Post your response and recommendations in a well thought out manner. Provide reasons to explain your position on the issue.

Your response should demonstrate thoughtful consideration of the ideas and concepts that are presented in the discussion and provide new thoughts and insights directly related to the topic. Your response should reflect scholarly writing and follow current APA standards.

Discussion Questions and Critical Thinking/Ethical Case

1.

What are the functions of accounting?

2.

Define, compare, and contrast sole proprietorships, partnerships, and corporations.

3.

How are businesses classified?

4.

How has technology affected the role of the bookkeeper?

5.

List the three elements of the basic accounting equation.

6.

Define capital.

7.

The total of the left-hand side of the accounting equation must equal the total of the right-hand side. True or false? Please explain.

8.

A balance sheet tells a company where it is going and how well it performs. True or false? Please explain.

9.

Revenue is an asset. True or false? Please explain.

10.

Owners equity is subdivided into what categories?

11.

A withdrawal is a business expense. True or false? Please explain.

12.

As expenses increase they cause owners equity to increase. Defend or reject.

13.

What does an income statement show?

14.

The statement of owners equity only calculates ending withdrawals. True or false? Please explain.

15.

Paul Kloss, an accountant for Lowe & Co., traveled to New York on company business. His total expenses came to $350. Paul felt that because the trip extended over the weekend he would pad his expense account with an additional $100 of expenses. After all, weekends represent his own time, not the companys. What would you do? Write your specific recommendations to Paul.