ACC250 Discussion Questions
Week 2
DQ
1 Due Day 2 [Main
forum]
Post
your
response to the following: You have just completed training for your
new position in a large accounting firm. The trainer has just covered
the difference between manual accounting and computerized accounting.
What questions do you have regarding the differences? What are the
advantages of computerized accounting versus manual accounting?
After
the training session I would ask what kind of back up does the
company provide to catch errors and how easy is it to catch the
errors on each type of accounting method? I would say that
computerized accounting has the advantages of less mathematical
errors, and misplaced errors such as putting the wrong number in the
wrong place. It would also make the computations quickly which would
save time and money for the company. Manual accounting has its
advantages also in being slower and more capable of interacting with
the journals and making adjustments the computer might not be
prepared for. It also is great backup for computer crashes or
viruses which computers are susceptible to.
Week 4
DQ
1 Due Day 2 [Main
forum]
Post
your
response to the following: Computer Accounting with Peachtree
Complete®
2009
covers how to enter payroll information for hourly and salary
employees. Why is it important to precisely enter information? What
are the consequences if the information is not correct?
It
is important that information is entered precisely in order to pay
people correctly. Incorrect information can lead to overpayment or
underpayment of a paycheck. This can lead to employee
dissatisfaction in the company and could lead to other employees.
The employee could spend too much time waiting for the error to be
corrected and depending on the error cause the employee’s bills to
be late or not paid. In extreme cases, could lead to a severing of
employment whether done by employer or employee.
DQ
2 Due Day 4 [Main
forum]
Post
your
response to the following: Entering payroll information is a vital
part of accounting. What aspects of setting up payroll in Peachtree
did you find most challenging? Explain why.
I
found the textbook instructions quite simple and easy to read,
understand, and follow. Probably the most challenging is to ensure
all defaults are entered correctly since this affects all payroll
checks. If the defaults are not correct then all checks printed with
incorrect defaults could be paid incorrectly.
Week 6
DQ
2 Due Day 4 [Main
forum]
Post
your
response to the following: This week, you learned what is contained
in several financial statements generated by Peachtree and how these
statements interrelate. What information did you find most
challenging? Explain why.
What I
found most challenging is learning the details in each report and
what belongs on which report. There are several types of reports and
some are similar for different reasons and a lot of the same
information goes onto several reports making it difficult to
understand the differences between each report. I am hoping after
multiple usages of these reports will make them easier to tell apart
and understand.
DQ
1 Due Day 2 [Main
forum]
Post
your
response to the following: Peachtree generates several financial
statements based on the information entered. Identify and briefly
summarize each financial statement. How are these statements used?
Why is it important that these statements are accurate?
There
are six financial statements that Peachtree generates: Balance
Sheets, Gross Profit by Departments, Income Statements, Statements of
Cash Flow, Statement of Retained Earnings, and Statement of Changes
in Financial Position.
A
balance sheet is a list of all assets, liabilities and capital of the
individual business. A statement of gross profit by departments is a
report that details each department’s year to date gross profits
for the current month. An income statement reports a summary of the
revenues and expenses in a given period of time for a business. A
statement of cash flow tells us of the cash transactions associated
with selling or buying of fixed assets and cash to or from creditors
or the owners. A statement of retained earnings shows beginning and
ending retained earnings, adjustments to retained earnings over a
given time period. Finally, the statement of changes in financial
position describes changes in the company’s financial status that
might not be observed using other reports.
Each
of these statements is used by different individuals inside the
company to inform on how well the company is performing or areas of
concern. If these statements are not accurate the individuals who
read the reports could make the wrong decisions regarding the
company’s best interests. For example, a company could buy too
much or too little inventory. Pay too much or too little on their
bills or employees for that matter. Owners or managers can invest
too much or too little of the profits of the company. These are only
a few of many consequences of inaccurate reporting.
Week 8
DQ
1 Due Day 2 [Main
forum]
Post
your
response to the following: When completing the accounting cycle, the
accounting professional uses source documents. Discuss the importance
of the accuracy of these source documents. What possible problems
could arise if the source documents are inaccurate?
Source
documentation is very important. If any aspect of the source
document is inaccurate it could cause major problems with the entire
accounting procedure. A simple transposing of numbers could mean the
different between one hundred dollar bill and several hundred dollars
on your bill. It could also affect payroll or any other department
that relies on the source documents for their information.
DQ
2 Due Day 4 [Main
forum]
Post
your
response to the following: This week, you learned how to maintain
accounting records for a service business. What did you find to be
the most challenging part of the information this week? Explain why.
I
would have to say the most challenging part of the information this
week would be making sure to post the information in the correct
places. If you didn’t post them in the correct places you can
throw off your entire company file and it would be tedious and time
consuming to find the error if you even noticed there was an error.
