{"id":234,"date":"2020-02-13T16:52:33","date_gmt":"2020-02-13T16:52:33","guid":{"rendered":"https:\/\/papersspot.com\/blog\/?p=234"},"modified":"2020-02-13T16:52:33","modified_gmt":"2020-02-13T16:52:33","slug":"mbadm-811-discussion-group-5-whole-course","status":"publish","type":"post","link":"https:\/\/papersspot.com\/blog\/2020\/02\/13\/mbadm-811-discussion-group-5-whole-course\/","title":{"rendered":"MBADM 811 Discussion Group 5: Whole course"},"content":{"rendered":"
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Lesson 1 Discussion: Accounting – MBADM 811 Discussion Group 5<\/h1>\n
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From Section Merge: MBADM 811 FA18 Merged Course (Sections 001, 002, 003)<\/a> <\/span><\/div>\n

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No unread replies. <\/span> 29<\/span> 29 replies. <\/span><\/div>\n<\/div>\n<\/div>\n<\/header>\n
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\u201cAn accountant is someone who solves a problem you didn’t know you had in a way you don\u2019t understand.\u201d\u00a0\u00a0 <\/strong><\/p>\n

Is this your view of accountants, or of accounting? In this discussion, express your thoughts and feelings about accounting. What do you hope, dream, or dread about studying accounting? What is your prior experience with accounting \u2013 either studying it or having to deal with it on the job? Feel free to be creative: Share an interesting story, write a poem, upload a picture\u2026.\u00a0 And also please introduce yourself, tell us about your professional position, and why you are part of this program \u2013 all of that good icebreaker stuff. Then read what other people wrote, and respond to at least one classmate.<\/p>\n

Please review the\u00a0Discussion Participation<\/a>\u00a0expectations for grading information.<\/p>\n<\/div>\n

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Lesson 2 Exercise 2: Income Statement Transactions<\/h1>\n

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Lesson 2 Exercise 3: Debits and Credits<\/h1>\n

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Lesson 2 Exercise 4: Journal Entries<\/h1>\n

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Lesson 1 Exercise 3: Balance Sheet Items<\/h2>\n

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Lesson 1 Exercise 4: Retained Earnings<\/h2>\n

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Lesson 1 Exercise 1: Financial Statement Users<\/h2>\n

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Lesson 2 Discussion: Ethics and Integrity – MBADM 811 Discussion Group 5<\/h1>\n
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From Section Merge: MBADM 811 FA18 Merged Course (Sections 001, 002, 003)<\/a> <\/span><\/div>\n

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8<\/span> 8 unread replies. <\/span> 31<\/span> 31 replies. <\/span><\/div>\n<\/div>\n<\/div>\n<\/header>\n
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The Sarbanes-Oxley Act of 2002 was passed by Congress following a series of serious accounting scandals that made corporate ethics and integrity a prominent public concern. Among its provisions is Section 302, which requires the CEO, CFO, and\/or other top managers to review the company\u2019s financial statements and certify that they are fairly stated (not misleading), and to evaluate the corporate controls and procedures in place to prevent fraud and error in financial records. This was Congress\u2019s response to fraudulent financial statement communications and an attempt to protect the public from being misled in the future. But as we all know, ethics and integrity encompass many areas, not just financial record keeping.<\/p>\n

The purpose of this discussion is to explore corporate ethics and integrity. You are free to bring up any thoughts you have on the subject, and the more diverse, the better. What comes to mind when you hear the words corporate ethics and integrity<\/em>? What are your experiences with ethics and\/or integrity in the workplace? How can ethics\/integrity be achieved? These questions are posed to get your thinking started; they don’t have to be answered directly.<\/p>\n

Please also respond to at least one classmate\u2019s post.<\/p>\n

Please review the\u00a0Discussion Participation<\/a>\u00a0expectations for grading information.<\/p>\n<\/div>\n<\/div>\n

