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Assignment: Ethics in Accounting

Effective financial reporting depends on sound ethical behavior. Financial scandals in accounting and the businesses world have resulted in legislation to ensure adequate disclosures and honesty and integrity in financial reporting.  A sound economy is contingent on truthful and reliable financial reporting.

Instructions:

Read the following scenario.
Answer the questions that follow. Your answers should result in a 2-3 page submission. 
Reference back to your text book for guidance on how to think through the scenario.

Scenario:

Imagine you are the assistant controller in charge of general ledger accounting at Linbarger Company. Your company has a large loan from an insurance company. The loan agreement requires that the company’s cash account balance be maintained at $200,000 or more, as reported monthly. At June 30, the cash balance is $80,000. You give this update to Lisa Infante, the financial vice president. Lisa is nervous and instructs you to keep the cash receipts book open for one additional day for purposes of the June 30 report to the insurance company. Lisa says, “If we don’t get that cash balance over $200,000, we’ll default on our loan agreement. They could close us down, put us all out of our jobs!” Lisa continues, “I talked to Oconto Distributors (one of Linbarger’s largest customers) this morning. They said they sent us a check for $150,000 yesterday. We should receive it tomorrow. If we include just that one check in our cash balance, we’ll be in the clear. It’s in the mail!”


Questions

What is the accounting problem that the Linbarger Company faces?
What are the ethical considerations in this case? Provide rationale for why these are ethical considerations.
What are the negative impacts that can happen if you do not follow Lisa Infante’s instructions to wait one more day to post the balance?
Who will be negatively impacted if you do comply? Provide a rationale for why these individuals will be impacted.
What is one alternative that you could pursue in this scenario? Support your recommendations with information you learned in this class.
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Over the last 50 years the financial reporting systems have dramatically changed and will continue to change as the financial world faces changes such as globalization, changing regulations and the increased use of technology. The accounting profession must be ready to not only face these changes but to also adapt to them, providing relevant and reliable information to the many internal and external users of financial and managerial accounting reports.

It is important to understand the difference between managerial and financial accounting reports.

You are the chief executive officer of a multinational corporation that operates wholly owned subsidiaries in several countries. One of the company’s manufacturing plants is located in Europe. As CEO, respond to the following questions in 400-600 words:

What types of internal and external accounting reports will you use in the process of making decisions?
How will the reports differ for a multi-national corporation?

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Paper Instructions:

In this exercise, you will use the internet to research alternate incentive plans beyond those listed in the book. Incentive plans can be divided into monetary (providing employees with the opportunity to earn additional money) and non-monetary (incentivizing employees with a benefit other than money). Use the internet to identify four employee incentives (two monetary and two non-monetary) not listed in this chapter. For each incentive, write at least three sentences in which you describe the incentive, and discuss the circumstance in which it is most appropriate. Lastly, write at least two sentences in which you select the one of these incentives that you deem to be most effective, and discuss your reasoning. This paper needs in text citation and also a works cited page included.





These are some of the incentives that are in the book.


The most common incentive plans are:
•    Cash paid for reaching specified sales or production goals
•    Profit-sharing plans in which employees receive a share of profit once they exceed a predetermined level.
•    Stock Option plans in which employee who meet predetermined goals may purchase share of stock with pre-tax dollars.
•    Additional vacation days for employees whose tenure with the company surpasses preset lengths.
•    Sabbaticals, which are common in academic institutions, provide employees with paid leave after working for a predetermined number of years.

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Assume that you are a portfolio manager for a large insurance company. The majority of the money you manage is from retired school teachers who depend on the income you earn on their investments. You have invested a significant amount of money in the bonds of a large corporation and have just received a call from the company's president explaining that it is unable to meet its current interest obligations because of deteriorating business operations related to increased international competition. The president has a recovery plan that will take at least two years. During that time, the company will not be able to pay interest on the bonds and, she admits, if the plan does not work, bondholders will probably lose more than half of their money. As a creditor, you can force the company into immediate bankruptcy and probably get back at least 90 percent of the bondholders' money. You also know that your decision will cause at least 10,000 people to lose their jobs if the company ceases operations. Given only these two options, what should you do?

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Paper instructions:

In your own words, explain the recording process and the accounting equation to someone who has no accounting experience.
Then, give your opinion on the elements or areas that might cause the most confusion or be the most difficult to grasp.
Provide support for your conclusion.

