...How can John use the IMA Standards of Ethical Professional Practice to evaluate his own ethical behavior? The four IMA ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. John should use these four principles and determine whether or not he acts in accordance with them. In terms of honesty, John tends to follow this principle because he suggests reporting honest numbers on the financial statements. When it comes to fairness, John also acts ethically. For example, John wants to report a fair number up front based on prior year outcomes. As for objectivity, John continually wants to use truthful numbers when reporting bad debt, product returns, and warranty liability. The last principle John must consider is responsibility. Again, John understands that he is responsible for the numbers being reported on the financials and that may be why he is so uneasy about reporting numbers he believes are inaccurate. What steps could John take to resolve the ethical dilemma he faces? As an accountant, John will encounter countless ethical dilemmas. In this situation, if John truly believes the numbers Karl wants to use will misrepresent the financial statements he should get a third parties opinion on the disagreement. If the third party agrees with Karl, and John still believes the financial statements will be misrepresented, it may be his best interest to resign from the position and move on from the company. Concerning the three accounting...
Words: 540 - Pages: 3
...CONSERVATIVE RECOGNITION OR COOKIE JAR RESERVES Robin Turner Summary Two months after graduating from college Nick O'Brien started to work in the accounting department at his aunt's software company. While going over some financial statements Nick notices what he believes are revenue recognition issues. Since Nick believes that Lee Marchetti the Chief Financial Officer (CFO) of O'Brien Software is an honest man, he decides to have a discussion with him about what he believes are revenue recognition issues. Mr. Marchetti explains to Nick that accounting is not an exact science and that it involves a lot of judgment calls and that O'Brien Software's "deferrals and estimates are well documented and in accordance with the Securities and Exchange Commission (SEC) rules" (Conservative Recognition or Cookie Jar Reserves, Carpenter p. 3). After speaking with Mr. Marchetti, Nick decided to still speak with his aunt Amelia about his concerns. Amelia expressed to Nick that she was not very good when it came to accounting matters but she was educated when it came to recognizing revenue and that she believed being conservative was better than overstating. However, she asked Nick if he thought she should mention what he found to the audit committee. Issues/Questions One question that should be addressed surrounds why the CEO Amelia is not aware of certain financial aspects of her business. The Sarbanes-Oxley Act requires the chief executive officer (CEO) and the chief financial...
Words: 1271 - Pages: 6
...Cookie Jar Reserves and Conservative Accounting ACCT 495 Professor Jastrzebski Fall 2013 Cookie Jar Reserves and Conservative Accounting SUMMARY O'Brian Software, a multimillion dollar software company, provides custom software systems, maintenance, support and training. Nick, a recent college graduate, just began working for the family run software company. After being hired to the firm's accounting department, Nick began to suspect unintentional and misleading revenue recognition . Nick believes his Aunt Amelia, founder and CEO, is an honest business woman and that her chosen CFO, Lee Marchetti, is also an honest man. Nick also knows that the financial statements have been reviewed and approved by the internal and external auditors and the firm's internal controls are effective. Despite these facts, Nick believes the firm has been smoothing earnings and creating inflated reserves. Most firms are usually charged with inflating earnings instead of under reporting, but both are equally illegal and unethical. After approaching Lee Marchetti with his concerns, Nick has informed his aunt, who has little accounting knowledge, of his suspected issues. Nick and Aunt Amelia are now faced with the decision as to whether or not the audit committee should be made aware of these concerns. ISSUES There are three issues at play regarding proper accounting and ethical business practices. The first issue is whether or not O'Brian...
Words: 1456 - Pages: 6
...Conservative Recognition or Cookie Jar Reserves? A Case Study Analysis July 5, 2013 Case Summary: Nick O’Brian has just finished his college degree and has started working for his aunt’s software company, O’Brian Software. Nick was hired as a junior auditor and has only been on the job for a couple of months. His aunt Amelia started the company as a small firm many years ago and finally went public after the company had grown tremendously. She holds the CEO position and runs the bulk of the business operations. However, Amelia O’Brian does not have a sufficient understanding of the company’s accounting procedures and therefore is not involved in the company’s accounting branch. In general the company seems to function with an air of honesty and integrity. Although the company is family owned, all of the business decisions are made with the consent of the audit committee of the board of directors. Furthermore, Lee Marchetti, the company’s CFO keeps a tight eye on all the financial activity of the company and is recognized as being a trustworthy individual who can ensure that the company’s controls are watertight. The situation is like this: While reviewing some of the company’s software revenue recognition data Nick got the feeling that the estimates were too conservative based on what the company was actually bringing in. He felt that it was possible that the company was creating “cookie jar” reserves to inflate earnings when times weren’t so good. This was especially...
