Questions and Answers of Small Business Accounting

What are the ethical considerations that Sam makes that probably would be called into question in true financial markets?
In what ways is a casino like the Tangiers similar to a securities market?
The casino is faced with both short-term and long-term expenses that it must deal with. Given what you’ve seen in the clip, describe which are short-term and which are long-term expenses and why.
Sam Rothstein, in essence, is acting like the casino’s financial manager. In what ways is he doing so?
What are the key differences between debt and equity, and the major types and features of long-term debt?
How do finance and the financial manager affect the firm's overall strategy?
What are your rights to privacy when dealing with financial institutions? Research the specific privacy provisions related to banking and financial services using the Internet and write a paper on
There is a current move to increase the security of financial transactions with credit cards that generate a onetime passcode for every transaction. Go to http://www.dogpile.com to research articles
Using an Internet search engine such as Google (http://www.google.com) or Yahoo! (http://www.yahoo.com), research information on the bank branch renaissance. Make a presentation describing the merits
Find out everything you want to know about financial institutions and banking from the latest edition of the U.S. Census Bureau Statistical Abstract of the United States. Visit the U.S. Census Bureau
Visit the International Money Laundering Network Services Association (http://www.imolin.org) for the latest information on what organizations are doing to ensure that international monetary
Banking on a great career? Go to http://www.careerbank.com to explore what positions are available. Use the Salary Wizard to estimate what you can earn and make a presentation on the type of job you
Team Activity During its regular meetings, the Federal Open Market Committee, the Federal Reserve’s monetary policy-making body, considers a number of economic indicators and reports before making
Banks use databases to identify profitable and unprofitable customers. Bankers say they lose money on customers who typically keep less than $1,000 in their checking and savings accounts and
Research the banking system of another country and write a report on your findings by answering these questions: Is there a central banking system similar to the U.S. Federal Reserve System in place?
If you watch the news, you’ve undoubtedly heard mention that the Fed is going to raise or lower interest rates. What exactly does this mean? Explain how the Fed’s decision to raise and lower its
You are starting a small business selling collectible books over the Internet and need to establish a business banking account that will provide the following services: business checking, credit card
How much does a checking account cost? Call or visit several local banks and weigh prices and services. Take into consideration how you use your checking account, how many checks a month you write,
What impact has terrorism had on the banking industry?How do banks fi ght money laundering?
What challenges do U.S. banks face in foreign markets?
What is the role of U.S. banks in international banking?
Were Banco Wal-Mart to offer low interest rates on consumer loans (along the lines of American rates), what do you think the impact would be on its stores? On the Mexican banking system?On the
Why do you think U.S. regulators and other stakeholders were so vehemently opposed to Wal-Mart opening a bank?
Diff erentiate between the three types of depository fi nancial institutions and the services they off er.
What is the fi nancial intermediation process?
What are the three main components of the U.S. money supply? How do they relate to M1 and M2?
What are the main functions of money?
What is money, and what are its characteristics?
In the clip, the Mariner mentions “Smokers,” another group of individuals who travel around in packs and, like the prisoners of war during World War II, use cigarettes as a medium of exchange.
In detail, what is “the banker’s” role in the financial transaction that occurs with the Mariner’s dirt?What is the role of the man behind the banker in this financial transaction?
The Mariner takes his dirt to a central “banker” instead of simply bartering with each of the traders at the atoll and dividing the dirt among them. Based on the functions that money serves, why
What role do U.S. banks play in the international marketplace?
Visit the investor relations pages of the corporate Web sites for two of the following companies:ExxonMobil, IBM, Dell, Microsoft, Pfizer, Bank of America, AT&T, Verizon, Gilette, or Procter &Gamble.
Find the Web version of its annual report and compare it to the print version. What differences do you find, if any? Do you think companies should put their financial information online? Why or why
Go to the Web site of the company whose annual report you evaluated in Question
Can you judge an annual report by its cover? What are the most important elements of a top annual report? Go to Sid Cato’s Official Annual Report Web site, http://www.sidcato.com, to find his 15
Corporate reports filed with the SEC are now available on the Web at the EDGAR (Electronic Data Gathering, Analysis, and Retrieval system) Web site, http://www.sec.gov/edgar.shtml.First, read about
Do annual reports confuse you? Many Web sites can take the mystery out of this important document. See IBM’s “Guide to Understanding Financials“ at http://www.prars.com/ibm/ibmframe.html.
Visit the Web site of one of the following major U.S. public accounting firms: Deloitte &Touche, http://www.deloitte.com; Ernst & Young, http://www.ey.com; KPMG, http://www.kpmg.com;
One of the best ways to learn about financial statements is to prepare them. Put together your personal balance sheet and income statement, using Exhibits 14.4 and 14.5 as samples. You will have to
Your firm has been hired to help several small businesses with their year-end financial statements.a. Based on the following account balances, prepare the Marbella Design Enterprises balance sheet as
How is net profi t or loss calculated?
Describe the key parts of the income statement. Distinguish between gross sales and net sales.
What is an income statement? How does it diff er from the balance sheet?
Barber and consultant Joe Grondin recommends pricing haircuts at least as much as the cost of the lease by the square foot. For example, if the lease is $20 a square foot, the haircut should cost at
What role do computers play in accounting?
