Acct311 Unit 2 Discussion Board Essay

1019 words - 5 pages

The Discussion Board (DB) is part of the core of online learning. Classroom discussion in an online environment requires the active participation of students and the instructor to create robust interaction and dialogue. Every student is expected to create an original response to the open-ended DB question as well as engage in dialogue by responding to posts created by others throughout the week. At the end of each unit, DB participation will be assessed based on both level of engagement and the quality of the contribution to the discussion.

At a minimum, each student will be expected to post an original and thoughtful response to the DB question and contribute to the weekly dialogue by ...view middle of the document...

This year that target is $1.5 million.

You are authorized to sign off on any decision made within your division. You are faced with the following situation: On November 15, your division of the company ordered $150,000 worth of supplies in anticipation for the seasonal rush. Most of these supplies will be used by year-end.

These supplies were delivered on November 30. If you record this expense this year, your net income will be $1.45 million and you will not meet the target, and therefore not receive your bonus of $25,000 that you have worked hard for all year.

*What would you do and why? (1 to 2 paragraphs)

Suggestions for Responding to Peer Posts Compare and contrast your peer’s response to your own. Were there any similarities or differences?

Were the reasons your peer gave for his or her decision ethical and professional?

Grading Criteria

% of grade for this assignment 80%

Response to assignment

Peer Response (a minimum of 2)

20%

In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.

ACCT 311 – Principles of Financial Accounting
Unit 2 Discussion Board
Main Post

When an organization orders supplies and receives them prior to December 31, the organization must record the amount of supplies received within that year to ensure all policies and procedures of the GAAP and the IRS is followed. According to the discussion board scenario, my company ordered $150,000 worth of supplies on November 15th and received them on Nov 30th. A large majority of these supplies are expected to be used by the end of the year. To properly record the right amount of supplies ordered, I would record this transaction on November 15th as a prepaid expense because the supplies have NOT been received yet. This prepayment will be considered as a current asset and not an expense because the supplies have NOT been delivered yet. “There are two ways of recording prepayments: (1) the asset...

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