What information is important to the readers of financial statements? What are the qualitative and quantitative limitations of financial statements? How might we overcome the limitations of financial statements?

What information is important to the readers of financial statements? What are the qualitative and quantitative limitations of financial statements? How might we overcome the limitations of financial statements?

What are the distinctions between net ordinary income and separately stated income and deductions?

What are the distinctions between net ordinary income and separately stated income and deductions?

Why is it important to continue to allocate costs? Would you recommend that Anthony s Orchards continue to allocate costs? Why or why not? How would you recommend allocating the purchasing department to the three cost centers? What is the basis for your decision, i.e., number of apples used, etc.?

Cost allocations are an important part of Anthony s Orchards budgeting system. Anthony s Orchards is reviewing the way decision rights are partitioned throughout the company. Using Anthony s Orchards website or Optional Resources, answer the following discussion question:

Why is it important to continue to allocate costs? Would you recommend that Anthony s Orchards continue to allocate costs? Why or why not? How would you recommend allocating the purchasing department to the three cost centers? What is the basis for your decision, i.e., number of apples used, etc.?

What outcourcing problems were encountered? Could they have been resolved better?

What outcourcing problems were encountered? Could they have been resolved better?

At least some of us have experienced outsourcing in our organizations.

Pick an organization and explain what you think went right? Can you suggest why?

What problems were encountered? How could they have been resolved better? Do you feel the outsourcing helped the organization reduce costs/create value? What if any, intangible costs do you think the organization incurred?

Pick a firm that you believe is particularly good at customer management or supplier management as a basis for creating value. What tools (e.g., certification lists, software, fixing organizational responsibilities, restructuring, etc.) do the company s managers employ to create value through these vehicles?

Pick a firm that you believe is particularly good at customer management or supplier management as a basis for creating value. What tools (e.g., certification lists, software, fixing organizational responsibilities, restructuring, etc.) do the company s managers employ to create value through these vehicles?

Does the company view its customer management or supplier management process as a core competency ?

What kind of internal marketing by shared services organizations is in shareholders interest?

1. Should business units be free to contract with outside vendors for shared services activities?
2. Should shared services operations be able or encouraged to take on outside clients?
3. What kind of internal marketing by shared services organizations is in shareholders interest?

The cigarette industry is subject to litigation for health hazards posed by its products. The industry has been negotiating a settlement of these claims with state and federal governments. As the CFO for Philip Morris, one of the larger firms in the industry, what information would you report to investors in the annual report on the firm s litigation risks? How would you assess whether the firm should record a liability for this risk, and if so, how would you assess the value of this liability? As a financial analyst following Philip Morris, what questions would you raise with the CEO over the firm s litigation liability?

The cigarette industry is subject to litigation for health hazards posed by its products. The industry has been negotiating a settlement of these claims with state and federal governments. As the CFO for Philip Morris, one of the larger firms in the industry, what information would you report to investors in the annual report on the firm s litigation risks? How would you assess whether the firm should record a liability for this risk, and if so, how would you assess the value of this liability? As a financial analyst following Philip Morris, what questions would you raise with the CEO over the firm s litigation liability?

As the CFO of a company, what indicators would you look at to assess whether your firm s long term assets were impaired? What approaches could be used, either by management or an independent valuation firm, to assess the dollar value of any asset impairment? As a financial analyst, what indicators would you look at to assess whether a firm s long term assets were impaired? What questions would you raise with the firm s CFO about any charges taken for asset impairment?

As the CFO of a company, what indicators would you look at to assess whether your firm s long term assets were impaired? What approaches could be used, either by management or an independent valuation firm, to assess the dollar value of any asset impairment? As a financial analyst, what indicators would you look at to assess whether a firm s long term assets were impaired? What questions would you raise with the firm s CFO about any charges taken for asset impairment?

What approaches would you use to estimate the value of brands? What assumptions underlie these approaches? As a financial analyst, what would you use to assess whether the brand value of 1.575 billion pounds reported by Cadbury Schweppes in 1997 was a reasonable reflection of the future benefits from these brands? What questions would you raise with the firm s CFO about the firm s brand assets?

What approaches would you use to estimate the value of brands? What assumptions underlie these approaches? As a financial analyst, what would you use to assess whether the brand value of 1.575 billion pounds reported by Cadbury Schweppes in 1997 was a reasonable reflection of the future benefits from these brands? What questions would you raise with the firm s CFO about the firm s brand assets?

What is the primary objective of consolidation procedures? What are the different methods of consolidation? In what circumstances would you choose each method?

What is the primary objective of consolidation procedures? What are the different methods of consolidation? In what circumstances would you choose each method?

Compare two financial benchmarking techniques. In your opinion, which is more effective? Explain the rationale for your opinion.

Compare two financial benchmarking techniques. In your opinion, which is more effective? Explain the rationale for your opinion.

2Identify some of the usual capital assets that an individual or business may own.

Identify some of the usual capital assets that an individual or business may own.

When an organization introduces a new promotion to a customer, should the accounting department be proactive or reactive as these promotional decisions are made, especially when the new promotional offer could impact the organization financially? How the accounting department must respond when new promotions are offered for which there is currently no promulgated accounting literature.

When an organization introduces a new promotion to a customer, should the accounting department be proactive or reactive as these promotional decisions are made, especially when the new promotional offer could impact the organization financially? How the accounting department must respond when new promotions are offered for which there is currently no promulgated accounting literature.

What are internal controls? Why are they important? Provide some examples of internal controls.

What are internal controls? Why are they important? Provide some examples of internal controls.

Is it probable that the use of information technology will eventually eliminate the audit trail, making it impossible to trace individual transactions from their origin to the summary total on the financial statements? Please explain. How do the AICPA and the PCAOB want the auditor to address controls in the light of this technological shift?

Is it probable that the use of information technology will eventually eliminate the audit trail, making it impossible to trace individual transactions from their origin to the summary total on the financial statements? Please explain. How do the AICPA and the PCAOB want the auditor to address controls in the light of this technological shift?

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