... INTRODUCTION Accountancy is an ideal career for incoming college students. Mathematical in nature and involves comprehensive calculations as well. You need to analyze the financial data of an organization for the entire year and then perform the calculations accordingly. The University of the East is well known in Accountancy Graduates because of high passing rate in CPA Board Exam. During the enrollment in UE Caloocan for first semester in 2011, many of the incoming freshmen were enrolling for BSA, because of the job opportunities awaits them when they become a CPA. Accounting students in UE Caloocan are trained. They have a good faculty to guide them, they provide seminars, and the provide reviews before the exams. BACKGROUND OF THE STUDY For others, when they hear that you’re an Accountancy student, it means that you are intelligent and good in solving problems, but it’s not easy to be an accountant student. Many BSA students failed and shifted to other courses because of the retention policy. You need to maintain your grade at least 2.00 or higher in accounting subject and also include some minor subject like ECO 101(Economics) and BM101 (Business Math). Some students find it difficult to maintain their grades. For some reasons they fail to maintain it. The purpose of this research is to know the factors and reasons why students fail and forced to shift to other courses, and find out some possible ways to pass Accountancy course. ...
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...IFRS GAAP vs IFRS: Opposing the Proposed Shift Kelsey Perez Author Affiliation There has been a growing demand over the past twenty years to unite the business world under one conceptual framework for reporting financial statements. Currently, there are two types of frameworks used throughout the accounting world. They are the General Accepted Accounting Principles ( GAAP) and International Financial Reporting Standards (IFRS), the SEC is currently considering a shift from United States GAAP to IFRS. My opposition to the United States shift from Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) is based on the following three reasons; the cost of implementation, training requirements, and increased profit manipulation risk. Cost of IFRS Cost is another disadvantage of IFRS. Small and large businesses would be affected by the transition. “It is estimated that it would cost each business $32 million dollars to convert from GAAP to IFRS” (Paul & Burks, n.d. p. 4). The financial impact would be greater to small businesses compared to the large businesses. Large businesses have the available resources to train employees and implement the change. Small companies would have to bring in outside accountants or spend an exceptional amount of money to train employees and implement the change. Even if small companies used outside accountants, these accountants would be forced to retrain everything that they know about...
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...Factors why BSBA Management Accounting/BS Accountancy shift to Financial Management Course? If you have decided to change course on the basis that '"you aren't doing well academically"' in your current course you probably ought to reconsider your decision, be honest with yourself, how much of the problem will be solved by changing course, how much of the problem is due to your mismanagement of your studies. If you are genuinely having problems with the course don't jump straight into a course switch, speak to your tutor about your problems and there may be a means to sort them out without such drastic (and potentially not very effective) measures. It is also possible that if your achievement level is low that you may not be allowed onto the new course. If you have decided to change because '"you don’t enjoy your current course"' then you should be absolutely certain that you will enjoy the course you are moving to. You should also be aware that changing course has significant negative consequences, you have to be certain that the change is worth it. If you have decided to change course because you feel that it would be better for career reasons you need to do your research, is it actually a better career move? Remember that changing course normally (except between certain very similar courses or during the first couple of weeks of the course) means that you will be at university for more time, amounting more debt and putting off getting your dream job. Even if a different course...
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...speculative investment. While early activities generated profits in 1987, by 1991 Olympus recorded 2.1 billion losses in yen. Rumors circulated that by the late 1990s, losses had grown larger. Rather than come clean and admit the losses, management continued to ‘double down’ with riskier investments. Olympus created a tobashi scheme to shift losses off the Olympus balance sheet. Olympus created a tobashi scheme to shift losses off the Olympus balance sheet. Companies located in the Cayman Islands were purchased via exorbitant Management and Acquisition Fees. When the first Western President, Michael Woodford, questioned these practices, he was fired after two weeks on the job. Woodford became perhaps the first CEO ever to blow the whistle on his own firm. The subsequent scandal brought arrests of the executive team, an 80% decline in share price, the threat of de-listing on the Tokyo Exchange, and an international look at Japanese Corporate Governance. A detailed list of questions along with extensive teaching notes, bibliography, and references are provided. The case should be of interest in an accounting audit, ethics, governance, or international accounting class. Keywords: Corporate Governance; Whistleblower; Fraud; Tobashi; Zaiteku; Derivatives; Confucian...
