$1.$ One of the great debates in accounting continues to be whether an expense should be expensed versus capitalized. There is often confusion amongst non$-$accountants as to what is expensed and when, particularly if executive leadership is looking to slow or accelerate expense in a given period of time. From the lens of a non$-$accountant, how would you explain the difference to someone less knowledgeable? What examples could you give in clarifying one versus the other?

$2.$ Assume that you are aware of a contingent liability that has the potential to impact the company. The scenario is fluid, largely up$-$in$-$the$-$air, hard to predict and difficult to assign a value to$,$ even if it happens. How do you recommend handling such a situation? Write a brief memo to management explaining your conclusion and recommendation. Feel free to create a fictitious liability scenario in your answer.

$3.$ Which debt option do you believe is most appropriate in which situation? Support your answer with evidence.

$4.$ What special circumstances must we consider with the recording of bonds? How would you ensure you have handled bond entries accurately from a procedural standpoint?

$5.$ Explain the process of amortizing notes. What are the key steps to doing so accurately? Why is this process important from an accounting perspective?