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In my company, and in the engineering industry in general, ethics and integrity are of the utmost importance. To ensure the health and safety of all project stakeholders, including employees, clients, and the general public, engineers must hold paramount the health, safety, and welfare of the public and only perform services in the area of their competencies. I also think of ethics when it comes to acting in the best interest of our clients and making thorough conflict of interest reviews prior to accepting work on contracts. We are often working on highly sensitive environmental contamination issues on large Superfund sites that could have, or create, potential conflicts of interest with other clients or sites that we have in the vicinity.<\/p>\n

In an Accounting and Finance frame of reference, ethics and integrity brings to mind large scandals, such as Enron and the more recent Wells Fargo account fraud scandal, and just how many people are affected when there are issues of unethical and illegal behavior within corporations.<\/p>\n

It also brings to mind the concept of fiduciary responsibility, and how investment advisors registered with the SEC or a state securities regulator are fiduciaries, (i.e. required to act in the best interest of their clients), while other types of investment advisors are only required to act in a \u201csuitable\u201d manner. I recently listened to a presentation on this concept and it was very interesting to hear, as well as learn that many people don\u2019t even know or understand which type of advisor they have themselves!<\/p>\n<\/div>\n

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As a digital marketing manager in the hospitality industry, which is primarily service driven, a positive individual and organizational reputation are essential in maintaining client partnerships. Much of our services rendered are through monthly cost retainers wherein completed client work is debited accordingly. In a way, this is similar to accountants who bill by the hour. It is important that as marketing managers, we maintain integrity in calculating cost hours for strategic work completed. While it could be “easy” to increase margins by inflating cost hours, it is unethical based off of not only contractual agreements but also lacks integrity, jeopardizing client relationships should the misconduct ever see the light.<\/p>\n

In looking internally, the tracking of client hours is a measure of the profitability of a partnership and the amount of work an individual is completing. If there is misrepresentation in these numbers, leadership may deem a client unprofitable – terminating the partnership – when in fact it is the result of unethical behaviors. Similarly, I am of the perspective that “cheating the system” will always come to light in it’s own way. Whether it be leaders determining an individual is inefficient (as they are inflating hours) or the general loss of quality partnerships in an ongoing pattern.<\/p>\n

The hospitality industry is comparably small and often times it is easy to cross paths with a partner or client contact time and time again, by maintaining integrity in how a business measures its services it fosters a long-term partnership of trust. I find that trust is hard to rebuild and while employees may come and go, tarnishing the reputation of a brand, whether through decisions at an organizational level or individual level, will have lasting impacts on those wronged. I think it is also important to acknowledge that unethical behavior can occur at any level of an organization, thus each individual has a responsibility in maintaining ethical conduct and behaviors.<\/p>\n

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In such a large corporation such as Lockheed Martin, ethics and integrity hold as major principals which employees are expected to carry out each and every day. Our value statement – Do What’s Right, Respect Others, and Perform with Excellence, are the key components that have contributed to the success of the company.<\/p>\n

No matter what area of the business, I have always felt supported to voice my values and speak up in a professional and safe environment. I am lucky to work in an environment where I do not have to question the motives or actions of my peers. In today’s evolving environment, it is crucial for organizations to openly convey their ethical policies and effectively communicate them to their employees. One way in which my corporation educates their employees on ethics & integrity is by hosting an annual training session where our immediate teams are asked to watch videos and discuss the situation in an interactive setting. The videos are based on real-life events that have previosuly occurred in my company which makes this training truly valuable. I have learned that sometimes ethics can conflict with priorities but it is important to take a step back and understand our corporate policies.<\/p>\n

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Accrual vs. Cash<\/h2>\n

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Team Assignment 1 \u2013 Accrual Accounting vs. Cash Flows<\/strong><\/p>\n

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Mountain View Apartments (MVA), Inc.\u2019s records show the following information as of December 31, the end of the current year:<\/p>\n

