Janet Taylor is the new division controller of the snack-foods division of Gourmet Foods. Gourmet Foods has reported a minimum15% growth in annual earnings for each of the past five years. Thesnack-foods division has reported annual earnings growth of more than 20% each year in this same period. During the currentyear, the economy went into a recession. The corporate controller estimates a 10% annual earnings growth rate for Gourmet Foods this year. One month before the December 31 fiscal year-end of the current year, Taylor estimates the snack-foods division will report an annual earnings growth of only 8%. Warren Ryan, thesnack-foods division president, is not happy, but he notes that"the end-of-year actions" still need to be taken. Taylor makes some inquiries and is able to compile the following list ofend-of-year actions that were more or less accepted by the previous division controller:

2. Determine whether each of the end-of-year actions is in clear violation (Violation), is clearly in compliance with (No Violation), or may be in violation with (Possible Violation) the"Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management".

e.Deferring the current period's advertising by reducing the number of television spots run in December and running more than planned in January of next year.

f. Deferring the current period's reported advertising costs by having Gourmet Foods' outside advertising agency delay billing December advertisements until January of next year or by having the agency alter invoices to conceal the December date.

g. Persuading carriers to accept merchandise for shipment in December of the current year although they normally would not have done so.

Instructions Answer the following questions in brief. Provide examples to support your answers. 1. What is SCM? What are the goals and benefits of a robust SCM? 2. Discuss the importance of accounting and financial management? What are the 4 financial objectives for any business organization? 3. Discuss the different forms of business organization./ ACCT 821 (LEG-FALL-21) / Week 1: Introduction to Accounting / Chapter 1: Self-test Which of the following is NOT a bay characteristic of financial accounting? Select one: O a. Primary focus on external reporting O b. Developed to ensure accountability to stakeholders a Founded primarily in regulation O d Initialy developed in response to the Industrial Revolution Which of the following best describes the main difference between management accounting and financial accounting? Select one: O a Management accounting is focused on non-financial factors, whereas financial accounting is focused on financial factors O b. Management accounting is primarily concerned with external stakeholders, such as shareholders and investors Q e. Management accounting is focused on internal users of information and is concerned with information used for planning, decision making, and control O d. Management accounting is based solely on cost control within organizations Why are stewardship and accountability interrelated? Select one: O a. Accountability would not be necessary without stewardship O b. Accountability is Important since owners are separate from the management of most companies O c Part of the role of a steward is to be accountable to the owners of a company O d Stewardship and accountability are separate concepts and are not interrelated O. e. Both B and C