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business essentials
Business Essentials 11th Global Edition Ronald J. Ebert, Ricky W. Griffin - Solutions
As the company founder, how willing would you be to make major organizational changes in light your increased and difficult workload?
If you were the owner of the company, how would you choose the right coffee shop managers?
What organizational changes are going to be necessary in order for you to continue to grow and select the right managers?
How do you think that your organizational structure will change over time? Will it be the same in 10 years?
Will decision-making in your business be centralized or decentralized? Be sure to support your conclusion.
Draw a sample organization chart for your business in one year. Although you won’t know the names of all your employees, your organization chart should include job titles.
Thinking ahead one year, how many employees do you expect that you will have in your business? How did you come to this conclusion?
Do you think that you would want to work in a matrix organization, such as Martha Stewart Living Omnimedia, where you were assigned simultaneously to multiple units or groups? Why or why not?ApplicAtion exerciSeS
What does the so-called learning organization aim to achieve?
How can grapevines in organizations be both positive and negative?QueStionS for AnAlySiS
What are the significant differences between line authority and staff authority in an organization?
If a manager believes that they cannot delegate because they like to control everything, what is the solution?
What does a manager’s span of control suggest in terms of their workload?
What do the solid lines in an organization chart represent?
Explain the role of accountants and distinguish among the kinds of work done by public accountants, private accountants, management accountants, and forensic accountants.
Describe the purpose of the International Accounting Standards Board and explain why it exists.
What is meant by AIS and what does it do?
Why do organizations need both financial and management accountants?
Which type of accountant could be involved in litigation support and what does it mean?
What is the purpose of auditing and why it necessary?
How would you calculate the value of owner’s equity?QuESTIOnS FOR AnALySIS
If you were assessing the value of a business which two factors would you take into account and in which financial statement would you find them?
Consider some possible reasons it is taking so long for IASB’s accounting standards to become fully adopted for use in the United States. Using the Internet as your source for information, identify three or more barriers that have deterred implementation of the standards, and explain how (or why)
Interview an accountant at a local business, nonprofit organization, or government entity. How does the firm use budgets? How does budgeting help managers plan business activities? How does budgeting help them control activities? Give examples.
In your first year of operation, who will perform accounting functions inside your company? Will you contract some or all of the work to a public accounting firm?
Create a list of the types of transactions that your accountant will record, including the purchase and sale of assets as well as revenues and expenses.
Based on the development of your business to date, create a preliminary or pro forma income statement for your firm’s first year of operation. Be sure it includes listings of relevant terms from the accounting equation. See if you can estimate anticipated data for each element in the income
Based on the development of your business to date, create a preliminary or pro forma balance sheet for your firm’s first year of operation. Be sure it includes listings of relevant terms from the accounting equation. See if you can estimate anticipated data for each element in the balance sheet.
Looking at Ford’s income statement, what has been the trend in sales (total revenue) as well as net income over the past three years?
As you have learned, gross profit is the difference between sales (or total revenues) and cost of sales (or cost of revenues). Gross profit percentage is calculated by dividing gross profit by sales (or total revenues).What is Ford’s gross profit percentage for the last three years? What does
Looking at the balance sheet, what is Ford’s current ratio for the three most recent years? What is the significance of these numbers?
How could a managerial accountant help Ford to improve its profitability?
What are the basic arguments for and against your business partner’s suggestions as to how to handle the situation?
What do you think that you should do in this situation?
What factors do you think are most important in protecting your business against fraud?
Suppose you are hoping for a career as a forensic accountant. How do recent trends in fraud provide new opportunities for such a career?
An external auditor may suspect some irregularities in a client firm’s accounting practices. In what ways might a forensic accountant be of assistance?
Consider the antifraud training for a company’s employees.Which topics should be included in that training?
What ethical issues, if any, are involved in the decision to investigate a suspected case of fraud in a business’s accounting activities?
In what ways, if any, does the discussion in this case apply to managerial accountants rather than to CPAs?Explain your response.