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Paper instructions:

1. Suppose you purchase a 3-year, 5-percent coupon bond at par and held it for two years. During that time, the interest rate falls to 4%. Calculate your annual holding period return.
   
   2. Consider a one-year, 10-percent coupon bond with a face value of $1,000 issued by a private corporation. The one-year risk-free rate is 10%. The corporation has hit on hard times, and the consensus is that there is a 20% probability that it will default on its bonds. If an investor were willing to pay $775 for the bond, is that investor risk-neutral or risk averse?

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Paper instructions:

The objective is to give a look into the future of the below as they relate to Auditing and Accounting more generally.  Pick ONE...

1.      Emerging technology and infrastructure changes ‑ transformation, innovation, disruption
2.      IT security and privacy/cybersecurity
3.      Resource/staffing/skills challenges
4.      Infrastructure management
5.      Cloud computing/virtualization
6.      Bridging IT and the business
7.      Big data and analytics
8.      Project management and change management
9.      Regulatory compliance
10.  Budgets and controlling costs

The basic criteria is 5 to 10 pages with references, Turnitin will be used to 25% level, 1.5 line spacing, 10.5 font times roman.

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Paper instructions:

find two articles (scholarly) that discuss financial ratio analysis. Identify two advantages and two disadvantages to using ratios in financial analysis.

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Paper instructions:

Please, conduct some research to find out what is the current monetary policy followed by the FED and explain why. Select three articles from wall street journal within the last three months to support your statement. Also, visit  The Federal Reserve Bank to find additional information to support your statement

The answer is not to exceed 2 pages. Attach your answer. Please, use APA or MLA format

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Paper instructions:

Answer the above questions thoroughly in essay format using at least two sources. Include an APA formatted cover page. It should be double-spaced and include all appropriate citations of sources used.

1. When investment banks underwrite IPO’s they typically sell stock for 5-10 percent more than they pay for it. When they underwrite new stock for companies that are already public, the typical markup is 3 percent. What explains this difference? 
2. Suppose two people are the same age and have the same level of wealth. One has a high paying job and the other has a low paying job. Who should hold a higher fraction of his or her wealth in stock? Explain 
3. Suppose everyone in the world becomes convinced that the efficient markets hypothesis is true. Will it stay true? Explain
4. Would each of the following events increase or decrease the volume of bank loans? Explain
a. New regulations make it easier for share holders to replace company directors. 
b. A new law makes it a felony to default on a bank loan. 
c. All the economy’s small firms are bought by large firms. 
d. Mutual funds reduce their minimum balances for shareholders. 
5. In what ways is an asset price bubble similar to a Ponzi scheme? In what ways is a bubble different?
6. Some U.S. companies have 1 year terms for directors. The entire corporate board must run for election at each annual meeting. Other companies have 3 years terms; only a third of directors found that the companies with 3 years terms have lower stock prices, controlling for other factors. What might explain this finding?
7. Why do people commit each of the following crimes? Who is hurt by the crimes? Discuss who is hurt directly and also the border effects on the financial system. 
a. False accounting
b. Insider trading

• Reasons for and against cash flow analysis
• There are reasons as to why Castle nursing home requires keeping a cash flow analysis. First, cash flow analysis helps in determining imbalances on cash allocation and since it the work of the cash flow to help the management of the organization in maintaining balance in the cash allocation. The other significance for performing cash flow analysis is that it helps in determining whether the resources available in the business can sustain the business in terms of operational costs (Moyer & Moyer, 2012, p.341). Cash flow analysis will also help the organization in tracking payment of employees. Incase the organization has any loan the financial institution will require a cash flow analysis from the business organization.

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• PART A: PROJECT PROPOSAL
• Name and background of Organisation:
• Plan4Wealth Pty Ltd
• Plan4Wealth is a boutique Financial Planning practice who work with people to help them understand their overall financial goals, develop comprehensive strategies to help them achieve them and work with them year after year to ensure their goals are met.
  
  
• The practice currently employs 11 staff which include 6 Authorised Representatives (financial planners) and 4 administration staff.
  
  Plan4Wealth have offices located in Boronia, Moe and Pakenham (head office)
• What Industrial awards and/or contract information will be used to calculate gross pay and annual salaries?
• Bank Finance and Insurance Award 2010 – Modern Award Number MA000019
• This award covers employers throughout Australia who are work in the banking, finance and insurance industry.
• Outline government legislation that the organisation must follow when managing payroll:
• Effective 1st July 2009, most employers in Australia are governed by the Fair Work Act 2009.

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