Instruction: Choose any of the 16 Discussion Questions and craft a response, using the ABC model.

13a) Explain the accounting cycle, as described in the text. At each step in the cycle, discuss the actions an accountant takes and what, if any, materials or items are needed?

13b) Describe the work of an accountant. How is a public accountant different from a private accountant? Say, you have earned a degree in accountancy and now work for the State of California as its employee performing accounting duties. Are you considered a public or private accountant? Support your assertion.

13c) How is managerial accounting different from financial accounting? Describe the work that a managerial accountant and financial accountant perform.

13d) Describe the function or purpose of a balance sheet, income statement, and cashflow statement. What are the components of each of these financial statements?

14a) What is the role of a financial manager? How is this role different from that of an accountant? What are the issues or concerns that a financial manager must be aware of at the macro and micro levels?

14b) Explain Debt and Equity Financing. How are these two forms of financing different? Provide an example for each form of financing. Given the current low interest rate, would you recommend a business to engage in debt or equity financing? Why?

14c) Describe trade credit. What is meant by 2/10 net 30? Why would a company offer trade credit to a buyer; and why would a company offer a buyer discounts such as 2/10 net 30?

14d) What is meant by a line of credit? Describe how a line of credit work? How is a line of credit different from a typical loan received from a bank?

15a) Describe the role of the Federal Reserve System. How does the policy enacted by this institution affect the economy? Explain the three control methods the Fed has at its disposal and the immediate result and/or long effect that each method has on the economy.

15b) Explain the effect of a falling and rising US dollar value with respect to US export and import. Provide an example for each to illustrate your understanding of the causal relationship.

15c) What is a letter of credit? Describe in detail how a letter a credit work, starting from a producer selling goods to a buyer. When and how does the producer receive payment from the buyer through the use of a letter of credit?

15d) Watch the video-case associated with Chapter 20 about economic collapse (AKA as the Great Recession) that officially began in 2008. What caused the economic meltdown? What can American residents, businesses, and the government do to avoid another economic disaster similar to the most recent one.

16a) Describe the different ways laws, rules and regulations pertaining to business are enacted and become binding on business owners. Be specific.

16b) When or how does a contract become a legal document and is binding on all parties involved?

16c) Identify the different forms of taxes. When Uncle Sam receives these tax payments, what does he do with the money? Be specific on how the government spends the money based on the form of taxes.

16d) Define regulation and de-regulation. What are the pros and cons of regulation and de-regulation? If you are a business owner, would you prefer regulation or deregulation? Why?