In what ways, if any, does the discussion in this case apply to forensic accountants rather than to CPAs?Explain your response.
Consider the restrictions on CPA services by provisions of the Sarbanes-Oxley Act (Sarbox). In what ways, if any, does this case’s description of the modern accountant’s activities conflict with Sarbox? Explain your response.
Ethics has a long-standing role in the accounting profession. Will the emerging role of the modern accountant bring with it a greater emphasis on ethics (as compared with traditional accounting)? Explain.
What kinds of IT resources will your business require?Hint: Think about the employees in your business and what they will need to do their jobs. What computer hardware and software will they need? Will your business need a network and an Internet connection? What type of network? Refer to Chapter
How will you use IT to keep track of your customers and potential customers?Hint: Many businesses—even small businesses—use databases to keep track of their customers. Will your business require a database? What about other information systems? Refer to Chapter 14 for more information on these
What are the costs of doing business? Equipment, supplies, salaries, rent, utilities, and insurance are just some of these expenses. Estimate what it will cost to do business for one year.Hint: The Business Plan Student Template provides a table for you to insert the costs associated with doing
How much will you charge for your product? How many products do you believe that you can sell in one year (or how many customers do you think your business can attract)? Multiply the price that you will charge by the number of products that you hope to sell or the amount you hope each customer will
Create a balance sheet and an income statement (profitand-loss statement) for your business.Hint: You will have two options for creating these reports. The first option is to use the Microsoft Word versions that are found within the Business Plan Student Template itself. The second option is to use
The stakeholders of every business—employees, managers, owners, governments, the public—want information about the firm’s financial health. Accordingly, companies maintain three basic financial statements reflecting that firm’s activity and financial condition. (a) What are those three
Suppose that you are a loan officer at a bank. A small, but growing company has approached your bank about obtaining a loan and has brought copies of three years of financial statements. How would you evaluate the information contained in each financial statement? What ratios would you use and why?
Identify three important ways in which the money and banking systems are changing.
Explain the three functions of money.
Which measure of money contains the most liquid form of money?
Explain the role of commercial banks. Which type of customers are offered the prime rate by them?
What are smart cards and what are their features?QuESTIOnS FOR AnALySIS
Explain how credit cards and debit cards are factored into M1 and M2 calculations. Are they different?
How does instant international banking and financial transactions work? What safeguards are there for users?
Start with a $1,000 deposit and assume a reserve requirement of 15 percent. Now trace the amount of money created by the banking system after five lending cycles.APPLICATIOn ExERCISES
The Federal Reserve Bank maintains historical and current data on exchange rates. You can find detailed historical rates by going to http://www.federalreserve.gov/releases/h10/Hist/. If you used $5,000 to purchase Chinese yuan five years from today, how many yuan would you have received? What would
How will your business venture be connected with banks and other financial institutions? In what ways, if any, are such institutions important to your business? Of these relationships, which will be most critical?
Sales of the product(s) your business offers to customers will depend, in part, on their ability to pay for those products. In what ways, if any, will customers rely on financial institutions for such purchases? Will your company assist customers in connecting with financial institutions to finance
Consider the ways that currency exchange rates will affect your company. Consider also how those rates will affect your customers and their willingness to buy your product(s). Discuss how your team will adjust pricing of your product(s) when the U.S. dollar is strong and when the dollar is weak
In what ways will your plans and methods for marketing change, if at all, when the currency values of the U.S. dollar change significantly? Explain.
Discuss how your team will determine if, and in what ways, your company must comply with the Bank Secrecy Act and the USA PATRIOT Act in conducting your company’s business. Will these acts be a serious concern for your firm? Discuss why, or why not.
Before hearing any of your group’s comments on this situation, and from the perspective of your assigned role, what are the advantages and disadvantages of becoming a virtual bank?
Join your group and share the advantages and disadvantages of becoming a virtual bank.
Do you think that going virtual would attract new customers? What types of customers would be most interested in virtual banking?