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...exercises Answers to Questions for Review 1. (Explicit and Implicit Costs) Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not? Amos McCoy is not currently making an economic profit, despite the fact that he is making an accounting profit. This is so, because the accounting profit calculation does not take into account an important implicit cost—the opportunity cost of not raising soybeans. Actually, McCoy is experiencing an economic loss. According to our theory, he should get out of the corn business and begin growing soybeans. This question highlights the important distinction between accounting profit and economic profit. 2. (Explicit and Implicit Costs) Determine whether each of the following is an explicit cost or an implicit cost: a) Payments for labor purchased in the labor market b) A firm’s use of a warehouse that it owns and could rent to another firm c) Rent paid for the use of a warehouse not owned by the firm d) The wages that owners could earn if they did not work for themselves a) explicit; b) implicit; c) explicit; d) implicit 3. (Alternative Measures of Profit) Calculate the accounting profit or loss as well as the economic profit or loss in each of the following situations: a. A firm with total revenues of $150 million...
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...Andersen & Company, into one of the largest and most respected accounting firms in the world through his reputation for honesty and integrity. His motto was “Think straight, talk straight” and he insisted that his clients adopt that same attitude when preparing and issuing their periodic financial statements. Arthur Andersen’s auditing philosophy was not rule-based; instead he invoked a substance-over-form approach to auditing and accounting issues. He avidly believed that the primary role of the auditor was to ensure that clients reported fully and honestly to the public, regardless of the consequences for those clients. Ironically, Arthur Andersen & Co.’s dramatic fall from eminence resulted from its association with a client known for aggressive and innovative uses of “accounting gimmicks” to window dress its financial statements. Enron Corporation was the second largest client of the firm and was involved in large, complex transactions with hundreds of special purpose entities (SPEs) that it used to obscure its true financial condition and operating results. Among other uses, these SPEs allowed Enron to download underperforming assets from its balance sheet and to conceal large operating losses. During 2001, a series of circumstances, including a sharp decline in the price of Enron’s stock, forced the company to assume control and ownership of many of its troubled SPEs. As a result, Enron was forced to report a large loss in...
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...information and services are now more easily coming together over national boundaries. Behind globalization, no doubt, is rapid technological innovation. The idea is that globalization is dramatically making our globe smaller, our spectrum wider and our various networks larger. Some people argue that there are downfalls however, including flooding information and heightening psychological insecurity from various types of inequality. We are required to face globalization while fully understanding the positives and negatives of globalization. Globalization is likely impacting not only on how economies work, but also on what a state actually is. For example, some experts maintain that the function of a state is diminished by globalization and forced to focus efforts on localization and regionalization. I would like to examine from various aspects how globalization influences states,and public policies, especially on the educational policy by taking Japan as an example. 1. What is Globalization? First, I would like to examine what globalization is. A translation in Japanese would be “integration of the globe,” but what exactly does it mean when the globe integrates? Economically, our globe is certainly being integrated and we have less and less borders. Our life, however, is still full of borders, especially in terms of politics and culture. Also,...
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...Enron Corporation: THE RISE AND FALL; ACCOUNTING SCANDAL Submitted To: Professor Bill Bristol Submitted By: Kenneth Rhodes, Jr. Metropolitan College of New York (MCNY) TABLE OF CONTENTS I. ABSTRACT...............................................................................................................................2 II. purpose and service....................................................................................................3 III. HistorY............................................................................................................................3-5 IV. The Downfall..............................................................................................................5-6 V. Accounting Scandal................................................................................................6-7 VI. Accounting Practices...........................................................................................7-8 VII. Files’ for Bankruptcy.............................................................................................9 VIII. Auditing.....................................................................................................................9-10 IX. Conclusion: THE AFTERMATH..........................................................................10-11 XI. BIBLIOGRAPHY................................................................................................................12 I. ABSTRACT ...
