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- Justine is an accountant in the accounting department of Modern Industries, Inc. Justine has just discovered evidence that some of the corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain higher reimbursements from the firm. According to the understanding and acceptance of the basic principles and concepts of ethical conduct, what should Justine do upon discovering this evidence? a. Notify the marketing managers involved. b. Notify the controller. c. Ignore the evidence because she is not part of the Marketing Department. d. Notify the president of the corporation.KEW Enterprises began operations in January 20X1 to manufacture a hand sanitizer that promised to be more effective and gentler on the skin than existing products. Family members, one of whom was delegated to be the office manager and bookkeeper, staffed the company. Although conscientious, the office manager lacked formal accounting training, which became apparent when the growing company was forced in March 20X4 to hire a CPA as controller. Although ostensibly brought in to relieve some of the office manager’s stress, management made it clear to the new controller that they had some concerns about the quality of information they were receiving. Accordingly, the controller made it a priority to review the records of prior years, looking for ways to improve the accounting system. From this review, the following errors were uncovered. The office manager expensed rent on equipment and facilities when paid. Amounts paid in 20X1, 20X2, and 20X3 that represented rent for the subsequent…Suppose you have a part-time position over the winter break in a small clothing store that is part of the national chain. The store's one full-time employee, with whom you have become friendly, hired you. Explain what you would do in the situations described below, and identify two internal control problems that exist in each situation. Each response must be analyzed, grammatically correct, and substantive. (This means you probably will not do well with a one sentence response). 1. You arrive at the store at 6 pm to take over the evening shift from the full-time employee who hired you. You notice that this person takes a coat from the rack, puts it on, and leaves by the back door. You are not sure if the coat is one that was for sale or if it belonged to the employee. 2. You are the only person in the store on a busy evening. At closing time, you total the cash register and the receipts and discover that the cash register is $20 short of cash. You consider replacing the $20…
- Consider the following conversation between Leonard Bryner, president and manager of a firm engaged in job manufacturing, and Chuck Davis, certified management accountant, the firms controller. Leonard: Chuck, as you know, our firm has been losing market share over the past 3 years. We have been losing more and more bids, and I dont understand why. At first, I thought that other firms were undercutting simply to gain business, but after examining some of the public financial reports, I believe that they are making a reasonable rate of return. I am beginning to believe that our costs and costing methods are at fault. Chuck: I cant agree with that. We have good control over our costs. Like most firms in our industry, we use a normal job-costing system. I really dont see any significant waste in the plant. Leonard: After talking with some other managers at a recent industrial convention, Im not so sure that waste by itself is the issue. They talked about activity-based management, activity-based costing, and continuous improvement. They mentioned the use of something called activity drivers to assign overhead. They claimed that these new procedures can help to produce more efficiency in manufacturing, better control of overhead, and more accurate product costing. A big deal was made of eliminating activities that added no value. Maybe our bids are too high because these other firms have found ways to decrease their overhead costs and to increase the accuracy of their product costing. Chuck: I doubt it. For one thing, I dont see how we can increase product-costing accuracy. So many of our costs are indirect costs. Furthermore, everyone uses some measure of production activity to assign overhead costs. I imagine that what they are calling activity drivers is just some new buzzword for measures of production volume. Fads in costing come and go. I wouldnt worry about it. Ill bet that our problems with decreasing sales are temporary. You might recall that we experienced a similar problem about 12 years agoit was 2 years before it straightened out. Required: 1. Do you agree or disagree with Chuck Davis and the advice that he gave Leonard Bryner? Explain. 2. Was there anything wrong or unethical in the behavior that Chuck Davis displayed? Explain your reasoning. 3. Do you think that Chuck was well informedthat he was aware of the accounting implications of ABC and that he knew what was meant by cost drivers? Should he have been well informed? Review (in Chapter 1) the first category of the Statement of Ethical Professional Practice for management accountants. Do any of these standards apply in Chucks case?The public accounting firm of Hanson and Brown was expanding very rapidly. Consequently, it hired several staff assistants, including James Small. Subsequently, the partners of the firm became dissatisfied with Small’s production and warned him that they would be forced to discharge him unless his output increased significantly.Donald Waddell got a job at the Boyce Thompson Institute for Plant Research. Waddell did not have an employment contract for a fixed term, and the institute’s employee manual said that his job was “terminable at will.” Soon after he was hired, the institute implemented a whistleblower policy designed to encourage “the highest standards of financial reporting and lawful and ethical behavior.” Waddell repeatedly told his supervisor, Sophia Darling, that she needed to file certain financial documents more promptly. Darling fired Waddell, telling him that he was disrespectful and insubordinate. Define “at will” employment and wrongful termination. Based on the evidence given, was Waddell wrongfully terminated? Why, or why not.