Words: 1786 - Pages: 8
...ANALISYS FOR CONSERVATIVE RECOGNITION OR COOKIE JAR RESERVES Summary: O’Brian Software is a family software firm started by Amelia O’Brian. She started the company on a very small scale many years ago, but it has grown tremendously over time. The company went public and she now holds the position of chief executive officer at the company, while managing the majority of the business operations herself. Nick, who is Amelia’s nephew and a recent graduate with an accounting degree, began working for Amelia’s company. Nick was inducted as an auditor at junior level for the company and has been working only for a few months now. Amelia O’Brian has been facing issues because she does not have a sufficient understanding of the accounting procedures used in her company and her involvement with the company’s accounting function is very limited. Overall, the company has exhibited qualities of honesty and integrity in all of its functions. Though the company is owned and managed by the O’Brian family, all the important decisions are finalized only by proper discussion and final approval of the board of directors audit committee. All financial activities and transactions in the company are run by its CFO, Lee Marchetti. He is recognized as a trustworthy executive who ensures tight internal checks and controls on company’s finances. Current situation: In the process of reviewing the company’s financial statements, Nick recognized some issues with software revenue recognition...
Words: 1598 - Pages: 7
...Recognition or Cookie Jar Reserves SUMMARY OF THE FACTS Parties Involved: Aunt Amelia – Founder of O’Brian Software, Nick’s aunt and inexperienced in accounting. Nick O’Brian – Junior Internal Auditor, recently college graduate, nephew of the Lee Marchetti – Chief Financial Officer of O’Brian Software. After recently graduating college two months prior, Nick O’Brian is hired as a Junior Internal Auditor for his Aunt Amelia’s company, O’Brian Software. O’Brian Software has been in operations for five years and is a multi-million dollar publicly traded company that provides both software and consulting services to its clients. Although this is Nick’s first position at the company, he’s been involved since the very beginning of this family venture, since family members owned the majority of the stock. Realizing “her specialty is software, not accounting “, Aunt Amelia hires Lee Machete to be Chief Financial Officer (CFO) of O’Brian Software after the firm’s initial public offering (IPO) three years ago. Nick notices a significant amount of unearned revenue the balance sheet and wonders if O’Brian Software is being overly conservative in estimating the amount of deferred income. After having a difficult understanding the firm’s methodology for revenue recognition, Nick decides to talk to Marchetti. In the meeting with Marchetti, Nick states what worries him. “Overly conservative reporting could leave the impression we’re trying to create cookie jar reserves.” Machete...
Words: 1866 - Pages: 8
...Product Catalog [pic] Content Beverages 1 Condiments 2 Confections 3 Dairy Products 4 Grains/Cereals 5 Meat/Poultry 6 Produce 7 Seafood 8 Beverages |[pic] |Soft drinks, coffees, teas, beers, and ales | |Product Name |Product ID |Quantity Per Unit |Unit Price | |Chai |1 |10 boxes x 20 bags |$18.00 | |Chang |2 |24 - 12 oz bottles |$19.00 | |Chartreuse verte |39 |750 cc per bottle |$18.00 | |Côte de Blaye |38 |12 - 75 cl bottles |$263.50 | |Guaraná Fantástica |24 |12 - 355 ml cans |$4.50 | |Ipoh Coffee |43 |16 - 500 g tins |$46.00 | |Lakkalikööri |76 |500 ml |$18.00 | |Laughing Lumberjack Lager |67 |24 - 12 oz bottles...
Words: 895 - Pages: 4
...This classic Italian cookie is our favorite for holiday celebrations! Cookies: 1 C. Margarine (not butter) ¾ C. Sugar 2 tsp. Anise Extract 3 C. Flour 3 tsp. Baking Powder ¼ tsp. Salt 3 Eggs OR ¾ C. Egg Substitute Glaze: 2 C. Confectioners’ Sugar, 1 - 1 ½ tsp. Anise Extract, Milk Oven: 350 degrees Bake: +/- 17 mins. Makes: 4 dozen Tablespoon sized Cream Margarine, Sugar & Anise Extract. Add all dry ingredients. Add Eggs, 1 at a time until dough forms. Use a 1 Tablespoon-sized measuring spoon to scoop up dough and level off with butter knife. Use knife to scoop out dough. Drop onto greased or sprayed baking sheet. While cookies are baking, make glaze: Mix 3 C. Confectioners’ Sugar with 1 - 1 ½ tsp. Anise extract. Add milk a bit at a time until glaze consistency. Start with 5-6T (about 1/3 C.) milk and then add a bit more as needed (Should be thicker than pancake syrup). Dip the top of each cookie into the glaze while still warm. Do this quickly, no more than 4 at a time then sprinkle with colorful nonpareils immediately or they will not stick. It’s okay if the nonpareils “bleed” a little bit, it’s all part of the look! Use one hand for dipping and one for sprinkling from the nonpareil jar. Notes: If you are feeling fancy, or have a bit of extra time, after you have made the Tablespoon-sized ball, roll it into a rod and circle it into the shape of a wreath & tuck under the ends. It’s subtle, but makes a nice look to the top of the cookie. Use Margarine, NOT...
