You are forming a business with a couple of construction friends who want to build custom homes. They are good at construction, but do not know anything about accounting. Using the example of the construction in the PBS tv show “This Old House”:
• Explain for your new business associates how you would do the accounting for this type of business.
• Using proper terminology and accounting concepts, give a general explanation of the different types of costs involved and make up some sample transactions to record what you see on the tv show. You can assume the costs amounts and identify anything else you are assuming in order to record the transaction.
• What other transactions and costs need to be recorded that you do not directly see on the tv show.
Discussion Question Two:
Do a search on the school library site for an accounting, business, or health care management article or case study that discusses in depth one of the topics you studied in this course as it applies to a real-world company or health care situation. Make sure that it is substantive, with application to a real business, and not just lecture notes or short basic explanations of the topic. We are looking for more understanding and application than what the text gave us.
• Using professional communication skills and proper terminology, summarize the main points of the study.
• Tell how the topic relates to what we are studying and what additional information you learned.
• Discuss your comments and reactions to the company situation and any additional information you would like to have had in the article.
• Discuss how you can use this information and other related text information in your future professional career
