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business
corporate financial accounting 16th edition
Questions and Answers of
Corporate Financial Accounting 16th edition
The new media landscape is changing the production and dissemination of news, including news on corporate organizations.What are the main challenges in this respect for organizations and what can
Think of a number of high-profile cases where social media were used either effectively or ineffectively by organizations. What, in your opinion, were the key conditions that made it a success, or in
What would be important motives and objectives for an organization to engage in community relations?
Describe in your own words the idea of a triple bottom line.
What is the difference between corporate citizenship and corporate social responsibility?
Think about a manager or leader of an organization that you are familiar with or have worked for in the past. How successful was this manager or leader as a communicator? What in your view determined
What defines successful communication around an organizational change? Use examples from cases that you know or from your own experiences to motivate your answer.
Select a number of recent crises such as the BP oil spill in the Mexican Gulf and reflect upon how each of these companies communicated about the crisis with the media and its stakeholders. Which of
What are the main differences between an issue and a crisis?
Reflect upon the strategies of buffering, bridging and advocacy around issues. Using examples of organizations that you know, when is one or other strategy more appropriate? What generally determines
Describe the life-cycle of issues and how they may develop into active and intense issues for organizations.
Social media and new work-based technologies are changing employee communication. How in your view can these media and technologies be used to improve learning and innovation, as well as cohesion
Describe in your words how in an ideal scenario communication flows between managers and employees in an organization.
What can communication practitioners do to increase the chances of a story being covered in the news media?
Describe the main tenets of the agenda-setting role of the news media.
What is the difference between the concepts of corporate image and corporate reputation?
What are the main weaknesses of Fortune’s well-known ranking of corporate reputations?
Describe the advantages of using quantitative versus qualitative methods of reputation research.
Pick a number of corporate brands with strong reputations.Which one of the presented communication effects models(hierarchy of effects, elaboration likelihood model, and framing)best describes your
How and on what basis should a communication professional select the media for a particular communication campaign?
Discuss how the model for planning communication programs and campaigns may help in developing more effective communication.
Select an industry or sector with which you are familiar or that you have worked for in the past. Identify the themed messages and message styles used in messages released by organizations in this
What is the difference between a themed message and a message style?
Identify a company with a world-class reputation in its industry.What in your opinion has been the main driver of its reputation?
Pick a company with which you are familiar or that you have worked for in the past. Describe the alignment between the company’s vision, culture and image. Are there any gaps between these elements?
In your view, should an organization engage in a dialogue with all of its stakeholders all of the time, or rather only with some of them or simply only on particular occasions such as specific issues
What are the main advantages for organizations when they adopt a stakeholder approach to their strategy and communication?
How important is the organizational structure in ensuring integration and avoiding a fragmentation in communication?
What are the main benefits of integrating communication?
Consider the response of the company to the emerging crisis and to its critics, drawing on your knowledge of available crisis communication strategies (Chapter 11) and standards for corporate social
Reflect upon the role of content communities and social networking sites, as social media, in how the initial Greenpeace campaign escalated into a full-blown crisis for Nestlé.
What, in your own view, should be the approach to community relations within Kraft, as part of its wider stakeholder management?
Describe and evaluate the approach to community relations within Cadbury, before and after the take-over by Kraft.
Identify the change communication strategy that BA used to communicate the cost reductions and job cuts. Was this the right strategy for the company or should another strategy have been used?
Reflect upon leadership communication within BA from the perspective of employees. What in general can you say about the approach to communication with staff?
Discuss the way in which Shell has responded to the broader issue, using the concepts of buffering, bridging and advocacy. Should the company have opted for a different response?
Describe the way in which this issue evolved into a crisis for Shell using the issue life-cycle models (Figures 10.1 and 10.3).
Generally speaking, is it possible to combine frames around market competition and fairness and equality?
How would you yourself frame the issue of bankers’ pay? What kind of conceptualization or ideology does this presuppose?
