Case 25-2: Armco Inc.: Midwestern Steel Division* Note: This case is unchanged from the Twelfth Edition. Approach The Armco case was designed to illustrate a performance measurement system with measures cascading from strategic priorities down to the lowest organization levels. The system is not tightly linked with incentive compensation‚ although that is being discussed. Still‚ the focus on measured results promises to change managerial behaviors significantly. The case is particularly interesting
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fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors reflect the true and current financial performance of the company‚ in which the management heavily relies on for decision-making. The public and company need reassurance
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group work 9 References 12 Introduction As the first of the World’s Most Innovative Companies (Business week‚ 2010) and the 17th of the Best Global Brands (Interbrand‚ 2010)‚ Apple has succeeded in strategic leadership and innovation‚ which has drawn attention from the world recently. This essay focuses on some key issues of Apple’s innovation. It begins with analyzing the key features of Apple Inc by Porter’s five forces and Kay’s distinctive capabilities. Then‚ the evaluations of the CEO
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4. The following are examples of internal stakeholders EXCEPT: a. managers. b. creditors. c. employees. d. All of these are internal stakeholders. 5. Capital market stakeholders have an interest in the company because a. they provide incentives for the company to market their products. b. they are part of the Marketing Department that is responsible for promoting the products or services to increase the business profits. c. they help market their products to customers or find
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Review of Accounting Fundamentals The Accounting Equation Assets = Liabilities + Equity Equity = Contributed Capital + Retained Earnings Retained Earnings = Beginning Retained Earnings + Net Income for the Period – Dividends Net Income = Revenues – Expenses + Gains – Losses Assets ( Probable future economic benefits obtained or controlled by a particular accounting entity as a result of past transactions or events Liabilities ( Probably future sacrifices of economic benefits
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Early Detection = $ Saved Accounting Anomalies Accounting Anomalies Faulty Journal Entries Inaccuracies in the Ledgers Ledger Doesn’t Balance Doesn’ Master or Control Accounts Do Not Equal the Sum of Individual Customer or Vendor Accounts 1 Recognize Internal Control Weaknesses Lack of Segregation of Duties Lack of Physical Safeguards Lack of Independent Checks & Reviews Lack of Proper Authorization Overriding of Existing Controls Inadequate Accounting System Common Examples
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The basic principles of an accounting information system include all of the following except | | | Student Answer: | | cost effectiveness. (Cost effectiveness is one of the basic principles of accounting information systems.) | | | | flexibility. (Flexibility is one of the basic principles of accounting information systems.) | | | | useful output. (Useful output is one of the basic principles of accounting information systems.) | | | | periodicity. (Correct! Periodicity
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Assignment #1: Company Background 1. FIRM NAME: Apple Inc. 2. HEADQUARTER LOCATION: 1 Infinite Loop CUPERTINO‚ CA 95014 United States Phone: +1-408-996-1010 Fax: +1-408-996-0275 Website: http://www.apple.com KEY EXECUTIVES Name | Since | Current Position | Arthur Levinson | 2011 | Independent Chairman of the Board | Timothy Cook | 2011 | Chief Executive Officer‚ Director | Peter Oppenheimer | 2012 | Chief Financial Officer‚ Principal Financial Officer‚ Senior Vice
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EXERCISES 6 Name:_________________________________________________________________ Test yourself A. answer the following by writing the words on the blanks provided for. 1. What do you call the large number of sensitive nerve ending _______ 2. What results when one loses his/her sense of smell? _______ 3. How do you describe the smell of varnish ______‚ burnt leaves _____‚ mustard _____‚ and roses _______? 4. Why do people collecting garbage not show annoyance anymore to the dirt
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Chrome-It‚ Inc.‚ manufactures special chromed parts made to the order and specifications of the customer. It has two production departments‚ stamping and plating‚ and two service departments‚ power and maintenance. In any production department‚ the job in process is wholly completed before the next job is started. The company operates on a fiscal year‚ which ends September 30. Following is the post-closing trial balance as of September 30: [pic] .:. Additional information: 1. The balance of the materials
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