ACC 240 (acc 240)

1). Describe the difference between gross profit and income from operations. Why would a company be concerned with gross profit rather than just overall income from operations? 2). Explain what is meant by the term "sustainable income". Why is it important to distinguish between sustainable income and actual net income? Is one more important than the other? Please explain. 3). A short-term creditor is interested in the liquidity of a company whereas a long-term creditor might be more interest...

Describe what a classified balance sheet is. Also, explain why a classified balance sheet might be more advantageous to financial statement readers than the simple balance sheet.

Describe the major sections of the multistep income statement. Explain why it would be important for a company to break out its income in this manner.

Accounting is often referred to as "the language of business." Explain in your own words what that expression means.

Specify your major and identify your career plans. Explain how accounting might help you in your career if you are not planning to be an accountant. What information provided in financial reports would help you in your business?

The cost of maintaining assets can be a challenge. How do you determine when and why to dispose of plant assets? What are the options for accounting for these dispositions? Provide examples to illustrate your response. You may not give examples mentioned in the text. Participate in follow-up discussion by adding to your classmates’ comments.

Review the available materials for the chapters covered this week, including the lecture, reading, publisher materials, demonstration problems and exercises at the end of the chapters. After reviewing these materials and attempting the assignment for the week, what challenges did you face? Do you have any questions on the material? Participate in follow up discussion by helping your classmates and sharing your tips for understanding materials, when possible.

Consider your workplace (current or former) and identify any internal control procedures that you have seen implemented. Were they effective? Why, or why not? (If you do not have current or prior work experience, identify a place that you have observed internal controls in place, such as a store where you shop.

Review the available materials for the chapters covered this week, including the lecture, reading, publisher materials, demonstration problems and exercises at the end of the chapters. After reviewing these materials and attempting the assignment for the week, what challenges did you face? Do you have any questions on the material? Participate in follow up discussion by helping your classmates and sharing your tips for understanding materials, when possible.