IBM has supported the development of communities of practice within their organization. Would you expect such communities to be equally useful in other organizations and industry sectors that are to
Reflect upon employee communication within IBM from the perspective of employees. How can communication with staff be characterized in terms of upward and downward communication and in terms of
When the take-over was announced, The Body Shop issued pre-recorded interviews to journalists. In your view, should The Body Shop have done anything else (e.g., face-to-face interviews, press
Discuss the framing of the take-over of The Body Shop by L’Oréal in terms of the concepts of frame alignment and frame contests. Why do you think that some media reported frames and quotes from
Reflect upon the brand building and communication efforts to establish Lenovo as a global brand. What decisions as part of the planning framework made sense, and what do you think the company needs
Consider the overall communication strategy of Toyota, including its strategic intent and positioning, the themed messages and message styles in Toyota’s communications. Given the challenges ahead
Consider the vision articulated by Toyota and its alignment with the 5.4 company’s image with external stakeholders and the internal culture. Is there sufficient alignment between vision, culture
Consider the four values of the identity and brand positioning of BMW.Are these values, authentic, distinctive and unique from the perspective of consumers and other stakeholders in the premium car
Describe the alignment between vision, culture and image for BMW and discuss how BMW manages this alignment and whether there is the potential for gaps between them.
What strategies and models of communication should the company use for communicating with its different stakeholder groups? What opportunities are provided by social media for stakeholder
Consider the importance for Starbucks of developing long-term relationships and alliances with different stakeholders. Should the company develop relationships with all of its stakeholders or only a
To what extent do you think that process survey tools can be effectively used within corporate communication in other multinational corporations?Are these tools applicable to any type of
Describe the vertical and horizontal structuring of corporate communication within Philips. What can you say about the effectiveness of these structures in the light of the company’s brand
In your experience, how good is this company in communicating and engaging with its stakeholders? And how does the company compare on this with its direct competitors?
Pick a company with which you are familiar or that you may have worked for in the past. Describe the company’s corporate communication in terms of its reputation, management and stakeholder
Discuss the communication challenges for Apple: will the company be able to ride out the recent storm of criticism and requests for more transparency on the back of its strong reputational position,
Temporary revenue and expense timing differences between income before income taxes and taxable income for four years of Jaffe Corporation’s operations are as follows:Assume that Jaffe
Everdeen Inc. had common stock of $2,300,000 and retained earnings of $865,000 at January 1, 20Y7. During 20Y7, Everdeen reported the following:The company discovered that net income for 20Y6 was
What is an example of a permanent difference between taxable income and income before income taxes?
Sprouts Farmers Market, Inc. (SFM) is a supermarket chain that offers a wide selection of fresh, natural, and organic foods. At the beginning of Year 1, the company reported no accumulated other
Temporary revenue and expense timing differences between income before income taxes and taxable income for Broadway Suites Inc.’s first four years of operations ended December 31 are as
Journalize entries for the following income-tax-related transactions for Yang & Daughters Inc. for the year ending December 31, 20Y7: 20Υ7 Apr. 15. Recorded the first quarter estimated tax
Journalize entries for the following income-tax-related transactions for Resnick & Sons Inc. for the year ending June 30, 20Y6: 20Y5 Oct. 15. Recorded the first quarter estimated tax liability
For its first year of operations ended December 31, 20Y6, Hunter-Jones Inc. reported income before income taxes of $2,800,000. By using temporary revenue and expense timing differences, Hunter- Jones
Over the life of a corporation, will the total tax expense reported on the income statement differ from the total tax paid on the tax return? Explain.
Differences between taxable income and income before income taxes may be created because an item is recognized in one period for tax purposes and in another period for income statement
Does the taxable income reported on a corporation’s tax return normally equal income before income taxes that is reported on the income statement? If not, why?
A corporation with an accounting period ending December 31 estimates that its taxable income for the year will be $1,200,000.a. When will the corporation’s first quarterly estimated tax payment be
On January 18, 20Y4, Sentinel Inc., a U.S. company, sold merchandise costing $180,000 to Outback Expeditions, located in Perth, Australia, for $650,000 Australian dollars (AUD). Outback Expeditions
On April 22, 20Y5, Beyer Inc., a U.S. company, purchased merchandise from Kindersley Co., located in Saskatchewan, Canada, for $1,000,000 Canadian dollars (CAD). Kindersley Co. requires payment in
A U.S. company sells merchandise on account (on credit) to a foreign company that pays in a foreign currency. (a) When would the U.S. company record a foreign currency exchange gain? (b)
A U.S. company purchases merchandise on account (on credit) from a foreign company that requires payment in a foreign currency. (a) When would the U.S. company record a foreign currency exchange
When would a U.S. company record a foreign currency exchange gain or loss?