- Assume that you are currently working as an accountant, and your manager has to take an unexpected sick leave. Because you did very well in your accounting classes, the Senior Accountant asks you to step up and help with the review of reconciliations. What would be your first step? Maybe you would dive right into it, assuming you would figure out what to do as you moved through all the existing reconciliations, or maybe you would ask for a copy of policies and procedures for this task if any exist, so you could find instructions without asking the Senior Accountant constantly what to do. In addition to reviewing reconciliations, you will need to review disclosures to financial statements. How would you know if all the necessary disclosures were prepared and contained correct information?i have this assigment for accounting but i dont understand it. "You have a follow-up question for the boss and need to send an email in response. Do you reply to only the boss or do you reply to the boss and your 35 co-workers? Defend your answer."A junior executive is fed up with the operating policies of his boss. Before leaving the office of his angered superior, the young man suggests that a well-‐trained monkey could handle the trivia assigned to him. Pausing a moment to consider the import of this closing statement, the boss is seized by the thought that this must have been in the back of her own mind ever since she hired the junior executive. She decides to consider replacing the executive with a bright young baboon. She figures that she couldargue strongly to the board that such “capital deepening” is necessary for the cost-‐conscious firm. Two days later, a feasibility study is completed, and the following data are presented to the president: •It would cost $12,000 to purchase and train a reasonably alert baboon with a life expectancy of 20 years. •Annual expenses of feeding and housing the baboon would be $4,000. •The junior executive’s annual salary is $7,000 (a potential saving if the baboon is hired). •The baboon…
- Your HR Manager approaches you regarding a worker whose performance reports have been deteriorating lately and seeks your opinion on whether to keep or fire the worker. To balance things out, the manager says that the business has invested a lot of time and money in educating this employee on company-specific procedures, and that it would be a shame to let that money go to waste. What response would you have?Imagine that your business hired a manager who was not from your country, therefore was unfamiliar with the way things were done. The manager has an introductory meeting with the team and has asked that you help with learning the operations as quickly as possible. A co-worker suggested that in order to get started, the manager should look at the systems documentation. Why do you think your co-worker suggested this and why did he or she not offer to explain it to the new manager?Assume Ethan Lester and Vick Jensen are CPAs. Ethan was seen as a “model employee” who deserved a promotion to director of accounting, according to Kelly Fostermann, the CEO of Fostermann Corporation, a Maryland-based, largely privately held company that is a prominent global designer and marketer of stereophonic systems. The company has an eleven person board of directors. Kelly considered Ethan to be an honest employee based on performance reviews and his unwillingness to accept the promotion, stating that he wasn’t ready yet for the position. Kelly admired his willingness to learn and grow, not just expect a promotion. Little did she know that Ethan was committing a $50,000 fraud during 2015 by embezzling cash from the company. In fact, no one seemed to catch on because Ethan was able to override internal controls. However, the external auditors were coming in and to solidify the deception, he needed the help of Vick Jensen, a close friend who was the accounting manager and also…
