" Reflection Summary"
Week 2
ACC/291

In last week readings, this is what each of my Team members learned: We stated, it was a great experience learning about the basic issues that related to accounting for intangible assets. I also gained knowledge of the differences between revenue expenditures and capital expenditures within a company's financial statements. I just realize how important these basic issues are to the companies financial status. There are many businesses that have no earned income, which will be a liability to the company. I do seem to have great knowledge on intangible assets just by listening and comprehending in the readings and class discussion. There has been so much I have learned within in the first week of class. We the class was discussing the intangible assets, it was very interesting to me and I definitely wanted to learn more and I did.
We stated, he was confident and knowledgeable about intangible assets like copyrights and franchising, mainly due to fact the owner of the independent restaurant I manage for has franchised the restaurant name to a restaurant management company and he receives a large amount of revenue from the company for using the concept and name of the restaurant for the foreseeable future. And the owner also copyrighted the name so that anyone wanting to use the name of the restaurant anywhere in America must pay him to use it. Another item that was interesting to learn about was the writing off of bad debt and learning that companies that buy that debt are called factors, for example, banks or Visa, because these companies have the finances and employees to pursue debt collection when the original holder of the debt wants to get the debt off of their books and receive the money from the factor for the debt. I believe for me remembering the equations for determining