1. Select a small business of your choice. Define the business and what they sell, provide, etc. Now assume you have just been hired as an accountant for this small business. You ran the month end balance sheet out of the accounting system and see the AR balance is quite large and there is no allowance account. How would you begin your review of AR? What steps would you take to analyze the balances? Use details specific to your business selected.

2. Select a business of your choice that has long term assets. What are some important things an accountant must consider when accounting for long term assets and why? Use specifics from your selected business in your discussion.

3. Select a business of your choice to use in this discussion. Assume you are the staff accountant responsible for closing the books at month end, and it is your responsibility to analyze contingent liabilities. Discuss what types of contingent liabilities you might have, and what process you would go through to assess. Be specific using details/examples from your selected company.