ACC 240 Fundamentals of Accounting GCU
ACC 240 Full Course Discussions GCU
ACC 240 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?
ACC 240 Topic 1 DQ 2
Accounting is often referred to as “the language of business.” Explain in your own words what that expression means.
ACC 240 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.
ACC 240 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.
ACC 240 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.
ACC 240 Topic 3 DQ 2
Briefly describe each element of the accounting equation. Explain why it is necessary for the equation to remain in balance.
ACC 240 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?
ACC 240 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.
ACC 240 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.
ACC 240 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?
ACC 240 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.
ACC 240 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?
ACC 240 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.
ACC 240 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?
ACC 240 Topic 4 Benchmark Interpreting Financial Statements
The purpose of this assignment is to employ accounting principles and relevant business practices to evaluate a company’s performance and financial position through a comparison to industry data.
Locate the Critical Thinking CT-4 problem at the end of Chapter 9 in the textbook. This will serve as the structure for your assignment. Begin by choosing two competing publicly traded companies from the list below.
- Coca-Cola and PepsiCo
- Home Depot and Lowe’s
- Walmart and Target
- Nike and Adidas
Review the competing companies’ ratios provided at the MSN Money website http://www.msn.com/en-us/money. For the pair of companies selected, you will need to use each company’s stock symbol to locate the liquidity, solvency, and profitability ratios on the MSN Money website. As part of your research, you will need to identify each company’s stock symbols prior to accessing the website, as this information will not be provided to you.
Once you know each company’s stock symbol, begin by entering the appropriate company symbol in the “Quote Search” search box on the MSN Money website. Under the “Analysis” heading, use the Growth, Profitability, Price Ratios, Financial Health, Trading Statistics, and Management Effectiveness information to complete a 750-1,000 word comparison addressing the following:
- Evaluate each company’s liquidity relative to its competitor, then compare both companies to the industry averages.
- Evaluate each company’s solvency relative to its competitor, then compare both companies to the industry averages.
- Evaluate each company’s profitability relative to its competitor, then compare both companies to the industry averages.
Note: You will be assessed on your ability to evaluate each company’s performance based on the information provided at MSN Money. You do not need to calculate the ratios for individual companies or the industry averages.
Prepare this assignment according to the guidelines found in the GCU Style Guide, located in the Student Success Center.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.
This benchmark assignment assesses the following programmatic competencies:
BS Secondary Education
5.4: Employ accounting principles and practices relevant to business enterprises.