Overview
1. Church History I
Journal
(700 word Words)
(Must be written in KATE-TURABIAN FORMAT…FOOTNOTES ARE A MUST)
(PRIMARY SOURCES ARE ATTACHED AT THE BOTTOM)- (YOU CAN CONDUCT SECONDARY RESEARCH)
No Plagiarism
No use of Artificial Technology
Must cite Ferguson, Everett Church History. Vol 1 From Christ to the pre-Reformation (Zondervan, 2013)
Each journal should be 700 words and should include the following: engagement, integration, discipline, and reflection.
Reflect on the ways in which the spirituality of the later Middle Ages was managed by the monasteries and the scholastics. What were some important reform movements within monasticism? How did scholasticism impact the theology of the western church?
2. Intermediate Accounting
(250 words for discussion board reply) (APA format)
(in-text citations are a must)
(article is attached)
No Plagiarism
No use of Artificial Technology
Juan Lopez
Aug 14 10:27pm
Reply from Juan Lopez
Hello Class,
If I were the controller of a manufacturing company during a time of high inflation, I would think carefully before switching from FIFO to LIFO. With FIFO, you’re selling your older, cheaper inventory first, which makes your Cost of Goods Sold lower and your net income look higher. That’s good for showing strong profits to shareholders, but it also means you’ll end up paying more in taxes. LIFO switches that by matching today’s higher inventory costs to current sales. With LIFO, Cost of Goods Sold increases, net income decreases, and taxes decrease. That can be great for short-term cash flow, but the trade-off is that your profits on paper won’t look as good. FIFO’s ending inventory value reflects what it would actually cost to replace items now, so it gives a more accurate picture for planning. LIFO uses older costs, which can make your inventory value look lower than reality. You’d also need to consider how investors might react to lower reported profits. Additionally, when switching methods you need IRS approval.
U.S. GAAP allows both FIFO and LIFO, and companies often choose LIFO during inflation for the tax savings. But IFRS doesn’t allow LIFO at all, so if your company operates internationally or plans to adopt IFRS, you could run into complications.
References:
Financial Accounting Standards Board. (2023). Accounting standards codification 330: Inventory. https://asc.fasb.orgLinks to an external site.
Schmitz, A. (2012). Problems with applying LIFO Download Problems with applying LIFO. Saylor Academy. https://saylordotorg.github.io/text_financial-accounting/s12-03-problems-with-applying-lifo.htmlLinks to an external site.
Spiceland, J. D., Nelson, M. W., Thomas, W. B., & Winchel, J. (2023). Intermediate accounting (11th ed.). McGraw Hill
3. Intermediate Accounting
(250 words for discussion board reply) (APA format)
(in-text citations are a must)
(article is attached)
No Plagiarism
No use of Artificial Technology
Kimberley Fernandez
Aug 14 8:25pm
Reply from Kimberley Fernandez
Hello Class,
When determining to change between FIFO and LIFO methods for accounting purposes during a period of inflation would need careful consideration. Using the LIFO method would mean a higher cost of goods sold, lower profits, and a less tax liability during inflation. It would be beneficial to switch accounting methods during a period of deflation as there is a lower cost of goods sold, higher profits, and a higher tax liability. Additional factors to consider are older inventory cause the cost of goods sold increase when sold at a later date. FIFO and LIFO are both permitted under GAAP; however, LIFO is not permitted under IFRS standards. The IFRS reasoning for not allowing LIFO are due to the LIFO method is not an actual representation of the flow of inventory. In an inflation period using LIFO, lowers cost of ending inventory which can understate the true economic value of inventory. Additionally, if inventory values on the balance sheet are outdated, their relevance is reduced when assessing a company's current financial health.
References
Admin. July 25, 2025. Is LIFO or FIFO Banned? Unpacking Inventory Accounting Standards Globally. Jumpinrope. Is LIFO or FIFO Banned? Unpacking Inventory Accounting Standards Globally - jumpinropeLinks to an external site.