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introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

15. Some market data vendors time stamp their data with an “embargo time” or “release time”—the earliest time the data may be used—so as to enable the simultaneous release of information
14. On February 16, 2005, the Wall Street Journal reported that a trading group “received an incorrect price quote from a third-party data vendor” that resulted in “$7 million in trading losses
13. On January 31, 2005, the Wall Street Journal reported that Yahoo will become a market data provider (instead of a market data reseller). What are the major similarities and major differences
12. What was the first “killer application” for the Bell telephone (see Box 6-15)?
11. How come fuel cell technology has changed so little in over 150 years?
10. Does PayPal perform a similar service today as Western Union performed in the 19th century? What does Western Union do today?
9. What is the latency caused by in Fibre Channel?
8. Could the Internet come under some of the claims covered by U.S. Patent 1647 (Box 6-7)?
7. Why did Morse award the Maine congressman 25% of the company?
6. In his review of the 1843 patents, Ellsworth alludes to a caveat filed by Sidney Morse,“the publisher of the New York Observer” for a process, called cerography, that used electric charges to
5. In his review of the 1843 patents, Commissioner Ellsworth (Box 6-6) stated that because of the electric telegraph, U.S. citizens will “enjoy the earliest intelligence of markets, and thus be
4. Can an exchange or market dealer patent market data? How can market data be protected?
3. All networks need to be maintained. Describe how soft dollars maintain social networks.
2. A requirement for an archive is that it be tamper resistant. Compare a storage technology called Write Once Read Many (WORM) with writing records on a CD or DVD.
1. Many compliance regulations, particularly the Sarbanes–Oxley laws, require the archiving and access of records for 30 years. How many systems (financial or otherwise) maintain hardware
14. Can any customized financial product be given a standard name?
13. Show how the specifications of many mortgages can be viewed as options.
12. Which came first: floating rate bonds or adjustable mortgages?
11. Explain how you can approximate the payoff of a SuperShare by a portfolio of options.
10. The NSCC member number is called by different names in different organizations. Can this cause problems that could be blamed on technology?
9. How has increased market regulation led to the standardization of name and price conventions?
8. How are swaps and other nonexchange traded products identified by market data systems?Is there consistency across vendors? Why?
7. Discuss the rationale for strike price tables for options on futures contracts. Could these tables be simplified with different technology?
6. In 1915, cash settlement of a futures contract was declared similar to gambling by the U.S. courts. Why is cash settlement not considered gambling today?
5. What is the rationale for the letters used to denote contract months for futures contracts?
4. Why are there only 14 symbols in the standard MICR font?
3. Discuss how easy it is to make up a social security number for use as an identifier.
2. The International Standard Book Number (ISBN) is a unique identifier for books. It was created in the United Kingdom in 1966. What are the similarities and differences between the ISBN and the ABA
1. Why have different symbology conventions developed over the past 150 years?
12. Use FRED to compute a yield curve.
11. Use the Laplace transform methods to value a company of your choosing. Which method is closest to the share current price?
10. Build a term structure model and yield curve using data from FRED.
9. Compliance and regulatory analysts frequently talk about the Chinese wall. What is it?
8. Are there any recent SEC cases where analysts have violated the quiet period?
7. Suppose a company’s cash flow oscillates for 5 years and then it starts to grow and mature after that. What is the company worth? Use some real parameters to estimate the value per share.
6. Use the expected value methods in Section 4.3 to compute a default probability of a high-yield bond.
5. Was Samuel Morse in the social network of Lewis Tappan?
4. Use the secant method to compute the yield of a zero coupon zero risk bond.
3. What would happen today if our mortgages were turned into real (dead pledge) mortgages(Box 4-2)?
2. In the example in Section 4.1 relating to the value of Stacy’s farm crop, what is the total value today of the crop in 30 years? In 50 years? In 300 years? What is the average lifetime for a
1. In the example in Section 4.1 relating to the value of Stacy’s farm crop, what is the value today of the crop in year 30? In year 50? In year 100? In how many years will the value today of the
10. Show an example of a spreadsheet in Pacioli’s 1494 Summa (see [7] in Chapter 2).
9. Pacioli 1494 accounting standards did not rely on negative numbers: they were not yet invented. Explain how modern accounting avoids negative numbers.
