Budgeting:
Details: For this assignment, you must write 4-5 paragraphs that you will deliver to the ICBI board (discussed in the IP 3 assignment) on the need for a budget contingency plan. Please think of 2 scenarios or events that could happen in which a budget contingency plan is needed.
You must answer the following:
• Explain the need for a budget contingency plan
• Identify two (2) events or problems that could occur in which a budget contingency plan is needed.
• Add three (3) budgeting guidelines to prevent the risks or problems you identified in question #2.
Objective: •critically appraise budgeting operational plans, cost categories and budgeting guidelines.
Intermediate Accounting I:
Details: A friend of yours works at a large corporation and listens to the stock reports regularly. Your friend asks you, "I always hear about the SEC, but I don't really know what it does or what it regulates. Can you explain it to me?"
Explain to your friend the following:
• What are companies registered with the Securities & Exchange Commission (SEC) required to include with their financial reports?
• What are SEC financials required to adhere to?
• What additional information is required of SEC registrants that is not required of nonregistrants?
• After visiting the SEC's Web site (www.sec.gov) and reviewing a few financial statements submitted by an SEC registrant, list the types of information you found that are required of registrants by the SEC.
Objective: • Classify the assets and liabilities of a balance sheet, explain the statement of changes in stockholders' equity, and describe the Security and Exchange Commission (SEC) integrated disclosures and the major components of an income statement, compute income from continuing operations, and report the results from discontinued operations.
Principles of Financial Accounting:
Details: Consider the following scenario:
Jim's Music Company uses LIFO for inventory, and the company's profits are quite high this year. The cost of inventory has been steadily rising all year, and Jim is worried about his taxes. You are Jim's accountant and you suggested that the company make a large purchase of inventory to be received during the last week in December. You explained to Jim that this would reduce his income significantly.
• Jim still doesn't understand the logic of your suggestion. Explain how the purchase would affect taxable income. (1 paragraph)
• Is this ethical? Jim is uncertain about the appropriateness of this from a legal and ethical perspective. Give your opinion and explain the ethical implications of making the purchase. (1 to 2 paragraphs)
Objective: • Argue the time value of money concept and appraise financial accounting concepts and their origin
• Improve research, oral and written communication skills within the financial management context
• Prioritize ethical and professional business conduct