ACC 561 Week 2 Discussion

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ACC 561 Week 2 Discussion
ACC 561 Week 2 Discussion
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ACC 561 Week 2 Discussion

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

Answer one of the following three questions. Respond using a minimum of 300 words.

  1. Watch the Cash Basis versus Accrual Basis video. Identify a company and state how the business uses the concepts discussed in the video.  Include examples to support your explanations.

  2. Read the assigned pages in Chapters 3 and 4 of our text. Identify an ACCOUNTING topic incorporated therein and explain it to the class. Include insight and examples to support your analysis.

  3. In addition to preparing financial statements in accordance with GAAP, U.S. companies may be required, in the near future, to prepare financial statements according to International Financial Reporting Standards (IFRS). If the United States adopted IFRS standards, what would be the advantages and disadvantages? Does it make sense for U.S. companies to change to IFRS? How would IFRS impact a comparative analysis of an organization’s financial statements?

Due on or before Monday

Post two high quality, substantive replies.