC 240: Fundamentals of Accounting- Topic 7 DQ 1

Incremental analysis is used to help companies make decisions involving a choice among alternative courses of action. People use incremental analysis in their own personal decision making as well. Provide a hypothetical example from your personal life of how you might use incremental analysis in making a decision.

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ACC 240: Fundamentals of Accounting- Topic 7 DQ 2

Making decisions often involves financial and nonfinancial factors. Provide a hypothetical example from your personal life of a situation in which you would consider both financial and nonfinancial factors. What factors would be considered?

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