Acc/291 Week Two Reflection Summary

Week Two Reflection Summary

Tour this week's reflection summary several topics are discussed from week one and week two. The first of these topics is accounts receivable. Accounts receivable is money due to a company for a product or service. Other journal entries that were discussed were bad debt, tangible and intangible assets, plant assets, revenue, and capital expenditures. Tangible assets are assets that are physical. An example of tangible assets is land owned by a company. An intangible asset is an idea or thought. An example of an intangible asset is an idea that the company has patented to gain a competitive edge over competitors.

Plant assets can be broken down into acquisitions, disposal, and sales of plant assets. Acquisitions are when a company buys equipment for example for the company. Disposal is exactly what it means. This is when a company disposes of a company asset. Companies may also decide to sell company assets.

Revenue expenditures and capital expenditures are the next topic. Revenue expenditures are expenditures that have been during the accounting year. Some examples of revenue expenditures are repairs and maintenance. Revenue expenditures are used to keep up normal production. Capital expenditures are used to increase and improve production. An example of a capital expenditure is new equipment used to improve and produce more products.

This reflection summary is from week two of ACC/291version number two. This reflection summary is for reference only and should not be used to take a short cut. Students should use as a tool and do their own work.