What are the potential risks of virtual banking for both the bank and the customer? How can each protect themselves?
What are the advantages of banking regulation to consumers, businesses, and national economies? How could regulation be a disadvantage to banks themselves?
Banks have increasingly subsidized their traditional business models by charging new and higher fees to consumers and businesses. Do you think that this is ethical or unethical?
Why has the rate of bank failures fallen in recent years?Do you expect this trend to continue?
What is deflation? How would increasing the money supply in Japan result in an end to deflation?
The Bank of Japan pumped lots of money into the Japanese economy using tactics similar to the Federal Reserve Bank in the United States. When the Fed wishes to put money into the economy, what tools do they use?
Consider the ways that Japan’s economy would likely be affected by having a strong yen versus a weak yen.Compare and discuss the positive implications and the negative implications for both a strong and a weak yen.
How will Japan’s new monetary policies have an impact on the U.S. economy? Identify and discuss the ways those policies will be felt in the United States.
Consider Japan’s trading status as the fourth-largest source of U.S. imports, and the fourth-largest market for U.S. goods exports. Would you expect that status to change soon relative to other U.S. trading partners such as Canada, China, Germany and others? Explain.
Worldwide, the use of debit and credit cards is widespread. What are the key differences between these types of “plastic money”? How are they classified in terms of money supply? Clearly state the differences.
Many financial institutions operate as profit making organizations. They provide a range of services to customers but at a price. How do these compare to mutual savings institutions and credit unions? Why might these institutions offer a better deal for poorer customers? Do or could these work in
Explain the concept of the time value of money and the principle of compound growth, and discuss the characteristics of common stock.
Identify reasons for investing and the investment opportunities offered by mutual funds and exchange-traded funds.
Identify the reasons a company might make an initial public offering of its stock, explain how stock value is determined, and discuss the significance of market capitalization.
Explain the difference between book and market value.
What are the three most common objectives of investment funds?
Some financial institutions take the role of underwriter.Explain.
Which three values do you need to know in order to calculate the total return on an investment?
If a lender is given an unsecured loan, what do they lack and why is this risky to the lender?QuESTIONS FOR ANAlySIS
Share prices for various companies are different prices.Not only that but also the price of an individual company shares fluctuate. Why are these statements correct?What determines the price of shares and the movement in price?
In which type of fund do you think you would invest, a mutual fund or an exchange-traded fund? What is the difference, and why would you favor one over the other?
Suppose that you are a business owner and you need new equipment and immediate funds to meet short-term operating expenses. From what sources could you gain the capital you need, and what are some of the characteristics of these sources?APPlICATION ExERCISES
There have been a number of high-profile cases in recent years concerning insider trading. Do an online search to find a case involving insider trading. Who was accused of insider trading and what was their relationship to the company? Were they convicted of insider trading, and, if so, what was
What role will debt financing play in your business’s financial plan? What types of debt financing will you use? Why?
As your business grows, will you consider bringing in angel investors or venture capital? Why or why not?
Would you consider selling stock to the general public?What advantages would a public sale of stock bring? Are there any downsides to this decision?
If you decide to sell stock through an initial public offering, what factors will be most important in the valuation of your stock?
How will the financing of your business change over time?
Choose a company with publicly traded stock that has experienced considerable price fluctuations in the past few years. You may wish to consider companies such as IBM, JPMorgan Chase, AT&T, Amazon.com, United Healthcare, and Apple. Information about stock prices can be found on many websites,
Create a graph of the company’s stock price over the past three years using Microsoft Excel or other graphing software. Identify dates associated with sharp peaks or valleys in the stock price.
Use a search engine or your library’s online databases to search for articles that might discuss internal or external factors that explain the change in stock price. Write a brief summary explaining why the stock increased or decreased in price during the periods that you have identified.
Based on your research, what internal and external factors will have the most significant impact on the price of the company’s stock in the future?
How would the possession of the draft copies of the press releases be of value to the traders?
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