Words: 329 - Pages: 2
...classes: the runtime classes in rt.jar, internationalization classes in i18n.jar, and others. Whenever a new JVM is started by typing java MyMainClass, the "bootstrap class loader" is responsible for loading key Java classes like java.lang.Object and other runtime code into memory first. The runtime classes are packaged inside of theJRE\lib\rt.jar file. 1. Installed extensions: classes in JAR files in the lib/ext directory of the JRE, and in the system-wide, platform-specific extension directory (such as /usr/jdk/packages/lib/ext on the Solaris™ Operating System, but note that use of this directory applies only to Java™ 6 and later). We can store extension libraries, those that provide features that go beyond the core Java runtime code, in the path given by the java.ext.dirs property. The ExtClassLoader is responsible for loading all .jar files kept in the java.ext.dirs path 1. The class path: classes, including classes in JAR files, on paths specified by the system property java.class.path. If a JAR file on the class path has a manifest with the Class-Path attribute, JAR files specified by the Class-Path attribute will be searched also. By default, the java.class.path property's value is ., the current directory. You can change the value by using the -classpath or -cpcommand-line options, or setting the CLASSPATH environment variable. The command-line options override the setting of theCLASSPATH environment variable. The third and most important class loader from...
Words: 295 - Pages: 2
...YURI, JON III-BSIT JUNE 30, 2015 IDENTIFY ONE DEVICE * DETERMINES THE OBJECT/MODULES THAT CONSTITUTE TO IT. * LIST DOWN THE ATTRIBUTES AND METHODS (FUNCTION) OF EACH OBJECT. BLENDER 1. BLENDER JAR * This is the receptacle into the ingredients are placed. The blender jar sits snugly or locks in place on top of the main base which houses the motor and blade assembly. The bottom of the blender jar is open to allow the blade access to do its job. Though many blender jars are made of glass they can also be plastic and metal. 2. BLENDER JAR LID * The jar lid covers the top of the blender jar allowing you to safely operate the blender without your ingredients exploding from the jar. 3. JAR LID CENTER CAP * The center cap is that small plastic thing found in the center of the lid. It helps to keep liquids in but also allows you to add ingredients easily. 4. BLENDER BLADE CUTTER * The blender blade cutter is the stainless steel blade that does all of the crushing, stirring, pureeing and anything else your blender functions do. 5. O RING SEAL * This is a flat piece of rubber that sits between the blender blade cutter and blender jar. It creates a seal so that food particles and moisture do not get inside the motor and cause damage. 6. BOTTOM SCREW CUP * The bottom screw cap is important to the proper functioning of a blender. The bottom screw cap is what holds the blender blade cutter in place during...
Words: 293 - Pages: 2
...behavior important to a customer. Based on this, specifications can be used as unit tests. Concordion specifications are also clear and readable so they can also serve as system documentation. This means a project’s specifications can be easy to understand for the development team, as well as anyone outside it. This would ultimately allow for a better maintenance of software quality as the software can be reviewed as a group effort. 5. What do you need to do in order to use the tool? There is ample documentation provided on the Concordion website to guide you through the install and configuration process. Concordion requires JDK5.0 and the following JARs in the classpath: • concordion-1.4.7.jar • junit-4.12.jar (or junit-3.8.2.jar) • hamcrest-core-1.3.jar (required for JUnit 4.11 or later) • ognl-2.6.9.jar • xom-1.2.5.jar These are all included in the download that...
