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- The SEC is trying to get companies to notify the investment community more quickly when a "material change" will affect their forthcoming financial results. In what sense might a financial manager be seen as "more ethical" if he or she follows this directive and issues a press release indicating that sales will not be as high as previously anticipated? A manager at a "Check Into Cash" business (see Focus on Ethics box on page 192) defends his business practice as simply "charging what the market will bear." "After all," says the manager, "we don't force people to come in the door." How would you respond to this ethical defense of the payday-advance business? Bond rating agencies have invested significant sums of money in an effort to determine which quantitative and nonquantitative factors best predict bond defaults. Furthermore, some of the raters invest time and money to meet privately with corporate personnel to get nonpublic information that is used in assigning the issue's bond…Which of the following statements is not correct?(1) Bank charges are not zero-rated item.(2) Input VAT is claimable on bank charges.(3) Bank charges are not exempt supply.(4) Input VAT is not claimable on bank charges.(5) Finance costs are exempt supply.It is said of Gary Cohn, former chair of Goldman Sachs and advisor to the Trump presidency, that while “[p]inning blame for the world’s financial crisis of 2008 on one man or one bank would not be fair, . . . Gary Cohn and his entourage at Goldman Sachs is a good place to start.” At Goldman Sachs, Cohn aggressively promoted subprime mortgages and other dubious financial instruments. Knowing that these financial instruments were likely to fail, he and his cronies walked away with hundreds of millions of dollars in bonus money and stock options. His behavior cost his company billions and the world economy trillions of dollars in value, and earned him a place in Donald Trump's inner circle. Of course, Cohn was only one of many crooks to walk away rich from the financial crisis of 2008.questions: 1. Why was Cohn able to operate his fraud for so long? Why did people continue to trust him with their money right up until his frauds were exposed? 2. What happens to financial markets where…
- Accounting and ethics both played large roles in the last fiscal crisis and in many smaller scandals. How can knowledge of accounting help you guard against ethical lapses?Kong Corp is currently experiencing an employee lawsuit for discrimination. There is a remote chance that the company will lose the lawsuit and no future outcome can be estimated. How should the company treat the lawsuit in their financial statements? As a liability on the balance sheet Ignore - no need to disclose in the financial statements or record as a liability As an HR complaint Disclose in the notes to the financial statementsConsider again Milton Friedman’s article. 1. What does Friedman mean by “ethical custom”? 2. If the laws of the society are limiting the company’s profitability, would the company be within its rights to disobey the law? 3. What if the law is “on the books,” but the company could count on a lack of enforcement from state officials who were overworked and underpaid? Should the company limit its profits? Suppose that it could save money by discharging a pollutant into a nearby river, adversely affecting fish and, potentially, drinking water supplies for downstream municipalities. In polluting against laws that aren’t enforced, is it still acting “within the rules of the game”? What if almost all other companies in the industry were saving money by doing similar acts?
- True or false: the new revenue recognition standard is aimed at a few industries and will not affect most companiesWhat are some arguments in favor of continuing government support of Citigroup? Discuss who would be hurt by the bank's failure. Is the failure of Citigroup different from that of other firms? Does the government have people to manage such a global financial enterprise?Why is pro forma earnings reporting coming under scrutiny? How can you mitigate the "bad press" associated with using pro forma data in valuing an organization?
- In the case of the 2008 Enron Scandal:In what ways could the regulatory bodies’ timely intervention could have prevented such asituation?Why have there have been so many business scandals mentioned in the media over the past few years? Have companies simply gotten worse, or have people become more sophisticated in identifying improper activity? What is the role of the Accountant? Sarbanes-Oxley, for example, has placed much more responsibility on the CEO and corporate officers? Are there additional laws that should be considered to ensure these scandals do not continue to occur? Should non-executives be held liable for corporate wrongdoing? in 200 words, please.When Microsoft was founded, the company devoted very few resources to lobbying activities. After a high-profile antitrust case against it, however, the company began to lobby heavily. Why does it make financial sense for companies to invest in lobbyists?
