•    Identify the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Make at least two (2) recommendations for improving the accuracy and reliability of the information in the gaps that you have identified. Justify your response.
•    *From the e-Activity, identify at least three (3) benefits afforded to the users of the financial statements and the company of accelerating the closing process. Provide a rationale to support your response.
e-Activity: Use the Internet to research at least two (2) companies that have accelerated the month-end closing process or have performed a virtual close. Be prepared to discuss.
Week 5 Discussion
“Merchandising Operations” Please respond to the following:
•    Imagine you have been hired as a consultant to a merchandising company using the periodic system versus the perpetual system. Prepare a list of advantages and disadvantages for both systems. In an attempt to sway the opinion of the business owner using the periodic system, prepare a convincing argument for switching to the perpetual system. Justify your position.
•    *From the e-Activity, identify the inventory tracking method that is used to record the cost of goods sold and ending inventory. Suggest the key risks inherent in recording inventory in using both methods. Provide a rationale for your response.
e-Activity Use the Internet to research the annual report for at least two (2) merchandising companies. Identify the method that is used to track inventory. Be prepared to discuss.
Week 6 Discussion
“Inventory Costing Methods” Please respond to the following:
•    Identify at least three (3) risks and three (3) benefits of using the perpetual inventory management system. Discuss the main types of inventory errors that could occur using the perpetual inventory system, and the major impact to the balance sheet and income statement. Provide specific examples.
•    *From the e-Activity, identify the primary benefits in using the costing method (LIFO, FIFO, and weighted average) that is used to record inventory. Explain at least three (3) reasons that would lead each of your chosen companies to switch to a different costing method.
e-Activity Use the Internet to research the annual report of at least three (3) merchandising companies. Determine the costing method (LIFO, FIFO, and weighted average) that is used to record inventory. Be prepared to discuss.