ACC 291 Week 3 Learning Team Reflection
ACC 291 Week 3 Learning Team Reflection
Popular in Course
verified elite notetaker
Popular in Department
This 0 page Study Guide was uploaded by kimwood Notetaker on Friday November 13, 2015. The Study Guide belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 12 views.
Reviews for ACC 291 Week 3 Learning Team Reflection
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 11/13/15
LEARNING TEAM D WEEK THREE DISCUSSION Learning Team Week Three Discussion ACC 29 1 University of Phoenix LEARNING TEAM D WEEK THREE DISCUSSION 2 Week two was a much better week for Learning Team C The team was more confident and able to grasp the content covered Most of the team felt the topics discussed were interesting and fun There still seems to be an even amount of frustration for Team C members with some of the steps for either depreciation or amortization All members expressed personal knowledge or experience in working with either notes payable accounts payable and accrued expense accounts Learning Team C took a lot of interest in learning about stocks and bonds Some were for informational reasons and some for personal reasons Some members expressed a desire to possibly investing in stocks or bonds We also found learning about the difference in premium and discount bonds to be interesting especially when it comes to figuring out which one is the best to buy We found that there isn39t one simple answer to that and like most things it really depends on the current market and what your intentions are when purchasing the bonds Usually issuing bonds at a discount will cost the company more in borrowing funds while issuing bonds at a premium will cost less in borrowing funds Each step of a transaction must be recorded when working with bonds The initial purchase interest amortization and discounts all have to be recorded for bonds For example to record the sale of a bond the entry would look like this March 4 Cash 45000 Bonds Payable 45 000 When the bond has accrued interest over the year the entry would be Dec 31 Bond Interest Expense 1200 Bond Interest Payable 1200 The understanding of depreciation and amortization is a split in Team C Most members are more comfortable with one and not the other This is something that the group will definitely continue to work on and study in the next few weeks The straight line method is the method Learning Team C finds the straight line method to be the easiest method to use One member has reached out to a coworker to get some extra help The friend works with amortization accounts LEARNING TEAM D WEEK THREE DISCUSSION 3 and will give examples based on work experiences that the group can relate to This will give a better insight into how amortization is calculated in real life situations that we deal with on a daily basis Notes payable is an obligation an organization has to banks or other creditors based on written agreements Accounts payable is a file or ledger account that records outstanding amounts that are owed to suppliers We also discussed accrued expense This expense we found interesting and to some a little difficult to understand at first With accrued expense you don t record this expense until the actual date due of the loan So if a company borrows 100000 in January and isn t required to pay back until March they wouldn t record this expense until March Learning Team C acknowledges that every topic and concept covered is important in accounting Each member recognizes their own individual weakness and what can be done to fix it Overall week two was a very good week for Learning Team C ACC 291
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'