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...except: Mental Models Spirituality Greenfielding 2. Question : (TCO F) Manually altering entries in an organization‘s books in order to conceal fraud is called: Shrinkage Forced reconciliation Padding the books Instructor Explanation:Wells, Chapter 9 3. Question : (TCO F) During an interview, when an interviewee repeatedly fiddles with a pen or picks lint from her clothing, he/she is giving non¬verbal clues called: Signals Manipulators Exemplifiers Instructor Explanation:Wells, Chapter 15 4. Question : (TCO F) When the subject of an investigation has been accused of misconduct, establishing a morally acceptable rationalization might allow the accused to reconcile his actions with his conscience. Which of the following is not an example of an acceptable rationalization? The accused felt that he needed to get back at someone in the organization. The accused engaged in the misconduct for the benefit of others. The accused has personal demons that can’t be overcome. Instructor Explanation:Wells, Chapter 15 5. Question : (TCO F) In one of the case studies in the Wells textbook (page 49), Brian Lee, a top¬notch plastic surgeon, collected payments from his patients without giving a cut to the clinic where he practiced. What was his motivation for committing the fraud? Repay his students loans. Fund his charitable doctor work. None of the above Instructor Explanation:Wells, Chapter 2 6. Question : (TCO F) Nicolette Garrison works part¬time at an independent...
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...prepared for the ASIANetwork Conference, Furman University, April 11-13, 2003. This paper differs primarily in the introduction and summary, and in the addition of more figures. The core analysis and most of the calculatioins remain the same. Smitka / The End of Growth v2 May 23, 2003 Page 1 I. Introduction I argue below that Japan’s economy will not grow again, and that (with hindsight) this should not be surprising. First, Japan has matured, to the point where its labor force is in decline. Such an economy is unlikely to grow in absolute terms. Second, that maturation occurred in a short span of time, resulting in large structural shifts in the economy. These strained the Japanese financial system past the breaking point, and have stymied efforts at macroeconomic stimulus. I believe, however, that the magnitude of these shifts would have overwhelmed any financial structure. I do not deny that Japan’s financial system exhibited large vulnerabilities, and its macroeconomic policy systematic failures. Again, I believe that these are beside the point. Third, the current structure of Japan’s economy is not sustainable; financial liabilities (bank deposits, government social security commitments) and financial assets (good loans, and tax receipts under the status quo) are wildly out of balance. Bringing these into balance will inevitably impose a drag on economic growth into the distant future. The bottom line is that we should not expect the Japanese economy to grow again...
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...Steve Wozniak and Steve Jobs, two college dropouts who sought to provide a user-friendly computer to a new and distinct market of small computer users. Between 1978 and 1980, sales increased from $7.8 million to $117 million, and in 1980 the company underwent its initial public stock offering. In 1983, Steve Wozinak left Apple. That same year Steve Jobs hired away John Sculley from Pepsi to be the company's president. After experiencing several product failures, Apple unveiled the Macintosh computer in 1984 to overwhelm-ing success, setting the stage for Apple's rise and its recognition as a household name. By 1985, relations between Sculley and Jobs became contentious. Finally, the board of directors sided with Sculley, and Steve Jobs was forced from the company he helped found. Additionally, while CEO of Apple, John Sculley ignored Microsoft founder Bill Gates's appeal...
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...Steve Wozniak and Steve Jobs, two college dropouts who sought to provide a user-friendly computer to a new and distinct market of small computer users. Between 1978 and 1980, sales increased from $7.8 million to $117 million, and in 1980 the company underwent its initial public stock offering. In 1983, Steve Wozinak left Apple. That same year Steve Jobs hired away John Sculley from Pepsi to be the company's president. After experiencing several product failures, Apple unveiled the Macintosh computer in 1984 to overwhelming success, setting the stage for Apple's rise and its recognition as a household name. By 1985, relations between Sculley and Jobs became contentious. Finally, the board of directors sided with Sculley, and Steve Jobs was forced from the company he helped found. Additionally, while CEO of Apple, John Sculley ignored Microsoft founder Bill Gates's...