Describe the six-step accounting cycle.
Summarize the major changes aff ecting accounting and corporate reporting and the reasons for them.
Compare the responsibilities of public and private accountants. How are they certifi ed?
How do GAAP, FASB, and the IASB infl uence the accounting fi eld?
Diff erentiate between fi nancial accounting and managerial accounting.
Explain who uses fi nancial information.
Assuming that Charlie and Slade work for a firm, how does the Ferrari fit into the balance sheet?Explain your answer.
After the Enron scandal in 2001, ethics in accounting procedures have been an issue at the forefront of business. In what way does the scenario described above deal with the ethics associated with
What are the differences between public and private accountants, and are public accountants subject to new regulations?
How can someone steal your identity? Using information at the Federal Trade Commission’s identity theft Web site http://www.ftc.gov/bcp/edu/microsites/idtheft/, compile a list of the ways thieves
Research the latest developments in computer security at Computerworld’s site, http://computerworld.com/securitytopics/security. What types of information can you find there?Pick one of the
Learn more about the CERT Coordination Center (CERT/CC), which serves as a center of Internet security expertise. Explore its Web site, http://www.cert.org. What are the latest statistics on
What can intranets and enterprise portals accomplish for a company? Find out by using such resources as Brint.com’s Intranet Portal, http://www.brint.com/Intranets.htm, and Intranet Journal,
Enterprise resource planning (ERP) is a major category of business software. Visit the site of one of the following companies: SAP (http://www.sap.com); Oracle and Peoplesoft, which Oracle acquired,
Team Activity Should companies outsource IT? Some executives believe that IT is too important to outsource and that application service providers (ASPs) don’t have a future. Yet spending for ASP
You recently joined the IT staff of a midsize consumer products firm. After a malicious virus destroys some critical files, you realize that the company lacks a security strategy and policies.Outline
Your school wants to automate the class registration process. Prepare a memo to the dean of information systems describing an integrated information system that would help a student choose and
Visit or conduct a phone interview with a local small-business owner about the different ways her or his firm uses information technology. Prepare a brief report on your findings that includes the
How has information technology changed your life? Describe at least three areas (both personal and school/work related) where having access to better information has improved your decisions. Are
What are some of the downsides to using this method?
How can companies protect information from destruction and unauthorized use?
Describe the diff erent threats to data security.
Do you have the in-house capabilities to develop and implement the proposed applications, or should you bring in an outside specialist?
Does the system design and implementation include the people and process changes, in addition to the technological ones?
Are additional hardware and software required? If so, will they integrate with the company’s existing systems?
List the key questions managers need to ask when planning technology purchases.
Diff erentiate between information management and knowledge management. What steps can companies take to manage knowledge?
What are some ways a company can manage its technology assets to its advantage?
How can offi ce automation systems help employees work more effi ciently?
Diff erentiate between the types of management support systems, and give examples of how companies use each.
What are the main types of management information systems, and what does each do?
What advantages do VPNs off er a company? ASPs and MSPs?
How do a LAN and a WAN diff er? Why would a company use a wireless network?
What is a computer network? What benefi ts do companies gain by using networks?
Do you think people will pay $10 to $15 to access the Internet in the air?If you were the CEO of an airline, would you roll out wireless on your entire fleet, like Virgin America, or would you outfit
How does systems integration benefi t a company?
Distinguish between data and information. How are they related? Why is data considered a valuable asset for a fi rm?
What are management information systems, and what challenges face the CIO in developing the company’s MIS?
A beauty of the Internet is the ability to comparison shop like never before. To compare brands, features, and prices of products, go to three of these sites: http://www1.bottomdollar.com,
Go to http://www.w00t.com. Why do you think that this e-retailer is successful? How can it expand its market? Why do you think that the site has such a cult following?
What are some of the logistics problems facing firms that operate internationally? Visit the Logistics Management magazine Web site at http://www.logisticsmgmt.com and see if you can find information
Visit Industry Week’s Web site at http://www.industryweek.com. Under Archives, do a search using the search term “supply chain management.” Choose an article from the results that describes how
The Promotional Products Association International is a trade association of the promotionalproducts industry. Its Web site, http://www.ppa.org, provides an introduction to promotional products and
Choose a current advertising campaign for a beverage product. Describe how the campaign uses different media to promote the product. Which media is used the most, and why? What other promotional
What advantages does personal selling offer over types of promotion? (Information)
The Internet and technology has changed the world of promotion forever. Explain the meaning of this sentence. (Technology)
Go to the blogging search sites listed in the text and find personal blogs, both positive and negative, for a brand. Also report on a consumer good manufacturer’s blogging site. Was it appealing?
Think of a product that you use regularly. Find several examples of how the manufacturer markets this product, such as ads in different media, sales promotions, and publicity. Assess each example for
How does supply chain management increase customer value? (Systems)
You work for a small chain of department stores (six stores total) located within a single state. Write a memo to the president explaining how e-retailing may affect the chain’s business.
Trace the distribution channel for some familiar product. Compose an e-mail that explains why the channel has evolved as it has and how it is likely to change in the future. (Systems)
Team Activity Divide the class into two groups with one taking the “pro” position and the other the “con” position on the following issue: “The only thing marketing intermediaries really do
Explain the concept of buzz marketing.
What is the role of public relations?

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