On May 17, 20Y3, Summerfield LLC, a U.S. company, sold merchandise that cost $500,000 to Harman Stores, located in Riyadh, Saudi Arabia, receiving 3,000,000 Saudi riyal (SAR) at the time of sale. The
On February 3, 20Y8, Sullivan Manufacturing, a U.S. company, sold merchandise that cost $42,000 to Cikan Stores, located in Prague, Czech Republic, receiving kc 1,600,000 Czech koruna (CZK) at the
On November 15, 20Y4, Butler Wholesale, a U.S. company, purchased merchandise from Shetland Wool, located in Wellington, New Zealand, for $331,100 New Zealand dollars (NZD). Shetland Wool requires
On August 7, 20Y1, Boise Co., a U.S. company, purchased merchandise from Red Deer Inc., located in Edmonton, Canada, for $67,500 Canadian dollars (CAD). Red Deer Inc. requires payment in CAD at the
Mays Inc. purchased merchandise from Takaoka Industries located in Osaki, Japan, for ¥21,800,000 Japanese yen (JPY). Takaoka Industries requires payment in JPY at the time of sale. Assuming an
King Manufacturing Inc. received ₹1,500,000 Indian rupees (INR) from a cash sale of merchandise to Krishna LLC, located in New Delhi, India. Assuming an exchange rate of $0.014 USD per INR, how
How does the accounting for a cash transaction with a foreign company differ from a transaction with a U.S. company if (a) The payment or receipt is in USD (b) The payment or receipt is in
Pascal Inc. acquired 40% of the outstanding common stock of Andres Corporation for $1,200,000. During the year, Andres Corporation reported net income of $220,000 and paid dividends of $45,000.
Lynch Corporation owns 35% of the outstanding common stock of Katherine Interiors Inc.a. Explain how Lynch Corporation would account for its share of Katherine Interiors’ net income of $500,000.b.
Malia Industries owned the following equity investments as of December 31, 20Y3:Each of the preceding equity investments was purchased in 20Y3 and is less than 20% ownership of the issuing company.
Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value
Explain how a change in fair value of an equity investment with less than 20% ownership is reported on the investor’s (a) Income statement (b) Balance sheet.
In recording the change in fair value of an equity investment with less than 20% ownership, what is used to determine fair value?
Bellows Inc. purchased 10,000 shares of Nesbitt Inc.’s common stock for $7.50 per share. Nesbitt Inc. has 100,000 shares of common stock outstanding.a. What account and amount is debited by Bellows
Wheeler Inc. owned the following available-for-sale investments as of December 31, 20Y4:During 20Y5, Wheeler Inc. did not purchase or sell any available-for-sale securities. The fair value of the
What method of accounting is used to account for equity investments of less than 20% ownership?
M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations:The fair value of the various available-for-sale securities on December 31, 20Y5, was as
Williamson Inc. owns 15% of the outstanding common stock of Olson Corporation. For purposes of determining the proper accounting for Williamson Inc.’s investment in Olson Corporation, is it proper
Using the data from Assignment B1-19, assume that Giovani Foods did not purchase or sell any available-for-sale securities during its second year of operations. At the end of the second year, the
What method of accounting is used to account for investments in available-for-sale securities?
During the year ended December 31, 20Y9, trading securities were purchased for $72,600. On December 31, 20Y9, the securities had a fair value of $79,100. Journalize the December 31, 20Y9, adjusting
During the year ended December 31, 20Y3, trading securities were purchased for $346,000. On December 31, 20Y3, the securities had a fair value of $309,000. Journalize the December 31, 20Y3, adjusting
During its first year of operations, Coffman Inc. purchased trading securities with excess cash for $50,000. Coffman Inc. expects it will sell the securities within the next year. At the end of the
What method of accounting is used to account for investments in trading securities?
What is the primary investor objective of purchasing trading securities?
Gillooly Co. purchased $360,000 of 6%, 20-year Lumpkin County bonds as a held-to-maturity investment on May 11, Year 1, directly from the county, at their face amount plus accrued interest. The bonds
What method of accounting is used to account for held-to-maturity securities?
Staley Inc. reported the following data:Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method. Net
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