ACC 422 Week 4

Individual Assignments From the Text

Resource: Intermediate Accounting

Prepare written responses to the following assignments from the text:

Ch. 11: Exercises E11-4 & E11-11

Ch. 12: Exercises E12-6 & E12-16

Prepare a response to the following questions:

What are at least four depreciation methods that are available to a company?

What are the similarities and differences?

Why does a company select one method over another?

Learning Team Assignments From the Text

Resource: Intermediate Accounting

Prepare written responses to the following assignments from the text:

Ch. 11: Exercise E11-18 & Problem P11-10

Ch. 12: Problem P12-3

Discussion Questions

What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term?

What is a contingency? Why are contingencies important to users of financial statements? What are the criteria for recording contingencies? Should companies record a liability for threatened litigation? Explain why or why not.

What is a bond? What are some features of a bond? How do you value bonds? What factors can affect that value?