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...Economics for Managers Assignment Assignments Program: MBA (2 Years) Sem-1 Subject Name Permanent Enrollment Number (PEN) Roll Number (SEN) Student Name Managerial Economics INSTRUCTIONS a) Students are required to submit all three assignment sets ASSIGNMENT DETAILS MARKS Assignment A Five Subjective Questions 10 Assignment B Three Subjective Questions + Case Study 10 Assignment C 40 Objective Questions 10 b) Total weightage given to these assignments is 30%. OR 30 Marks c) All assignments are to be completed as typed in word/pdf. c) All questions are required to be attempted. d) All the three assignments are to be completed by due dates (specified from time to time) and need to be submitted for evaluation by Amity University. ( √ ) Tick mark in front of the assignments submitted Assignment ‘A’ Copyright@Amity University Assignment ‘B’ Assignment ‘C’ Page 2 Economics for Managers Assignment Assignment: A Q.1. What are indifference curves? Explain the consumers’ equilibrium under the assumptions of ordinal approach. Q.2. Examine the concept and relationship of Total, Average and marginal costs with the help of suitable diagram. Q.3. Differentiate and elaborate the concepts of returns to scale and law of variable proportions. Q.4. Why is demand forecasting essential? What are the possible consequences if a large scale firm places its product in the market without having estimated the demand for its...
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...Diamond Foods, Inc.: Anatomy and Motivations of Earnings Manipulation Mahendra R. Gujarathi ABSTRACT: Diamond Foods is America’s largest walnut processor specializing in processing, marketing, and distributing nuts and snack products. This real-world case presents financial reporting issues around the commodities cost shifting strategy used by Diamond’s management to falsify earnings. By delaying the recognition of a portion of the cost of walnuts acquired into later accounting periods, Diamond Foods materially underreported the cost of sales and overstated earnings in fiscal 2010 and 2011. The primary learning goal of the case is to help students understand the anatomy and motivations of earnings manipulation. Specifically, students will have the opportunity to (1) apply the FASB’s Conceptual Framework to a real-world context, (2) determine the nature of errors and compute their numerical effects on financial statements, (3) understand motivations for earnings management and actions needed for managing earnings of future years, (4) explain the anatomy of financial reporting fraud by reconstructing journal entries, (5) prepare comparative financial statements for retroactive restatements, (6) explain the rationale for clawback provisions in compensation contracts, and (7) understand the difference between the real and accrual-based earnings management. Keywords: earnings management; financial statement fraud; restatements; error correction; clawback provision; Conceptual Framework...
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...To download more slides, ebooks, solution manual and test bank, visit http://downloadslide.blogspot.com Solutions Manual COST ACCOUNTING © 2012 Pearson Education, Inc. Publishing as Prentice Hall. SM Cost Accounting 14/e by Horngren © 2012 Pearson Education, Inc. Publishing as Prentice Hall. SM Cost Accounting 14/e by Horngren To download more slides, ebooks, solution manual and test bank, visit http://downloadslide.blogspot.com Solutions Manual COST ACCOUNTING Fourteenth Edition Charles T. Horngren Srikant M. Datar Madhav Rajan Upper Saddle River, NJ 07458 © 2012 Pearson Education, Inc. Publishing as Prentice Hall © 2012 Pearson Education, Inc. Publishing as Prentice Hall. SM Cost Accounting 14/e by Horngren This work is protected by United States copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. Dissemination or sale of any part of this work (including on the World Wide Web) will destroy the integrity of the work and is not permitted. The work and materials from it should never be made available to students except by instructors using the accompanying text in their classes. All recipients of this work are expected to abide by these restrictions and to honor the intended pedagogical purposes and the needs of other instructors who rely on these materials. Acquisition Editor: Stephanie Wall Editorial Project Manager: Christina Rumbaugh Editorial Assistant: Brian Reilly Project Manager, Production:...
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