Questions and Answers of Small Business Accounting

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?
Describe several types of sales promotion.
How does sales promotion diff er from advertising?
Explain the selling process.
What are the advantages of personal selling?
What are the two main factors that should be considered when selecting advertising media?
Explain the diff erence between agents and brokers.
Describe merchant wholesalers.
Defi ne wholesaling and describe what wholesalers do.
Provide an example of a strategic channel alliance.
List and defi ne the marketing intermediaries that make up a distribution channel.
In the clip, Jack states that he will take the suit, but Kate enters at that point and even though she thinks he looks amazing in the suit, she balks at the price tag. What might the salesman have
Describe the type of retailing operation Jack has entered into. If he really wants the suit but at a reduced price, what other retail outlet might he visit and why?
What are the trends in promotion and distribution?
What is the nature and function of distribution?
Hansen’s Natural made a bold move in developing a product that was the opposite of what the company was known for. What accounts for Monster’s huge success?
Pick a new consumer electronic product such as a digital camera, HDTV, or laptop computer.Then go to the following shopping bots: http://www.dealio.com, http://www.become.com, http://www.smarter.com,
Do a search on Yahoo! (http://www.yahoo.com) for online auctions for a product you are interested in buying. Visit several auctions and get an idea of how the product is priced. How do these prices
Visit an online retailer such as Amazon.com (http://www.amazon.com), PCConnection.com(http://www.pcconnection.com), or Drugstore.com (http://www.drugstore.com). At the site, try to identify examples
How good was the marketing strategy you developed in Question 1 of Preparing for Tomorrow’s Workplace? Using advice from the marketing section of Entrepreneur (http://www.entrepreneur.com) or other
Visit the SRI Consulting site, http://www.sric-bi.com, and click on the VALS Survey link. First read about the VALS survey and how marketers can use it. Describe its value. Then take the survey to
You and a friend want to start a new magazine for people who work at home. Do a search of the U.S. Census database at http://www.census.gov to get information about the work-at-home market. Then
How does the stage of a product’s life cycle affect price? Give some examples. (Informational)
Team Activity Divide the class into teams. Create a single market list of products. Each team should go to a different supermarket chain store or an independent supermarket and write down the prices
Explain how something as obvious as a retail price can have a psychological dimension.(Information)
Go to the library and look through magazines and newspapers to find examples of price skimming, penetration pricing, and value pricing. Make copies and show them to the class.(Information)
Under what circumstances would a jeans maker market the product as a convenience product? A shopping product? A specialty product? (Information)
Pick a specific product that you use frequently, such as a cosmetic or toiletry item, a snack food, an article of clothing, a book, a computer program, or a music CD. What is the target market for
“Market segmentation is the most important concept in marketing.” Why do you think some marketing professionals make this statement? Give an example of each form of segmentation.(Systems)
Before starting your own business, you should develop a marketing strategy to guide your efforts. Choose one of the business ideas listed below and develop a marketing strategy for the business.
Can the marketing concept be applied effectively by a sole proprietorship, or is it more appropriate for larger businesses with more managers? Explain. (Information)
How do business markets diff er from consumer markets?
Explain the consumer decision-making process.
Explain the diff erence between customer value and customer satisfaction.
Explain the marketing concept.

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