acc205 ashford university week 4

Ashford 5: – Week 4

Discussions
To participate in the following discussions, go to this week’s Discussion link in the left navigation.

1. Current Liability

   What is a current liability? From the perspective of a user of
   financial statements, why do you believe current liabilities are separated
   from long-term liabilities? Based on your current experience as well
   as and any additional research you may have done provide two examples of
   situations where businesses collect monies from customers and employees
   and report these amounts as a current liability.

   Guided Response:
   Review several of your peers’ posts and identify the core components of a
   current liability. Respond to at least two of your peers and provide
   recommendations to extend their thinking. Challenge your peers by
   asking a question that may cause them to reevaluate if their example is a
   current liability.

2. Client Recommendations

   A client comes to you thinking about starting a consulting business.
   Your client is specifically interested in what type of entity should
   be created for this new business. Based on your readings or any
   additional research you may have done, discuss the advantages and
   disadvantages of the following: sole proprietorship, partnership, and
   corporation. Based on these advantages and disadvantages provide a
   clear recommendation to your client.

   Let at least two of your peers posts know if an alternative choice of
   entity would be possible. What would be the benefits of this new
   entity choice? Would there be any disadvantages associated with this
   new entity selection.

   Guided Response:
   Let at least two of your peers know if an alternative choice of entity
   would be possible? What would be the benefits of this new entity
   choice? Would there be any disadvantages associated with this new
   entity selection?

Exercise Assignment
To complete the following assignment, go to this week’s Assignment link in the left navigation.

Liability

Please complete each of the exercises below in a word document. Save the
document, and submit to in week using the Assignment Submission
button.