Posted: September 23rd, 2022
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There will be two discussion questions listed below. By due date assigned, respond to one of the discussion questions and submit your response to the Discussion Area below, using the lessons and vocabulary found in the reading. Support your answers with examples and research and cite your sources using the APA format.
Discussion Question One:
This week we are studying liabilities and how we account for them. Pick a large NYSE or Nasdaq company that you know something about or do business with. (Do not use Amazon). Go to their website, under Investor Relations find their latest annual report.
Describe the items they have listed in the Balance Sheet as liabilities.
Distinguish between how short-term and long-term debt obligations are reported in a company’s financial statements and give the dollar totals of each.
Search the Notes to the financial statements to determine what they discuss about their liabilities. What additional details do they give that are not in the financial statements?
Where else might you find information about the company debt in the annual report and what would it tell you?
From what you learned so far about their liabilities, how do you evaluate the company?
Discussion Question Two:
Sometimes the value spent by a corporation is recorded as an asset and sometimes as an expense. Find appropriate professional research to answer the following:
Define the two terms. How and why are these expenditures different from each other?
How are they different from Liabilities?
Describe the effects of assets and expenses on the company’s financial statements.
In ACC1001 you studied about Current Assets. How do they affect the financial statements differently from fixed assets?
Comment on the statement that “all assets are eventually expenses”
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