Exercise 8 (Ethics in Business)Maria Reyes was hired by a popular fast-food restaurant as an order-taker andcashier. Shortly after taking the job, she was shocked to overhear an employeebragging to a friend about shortchanging customers. She confronted theemployee who then snapped back: "Mind your own business. Besides,everyone does it and the customers never miss the money." Maria didn't knowhow to respond to this aggressive stance.Required:What would be the practical consequences on the fast-food industry and onconsumers if cashiers generally shortchanged customers at every opportunity?

If customer were being short changed by company workers this would have a negative impact on the…

Exercise 8 (Ethics in Business) Maria Reyes was hired by a popular fast-food restaurant as a cashier. Shortly after taking the job, she was shocked to overl bragging to a friend about shortchanging customers. Sh employee who then snapped back: "Mind your own bus everyone does it and the customers never miss the money." M how to respond to this aggressive stance. Required: What would be the practical consequences on the fast-fooc consumers if cashiers generally shortchanged customers at e

Exercise 8 (Ethics in Business) Maria Reyes was hired by a popular fast-food restaurant as a cashier. Shortly after taking the job, she was shocked to overl bragging to a friend about shortchanging customers. Sh employee who then snapped back: "Mind your own bus everyone does it and the customers never miss the money." M how to respond to this aggressive stance. Required: What would be the practical consequences on the fast-fooc consumers if cashiers generally shortchanged customers at e

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Scenario: Joe Babbitt, a former executive of T-Mart, just started a term as mayor of Saulk Center. For the past several days, he has been looking for a way to keep his campaign promise to increase services without raising taxes or service charges. While lunching at the country club with the treasurer of T-Mart, the subject of a recent sale and leaseback of one of T-Mart’s stores came up. Following a common practice in retailing, T-Mart had erected a building and sold it to an investor. It then signed a long-term lease on the building. “Bingo! That’s it,” thought Mayor Babbitt. “We can sell several of the city’s buildings—as well as police cars, fire engines, and other vehicles—to investors and lease them back. That will give us the revenues we desperately need. Now I can concentrate on fighting crime.” Question: Do you agree with Mayor Babbitt?
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Alexia Jones is a worker at a local 24-hour pharmacy. Alexia works the night shift and is the only worker. Because management is cost-conscious and business is slow at night, Alexia has been given the responsibility to do the accounting from the previous day. Alexia has two children, and her husband does not work. Alexia has strong pressure to provide well for her family. Is the pharmacy at risk for fraud? Why or why not?
Lawyer Lemon, a Jacksonville lawyer, specializes in what he calls credit management law. Thatis, he aids clients with bad credit ratings to improve their status with the major purveyors ofcredit information. If a client's credit rating improves, then the client can get loans that he orshe previously could not have gotten. Lemon's business is a little thin, so he decides toadvertise his services. The text of his ad reads as follows:"Has Bad Credit Got You Down? Come and see Lou Lemon, Attorney at Law, to get a goodcredit ratingFast, faster, fastest credit lawyer in town. Results Guaranteed!Call Lou Lemon today at (904) 343-2929."Which of the following is most correct?O A. If Lemon eliminates the first line of his ad, then the ad will be PROPER.C B. If Lemon eliminates the second line of his ad, then the ad will be PROPER.C. Lou MAY use the ad in brochures, but not on the radio or t.v.D. If Lemon uses the ad as written, he will be SUBJECT TO DISCIPLINE.
Help 12. Which one of the Five Cs measures a firm's ability to pay? a. Character b. Conditions c. Capacity d. Capital 13. Which one of the following represents the correct order of the collections cycle? a. send reminder letters, make telephone calls, sue the customer, hire a collection agency b. send reminder letters, make telephone calls, hire a collection agency, sue the customer c. make telephone calls, hire a collection agency, sue the customer, send reminder letters d. sue the customer, make telephone calls, hire a collection agency, send reminder letters
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(1A) Is it permissible to violate generally accepted accounting principles (GAAP) when preparing reports used strictly by company management? If so, why? And Please discuss two of the five basic phases of the “management process” (B) The top management of a fast-food hamburger chain is considering installing point-of-sale machines that will allow customers to pay for food with a debit or credit card. Previously, the restaurant has accepted only cash. What information could the management accounting department supply to assist management with this decision?
Which of the following is NOT considered an Agency Problem? Multiple Choice The Chairman of the Board decides to throw his wife a lavish birthday party in Tahiti using company funds. A salesperson stops working after the commission payout has hit her annual limit. A manager makes a bad decision, but he has nothing to gain personally from it. The CEO of a company uses the company's jet for personal (non-business-related) travel. A purchasing manager passes up on a positive NPV project because he feels that his job will be in jeopardy if the project fails.
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A vegetable vendor gave eight hundred grams of tomatoes to a lady who had asked for one kilogram of it. What type of unethical act you observe here? a. Riba b. Giving short measures c. Swearing d. Hoarding