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- Which of the following is an example of “cookie jar” accounting? a) A company creates cash reserves in profitable years so the money can be used to offset poor earnings in bad years to give the impression that the company is consistently achieving earnings goals and meeting investor expectations. b)A company intentionally misapplies GAAP and, if caught, argues that the earnings effect is “immaterial” and the error is not worth correcting. c)A company takes a one-time charge against income in order to reduce assets, which results in lower expenses in the future. d) A company recognizes revenues before it is appropriate to do so.Many financial managers and corporate officers are often criticized for (a) poor decisions, (b) lack of ethical behavior, (c) large salaries, (d) lucrative severance packagesworth millions of dollars, and (e) extravagant lifestyles. Is this criticism justified? Justify your opinion.How can accountants reduce bad earnings? Question 8 options: Monitor Managers Improve Disclosure Decrease Disclosure Monitor Investors
- Mr. Bader is leaving the accounting practice to become the Finance Director of a client company. The ethical dilemma he is most likely to face would be a. Objectivity b. Integrity c. Professional Behavior d. ConfidentialitWhat is one of the ways that accounting is used to direct and control the manager of a corporation? a.Threatening to tell shareholders a mangers income if a manager makes a ‘poor financial’ decision. b.Linking of a mangers performance to a bonus that depends on accounting profit. c.Making decisions based on the accounting information regardless of managerial input. d.Using income smoothing to assure a manager that they can invest in a low risk investment.In the scenario, where employer has been putting more emphasis on controlling costs for the various businesses. With the slowing of overall spending in one sector, while ordering managers to closely monitor expenses, selling several companies and giving vice presidents greater responsibility for statements of financial positions. Whatpositive and negative consequences might this pose to the company in future fraud prevention? Outline at least three of each type.
- A)Differentiate between traditional reporting and Integrated reporting. B) Evaluate earnings management and identify TWO (2) techniques use in earnings management. C) Discuss what are the factors that can influence managers to practice unethical behaviour such as fraud.Do some research (use sources other than your prescribed textbook) and explain why it is important for businesses to have ethical standards and codes of conduct for financial managers.Include another example where poor ethical practices by people in a management or trust position have led to significant losses.D1. You read that there is no generally accepted definition of ‘earnings management’. Using your accounting knowledge, your own research and textbook reading to define, describe, and analyze: When will earnings management be acceptable? When will earnings management become a fraud? Fraudulent earnings management is often identified by two adjectives. What are the two adjectives?
- 4. The financial health of an organization is crucial and needs to be monitored on a regular basis. As a consultant, I’ve observed that some company leaders and managers fail to pay attention to the details. I once heard a manager mention that “sweeping the corners” is an important strategy. The point here is that dust accumulates in the corners, and eventually it will build to the point where the room is dirty. From an accounting and finance perspective, what type of “dust” can accumulate? What are the potential problems that lie hidden until the surface and become an issue for the managers? Please discuss.Indicate whether each of the following statements is true or false. Section 302 of Sarbanes-Oxley requires the CEO and CFO to review all financial reports and sign the reports. One of the three questions put forth by the Institute of Business Ethics is Do I mind others knowing what I have done? Ethical issues may be faced on a small scale, such as making a business decision to produce excess inventory for the sole purpose of trying to influence managers bonuses. A manager who spends excess budgeted funds remaining at the end of a fiscal year on unnecessary expenditures thinking that it is better to use it than lose it is acting ethically. The Foreign Corrupt Practices Act was implemented in 2001 to protect investors by enhancing the accuracy and reliability of corporate financial statements and disclosures.What should an organization do if performance measures change? A. Make sure that the manager being evaluated is aware of the measurement change, as this may affect his or her decision-making. B. Make sure that the manager benefits without the corporation also benefitting. C. Make sure that there are significant overriding opportunities for each manager, if the manager is unaware of the change. D. Obtain customer surveys on the change before communicating the change to the manager.
