Acc 422 Week 2 Complete Uop Exam Assignment

ACC 422 Week 2 Complete

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DQ1.Under what circumstances would a company need to estimate its inventory?

What are the differences between using the gross profit method and retail inventory method for estimating inventory?

Which method of estimation, gross profit or retail inventory, is best? Explain your answer.

DQ2.What are the criteria for capitalization of fixed assets?

What items are included in the cost of a fixed asset?

Should interest be included in the cost of a fixed asset? Explain why or why not.

DQ3.How do we account for the disposition of fixed assets?

What are the differences in how the exchanges of assets are handled, pending on whether they are similar or dissimilar?

What is the rationale for these differences?

What is the impact to the companies’ financial statements?

Individual Assignment - WileyPLUS Week Two Assignment

Resource: WileyPLUS

Complete the following in WileyPLUS:

• Exercise E7-2 (20 Points)

• Exercise E7-8 (20 Points)

• Exercise E8-5 (20 Points)

• Exercise E8-14 (30 Points)

Learning Team Assignment - Textbook Assignments 1

Prepare written responses to the following assignments from Ch. 7 & 8 of Intermediate Accounting:

• Problem P7-1 (30 Points)

• Exercise E8-25 (30 Points)

Learning Team Assignment - Weekly Reflection

Discuss the objectives for Week One. How do these objectives relate to the importance of the balance sheet to internal users such as management and external users such as investors and creditors?

Write a 350- to 500-word summary of your Learning Team’s discussion.

(Use Microsoft Word)

Individual Assignment - Weekly Summary

Post Weekly Summary in the Main Forum

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