Words: 1393 - Pages: 6
...Cookies 2 cups whole-wheat flour 3/4 cup water 1/4 cup peanut butter 3 tsp. molasses Few dashes ground cloves Couple dashes cinnamon Topping Yogurt chips Candy decorating bag | Directions: | 1. Mix all ingredients to form dough. 2. Roll out dough to approximately a 1/2" thickness. 3. Use a variety of cookie cutters to cut out shapes. 4. Bake at 350 degrees F. Go about 30 minutes for less-crunch cookies; up to 45 to 50 minutes for crunchier cookies (depending on your pooch's taste). 5. Let cookies cool. 6. Using a microwave-safe candy decorating bag, melt yogurt chips to desired consistency for decorating (Bardy uses defrost mode and kneads it in the bag in increments). 7. Clip the tip off the end of the bag and decorate away – drops, stripes, squiggly lines – use your imagination! | | | Homemade Dog Treat Recipe Fido's Favorite Treats 1 cup rolled oats 1/3 cup margarine or butter 1 cup boiling water 3/4 cup cornmeal 1 tablespoon sugar 2 teaspoons chicken or beef instant bullion 1/2 cup milk 1 cup shredded cheddar cheese 1 egg, beaten 2 cups white or wheat flour Preheat oven to 325 degrees.Grease cookie sheets. In large bowl combone rolled oats, margarine and water; let stand for 10 minutes. Sitr in cornmeal, sugar, boullion, milk,cheese and egg. Mix well. Add flour 1 cup at a time, mixing well after each addition to form stiff dough. On floured surface, knead in remaining flour until...
Words: 672 - Pages: 3
...CHETANA’S BACHELOR OF MANAGEMENT STUDIES SUBJECT: STRATEGIC MANAGEMENT TOPIC: BCG MARIX OF PARLE NAME : RAHUL K. HANUMANTE CLASS: SYBMS DIVISION: 'B' ROLL NO:2220 SUBMITTED TO: MRS. HARMIT KAUR BINDRA BCG matrix of PARLE BCG matrix lets starts with blog Question mark: In question mark company/product is new in the market. it has very low market share and high market growth. A long time ago, when the British ruled India, a small factory was set up in the suburbs of of Mumbai city, to manufacture sweets and toffees. The year was 1929 and the market was dominated by famous international brands that were imported freely. Despite the odds and unequal competition, this company called Parle Products, survived and succeeded, by adhering to high quality and improvising from time to time. A decade later, in 1959, Parle Products began manufacturing biscuits, in addition to sweets and toffees. Having already established a reputation for quality, the Parle brand name grew in strength with this diversification. Parle Glucose and Parle Monaco were the first brands of biscuits to be introduced, which later went on to become leading names for great taste and quality. STAR: In a star, market share and market growth are strong. in this company face strong competition. Therefore company need to invest money in promotions and need to create strong chain of dealers for grab the market share. let's see how Parle did this - The extensive distribution...
Words: 834 - Pages: 4
...and domain names in e-business is subject to the regulations of each country in which the e-business operates (Burke, 2002). Although e-business has the ability to offer secure purchasing transactions combined with immediate verification and confirmation of credit card transactions, there are still some risks that are involved regarding ethical and legal issues. In e-business there are many ethical and global issues relating to Information Technology. E-businesses use log files which extracts information on how visitors use a site. This process is known as web tracking. Companies use cookie analysis and tracking software to track an individual’s movement (Burke, 2002). Each tracking record is stored on the individuals PC’s hardware, and whenever the individual revisits the website, the system becomes aware of it. Many knowledgeable users install programs such as Spam Butcher and Cookie cutters, which provide them some form of control over the cookies. There is an ongoing battle between web trackers and smart end users. Educated users utilize software such as My Privacy and Privacy Guardian to protect their online privacy by erasing surfing history, browser’s cache and cookies. Spyware can be detected and...
Words: 521 - Pages: 3
...Biscuit case 13 Biscuits Industry is the largest among all the food industries and has a turnover of around Rs.5000 crores. India is known to be the second largest manufacturer of biscuits, the first being USA. It is classified under two sectors: organized and unorganized. Bread and biscuits are the major part of the bakery industry and covers around 80 percent of the total bakery products in India. Biscuits stand at a higher value and production level than bread. This belongs to the unorganized sector of the bakery Industry and covers over 70% of the total production. with an annual output of 1.95 million tons, India is the third largest producer of biscuit, after the US and China. Per capita consumption of Biscuits in the country is only 1.8 kg, as compared to 2.5 kg to 5.5 kg in South eastern countries and European countries & USA respectively. The annual growth in the Biscuit Market is witnessed as below: [pic] Annual Growth % The growth has been stagnating during the last 4 years but it is expected to pickup momentum during the year 2007-08, mainly on account of exemption from Central Excise Duty on biscuits with MRP up to Rs.100/per kg, as per Union Budget for 2007-08. Indian Biscuit Manufacturers’ Association (IBMA), instrumental in obtaining the excise duty exemption, estimates annual growth of around 17% to 18% in the current year (2007-08). Growth...
Words: 1653 - Pages: 7