8. In later editions of [3], spreadsheets were no longer being used as examples of artificial intelligence. Why?
7. Why do you think the Babylonian accountants were held in such high esteem?
6. Are forward rates the actual future spot interest rates?
5. Find an implementation of a cubic spline algorithm in C, C++, and VBA.
4. Why won’t the U.S. Treasury make the spline algorithm that they use public?
3. What are the advantages and disadvantages of the different spline methods used to interpolate a yield curve?
2. Compare the development speed among the spreadsheet version of the future value problem, the C version, the C++ version, the VBA version, and the MuPAD version.Which language requires the most
1. What was the impact of VisiCalc and Lotus 1-2-3 on Wall Street in the 1980s?
13. Mathematical notation evolved from typesetting technology. Notations for programming languages evolved from single-line typesetting technology. Comment on the use of fixedwidth non-proportional
12. After a leap second was added on January 1, 1996, the computer systems at the Associated Press and other organizations crashed. Comment on the quality of a financial order trail if leap seconds
11. Comment on the cost to the financial industry regarding the so-called Y2K problem. What about the Unix Epoch problem?
10. What are the advantages and disadvantages of keeping more than one day count basis?
9. Is the 3-second Rule 6957 sufficient for fast markets? At your favorite Internet source for real time prices, can you determine how many trades per second occur for very active securities? Using
8. Instead of asking about daily compounding, suppose Collins asked Gregory about hourly compounding. How would Gregory solve this problem?
7. Why are bonds quoted in base 32 fractions?
6. How complicated is it to write a program that would translate U.S. decimal prices (with commas and points) to Continental decimal prices (with commas and points)?
5. Theoretical mathematical notation evolved from handwritten manuscripts using superscripts, subscripts, different fonts, and different font styles. However, notation for financial computation
4. What was more important for the development of financial computation: the 10 symbols for decimal numbers or the invention of the decimal point?
3. What is the difference between a bookie and a market maker?
2. Many hardware and software vendors that helped create “legacy databases” have gone out of business. Consequently, corporate archived financial data (such as email) might be rendered useless in
1. Comment on the relative persistence of databases implemented in clay tablets, tally sticks, paper, skins, magnetic tape, magnetic disks, CDs, and DVDs. Compare their performance with respect to
10. In addition to the telephone, Alexander Bell patented the photophone, which is a device for transmitting voice on a beam of light. Compare Bell’s photophone with today’s fiber optic networks.
9. Transportation networks based on physical carriers may be more efficient for transmitting large messages (especially messages with maps, charts, or pictures). Computing the channel capacity is one
8. What were the differences among the arbitrage strategies of the Blanc brothers, the brokers at the Philadelphia Stock Exchange, and Datek Securities? Comment on the fairness, legality, and
7. The capitalization of the Erie Canal, built between 1817 and 1825, was $7 million. What is the Erie Canal capitalization value in today’s dollars?
6. Discuss how improvements in financial technology can increases or decrease the opportunities for arbitrage.
5. Can there be demand for a commodity but no demand for a futures contract on that commodity? Can you give examples?
4. Look up Internet Standard RFC 1149 (IP over Avian Carriers). Discuss how it relates to the standard Internet protocol.
3. How have American Express and Wells, Fargo exploited financial technology?
2. Show how news communication can be neither error correcting nor reliable.
1. Joseph de la Vega stated that “The Exchange business is comparable to a game.” Discuss three points where you agree and three points where you disagree.
