COURSE BUS 1102 - Basic Accounting Propose the inventory valuation method you would advise the company to use. Explain why you think it is the best suited for the business. Explain the cost of goods sold, ending inventory, and how the inventory valuation method you have chosen may impact these two factors. SOLUTION  Propose the inventory valuation method you would advise the company to use. First-in, first-out (FIFO) is the ideal inventory valuation approach to u...

COURSE BUS 1102 - Basic Accounting For this discussion, the focus will be on accounts receivable. Imagine you are the owner of any business of your choice. For your initial post explain the following: What is the business that you have chosen? Why did you choose this type of business? What products or services will your firm sell? Would you extend trade credit to your customers? (Do not discuss credit card payments, but rather, direct credit to your customers.) Why or why ...

COURSE BUS 1102 - Basic Accounting The Learning Journal is a space where you should reflect on what was learned during the week and how it applies to your daily life and will help you with your life (career) goals. Please complete the following tasks:  Happy House Bakeshop uses a cash receipts journal, a sales journal, purchases journal, cash disbursements journal, cash receipts journal, and a general journal. 1. Identify which journal should be used to record each of the fo...

COURSE BUS 1102 - Basic Accounting What is the name of the company? My preferred business is Brookfield Asset Management, which has both Toronto and London locations. Real estate, renewable energy, infrastructure, private equity, and other forms of long-term investment are just a few of the organization's fields (Barros, 2019). What are the company’s accounting and organizational internal control procedures?  As Brookfield is a Canadian firm, it must adhere to the IFRS while...

COURSE BUS 1102 - Basic Accounting As technology continues to progress, careers in accounting information systems are being created. For this discussion take a moment to explore some of the new career paths in accounting information systems. In the discussion forum, post an initial response that answers the following questions: Explain which accounting information systems career path interests you. Discuss why this career interests you. Explain if the accounting informatio...

COURSE BUS 1102 - Basic Accounting The Learning Journal is a space where you should reflect on what was learned during the week and how it applies to your daily life and will help you with your life (career) goals. For this week's assignment, you will build on the Unit 2 learning journal by using the information in the attached template located in this Unit's on the main page. Download the template and use it to fill in your answers (Income Statement, Statement of Retained Earning...

COURSE BUS 1102 - Basic Accounting Think It Through: Which Income Statement Format Do I Choose? You are an accountant for a small retail store and are tasked with determining the best presentation for your income statement. You may choose to present it in a multi-step format or a simple income statement format. The information on the statement will be used by investors, lenders, and management to make financial decisions related to your company. It is important to the store owners th...

COURSE BUS 1102 - Basic Accounting The full "accounting cycle" which culminates in closing the books and producing financial statements. Discuss the differences between Permanent "real" accounts and Temporary ¨nominal¨ accounts: What type of information is contained in nominal accounts, and what type of information is contained in real accounts? Which financial statement contains the information from nominal accounts and which contains the information from real accounts? P...

COURSE BUS 1102 - Basic Accounting Attention Students: There is an excel spreadsheet template located on this Unit's main page. Download the template and use it to fill in your answers (the journal and general ledger entries). Using the spreadsheet template provided, complete the journal entries, adjusted journal entries, unadjusted trial balance, adjusted trial balance, and answer the questions. Upon completion of the assignment, you will submit the spreadsheet file in the Lea...

COURSE BUS 1102 - Basic Accounting For this Written Assignment, refer to Chapter 4 (Page 238) in the Franklin, Graybeal, & Cooper text: THINK IT THROUGH Cash or Accrual Basis Accounting? You are a new accountant at a salon. The salon had previously used cash basis accounting to prepare its financial records but now considers switching to an accrual basis method. You have been tasked by the owner with determining if this transition is appropriate. When you go through the records y...