ACC 290T Wk 2 Discussion – Naming Accounts

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Thursday

Respond to the following in a minimum of 175 words:

As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses.

In July, the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know that an account name should be specific and well defined, and you’re afraid the A/P clerk might charge some expenses to the account that are inappropriate.

Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information, and what action should you consider?

Due Monday

Reply to at least 2 of your classmates. Be constructive and professional in your responses.