Describing Underlying Transactions The balances of each item in Monterrey Company's accounting equation are given below for August 31 and for each of the next nine business days.AppendixLO1 State
Describing Underlying Transactions LaTech Company, which was recently formed, is engaging in some preliminary transac tions before beginning full-scale operations for retailing laptop computers. The
Sweet plc was founded in the 1970s. During the 1980s Sweet plc relied on external acquisition to expand. For the last 7-8 years the group has focused on internal development.However, on | January
The consolidated statement of profit or loss and other comprehensive income of Voyage plc for the year ended 31 December 2017 and the statement of financial position as at that date are shown
A close friend became unemployed six months ago when the company she was working for was forced into liquidation due to severe cash flow problems. After months of applications and interviews, she has
Aquinas revalues a non-current asset from €1,000 to €1,200. As the tax base of the asset is€1,000, a taxable temporary difference of €200 therefore exists and gives rise to a deferred tax
In recent years, Twist plc (“Twist”) has pursued an aggressive acquisition policy in order to expand its business. On 1 June 2017, Twist purchased all of the ordinary share capital of Shout
An entity has the following assets and liabilities recorded in its statement of financial position at 31 December 2017:The entity had made a provision for inventory obsolescence of €4 million that
Three 2-year-old dairy cows were purchased during the year ended 31 December 2016 for€200 each. During the year ended 31 December 2017, a further three 2-year-old dairy cows were purchased for
True plc acquired 675,000 shares in Fair Limited on 1 January 2015. The reserves of Fair Limited at the date of acquisition comprised retained earnings of €100,000 and capital reserve of €50,000.
Archer plc owns a number of subsidiaries, and prepares its consolidated financial statements to 31 December each year. During 2017 Archer plc purchased interests in Bow Limited and Arrow Limited.
Property, plant and equipment are to be depreciated over five years. During 2017, 50% of the inventory was sold outside the group on normal trading terms, with the remaining inventory expected to be
On 1 January 2016, Ifar Limited granted 250 cash share appreciation rights (SARs) to each of its 500 employees on condition that they continued to work for the company until 31 December 2018. During
You are the Finance Director of Thompson Group plc (“Thompson”), a group of companies that imports, blends and packs high quality tea for sale to the retail trade. Thompson prepares its financial
Two companies, A plc and B plc, both have capital of €10,000. A plc has it all in the form of equity shares of €1 each, B plc has 5,000 €1 equity shares and €5,000 of 10% debentures.Both
Dull Limited is a small manufacturing company which commenced trading in 1991. The Managing Director, Mr Evans, is of the opinion that the company is performing extremely well in a period of high
Bruce plc (“Bruce”), an Irish-listed company that prepares its financial statements to 31 December each year, sells products to those involved in magic and illusion.Additional Information: J an
Ray International Limited is a manufacturing company, with a wholly owned subsidiary M Distribution BV operating in a foreign country. The draft financial statements of the parent company in €s and
Belvoir plc (“Belvoir”) purchased 35,000 ordinary shares in an Australian company, Perth Limited (“Perth”), on the 30 April 2017. For the purposes of measuring non-controlling interests at
Limetree Limited was founded by Cindy and Eugene Lemmon in 2010. The company manufactures and distributes luxury soft furnishings to the retail trade in Ireland. In common with many start-ups, the
You are the Management Accountant of Fry plc. Laurie plc is a competitor in the same industry and it has been operating for two years. Summaries of Laurie plc’s statements of profit or loss and
The details given below are a summary of the statements of financial position of six public companies engaged in different industries.The activities of each company are as follows:1. Operator of a
The summarised statement of profit or loss and other comprehensive income of Hotpot plc for the year ended 31 December 2017 and statement of financial position as at that date are as
The following draft accounts have been prepared for Dolan plc for the year ended 31 December 2017:During the years ended 31 December 2016 and 2017, €400,000 and €500,000 were debited to equity in
On 1 January 2008 Home Limited purchased 80% of the shares of Away Limited, a company incorporated and operating in Maru, a country whose currency is Maruvian dollars(M$). The retained earnings of
Swizzle Limited produces a range of alcoholic and soft drinks and also owns a number of public houses and inns. The company’s latest published accounts have been summarised as followsThe notes to

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