Question 1

In the preparation of adjusting entries, it is necessary to make several estimates. Since you are using estimates, how can you be assured that financial statements are accurate? What steps can you take to make sure that estimates are as accurate as possible?

Respond to this… In the preparation of the adjusting entries, if using estimates. An adjusting entry can be used for many types of accounting transaction, such as record depreciation and amortization for the period, record an allowance for doubtful accounts, record a reserve for sales returns, and adjust cash balances for any reconciling items. The accountant will estimate each expense that incurred during the period. Then, he will do an adjusting entry to depreciate the expense over the period. At the end of the period, the accountant might need to transfer the actual loss from the accrual for bad debt to a bad debt expense. An adjusting entry will be performed to correct the ending inventory and cost of goods sold.

“When you record an accrual, deferral, or estimate journal entry, it usually impacts an asset or liability account. For example, if you accrue an expense, this also increases a liability account. Or, if you defer revenue recognition to a later period, this also increases a liability account. Thus, adjusting entries impact the balance sheet, not just the income statement.”

Reference

Accounting tools (2017) Adjusting entries. Retrieved from www.accounting tools.com/articles/2017

Question 2

Taking each of the theories studied in this week’s module, please discuss the following:

· The role that each of the theories have played in technology

· Include the perspective of both theories, whether it’s positive or negative.

· Remember that your discussion needs to be long enough to address the topic completely.

Respond to this… Karl Marx’s conflict theory stated that tension and conflicts happen when things like status, power and resources are unevenly allotted.  Marx’s was often criticizing what changes in the industrial business was doing to the working class or poor.  As more of the jobs were becoming automated the corporations’ owners would continue to get richer and the laborers would be out of jobs.  Changes in technology, however, have made it easier for those with less resources to increase their opportunities.  For example, a high school student with an excellent singing voice, but no means to travel to Hollywood or New York to try to get discovered.  She does not have the money or ability to hire an agent or make a demo.  She is now able to set up her cell phone, while playing the piano and singing in her living room, post it to a video sharing website and now she has hundreds and thousands of views and has a role on a popular TV show.

Symbolic interaction theory describes how, when people interact, they develop a symbolic meaning and act according to their perspectives.  This theory says that people place their own meaning to things, happenings and actions of others and they react to what they believe and not what is necessarily true (Crossman, 2017).  We use things like body language, facial expressions, tone of voice in conversations with others and that may determine the direction of the conversation.  If you notice someone getting fidgety and losing eye contact, you would most likely change the subject knowing you are making someone uncomfortable.  Unfortunately, the changes in technology have changed the way we communicate and with text messages and e-mails, we no longer have the symbols attached to the ways we communicate and sometimes the messages get lost or misconstrued.

Crossman, A. (2017, August 7). Learn about symbolic interactionism. Retrieved      October 17, 2017, from https://www.thoughtco.com/      symbolic-interaction-theory-3026633