Discussion post – Financial Reporting Practice

Discussion Question
Requirements:
1. In a
minimum of a paragraph, answer each question no later than Thursday by
11:59 p.m. EST. While personal and learned knowledge is important, all
discussion posts must be referenceable. As a result, each discussion post must
include references.
2. A
paragraph is considered a minimum of 4-6 sentences.
3. All
sources must be provided using the appropriate reference.
No copying and pasting of information in any
discussion post. All work must be presented entirely in your own words – no
exceptions!! You also cannot only change a few words from a source, as the main
goal is for you to develop your own ideas to show that you understand the
material.
Please note—if copying and pasting are found or the submission
is not in your own words, you will receive a zero for the assignment.
Please note that there will be a small follow up assignment that I would like to have the same writer for.
Please answer the
following question(s):
For two (2) of the
following situations, (1) indicate whether you agree or disagree with the
financial reporting practice employed and (2) state the accounting concept that
is applied (if you agree) or violated (if you disagree). Please explain your
answers. When responding to two (2) of your peer postings, please comment on
the opposite questions that you answered.
1. Mount Union Company
did not disclose that it was the defendant in a material lawsuit because the
trial was still in progress.
2. Oregon Scoreboard
Corporation files quarterly and annual financial statement with the SEC.
3. State Environmental
paid insurance on its storage building for the next two years and charged the
entire expenditure to insurance expense.
4. Galloway
Pharmaceutical records revenue only after products have been shipped, even
though customers pay Galloway 50% of the sales price in advance.

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