Week 11 Discussion Board

Please note that this discussion board will require a minimum of three posts. These consist of your initial post, your response to comments that I post to your thread, and at least one response to a classmate. If you post late in the week, it's possible that I may not be able to provide a comment to you. In that case, please be sure to provide response posts to at least two classmates.

Chapter 12: QuickBooks Service Company

Additionally, please refer to Chapter 10 in your Cengage Accounting eText, accessible from the eText link in the Course Navigation Panel to the left of your screen.

Requirement 1:

The following is an excerpt from a conversation between two employees of WXT Technologies, Nolan Sears and Stacy Mays. Nolan is the accounts payable clerk, and Stacy is the cashier.

Nolan:

Stacy, could I get your opinion on something?

Stacy:

Sure, Nolan.

Nolan:

Do you know Rita, the fixed assets clerk?

Stacy:

I know who she is, but I don't know her real well. Why?

Nolan:

Well, I was talking to her at lunch last Monday about how she liked her job. You know, the usual; and she mentioned something about having to keep two sets of booksone for taxes and one for the financial statements. That can't be good accounting, can it? What do you think?

Stacy:

Two sets of books? It doesn't sound right.

Nolan:

It doesn't seem right to me either. I was always taught that you had to use generally accepted accounting principles. How can there be two sets of books? What can be the difference between the two?

How would you respond to Nolan and Stacy if you were Rita?

Requirement 2:

Please distinguish between the accounting for capital expenditures and revenue expenditures.

Responses to Classmates:

Please explain to your classmates under what conditions the use of the straight-line method of depreciation method most appropriate.

Response to Instructor:

Please check your thread for questions or comments from me and be sure to provide a comprehensive response, as requested.

Writing:

Please make sure that your initial post contains a properly cited reference. Please use APA style. You should cite your text as a minimum. Additionally, check your spelling and proofread your post before you hit the submit button.