Rent<\/u><\/p>\n

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  1. MVA collected $500,000 rent in cash from tenants during the current year for occupancy during the current year.<\/li>\n
  2. $10,000 of tenants\u2019 current-year December rent will be collected in January of next year.<\/li>\n
  3. Some tenants prepaid their January rent in December of the current year, in the amount of $14,000.<\/li>\n<\/ol>\n

    Salaries<\/u><\/p>\n

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    1. In January of the current year, MVA paid employees $6,000 for work done in the prior year.<\/li>\n
    2. During the current year, MVA paid employees $70,000 for work done in the current year.<\/li>\n
    3. At the end of the current year, MVA owed employees $3,000 for work performed in December that will be paid in January of next year.<\/li>\n<\/ol>\n

      Supplies <\/u><\/p>\n

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      1. MVA keeps certain maintenance supplies on hand. The amount of supplies on hand on January 1 of the current year was $7,000, and an additional $8,000 of supplies were purchased during the current year.<\/li>\n
      2. At the end of the current year, $2,000 of supplies remained on hand.<\/li>\n<\/ol>\n

        In the table below, enter the amounts for the ending balances (December 31, current year) of each account, the revenues and expenses to be reported on the current year income statement, the assets and liabilities to be reported on the current year balance sheet, and the amounts to be reported as cash flows for the current year. Assume that appropriate end-of-year adjusting journal entries have been correctly recorded in the books. Show cash inflows as positive amounts and cash outflows as negative amounts. Enter n\/a for areas where an amount is not applicable.<\/p>\n\n\n\n\n\n\n\n\n\n\n
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        Account<\/strong><\/td>\n

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        December 31 Balance<\/strong><\/td>\n

        		Amount Reported on Income Statement<\/strong><\/td>\nAmount Reported on Balance Sheet<\/strong><\/td>\n\u00a0<\/strong><\/td>\n\u00a0<\/strong><\/p>\n

        Amounts Reported on Cash Flow Statement<\/strong><\/td>\n<\/tr>\n

        Rent Receivable<\/td>\n10000<\/td>\nn\/a<\/td>\n10000<\/td>\n <\/td>\nCash received from rents:\u00a0 514000<\/td>\n<\/tr>\n
        Maintenance Supplies<\/td>\n2000<\/td>\nn\/a<\/td>\n2000<\/td>\n <\/td>\n <\/p>\n

        Cash paid for salaries:\u00a0 -76000<\/td>\n<\/tr>\n

        Unearned Rent Revenue<\/td>\n14000<\/td>\nn\/a<\/td>\n14000<\/td>\n <\/td>\n <\/p>\n

        Cash paid for supplies:\u00a0 -8000<\/td>\n<\/tr>\n

        Salaries Payable<\/td>\n3000<\/td>\nn\/a<\/td>\n3000<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
        Rent Revenue<\/td>\n510000<\/td>\n510000<\/td>\nn\/a<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
        Salaries Expense<\/td>\n73000<\/td>\n73000<\/td>\nn\/a<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
        Maintenance Supplies Expense<\/td>\n\u00a013000<\/td>\n13000<\/td>\nn\/a<\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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        Instructions<\/h2>\n
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        Click the button to begin the exam and start the timer. The time limit is 2 hours. While working on the exam, you may go back to previous questions and change your answers. Once you submit the exam, you cannot re-open it to make changes.<\/p>\n

        This is a closed-book, closed-notes, no-collaboration exam. Remember your academic integrity pledge! You are on your honor to ensure your exam results reflect your own knowledge. Do not share or ask for any information about the exam questions once the exam opens. Items you are allowed to use are a calculator and plain scratch paper. Items you are not allowed to use are cell phones, calculators that store information, the internet, books, and notes.<\/p>\n

        Read each question carefully, and choose the best answer.<\/p>\n<\/div>\n<\/div>\n

        This quiz was locked 16 Sep 2018 at 23:59.<\/div>\n
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        Attempt history<\/h3>\n<\/div>\n\n\n\n\n\n
        <\/td>\nAttempt<\/th>\nTime<\/th>\nScore<\/th>\n<\/tr>\n<\/thead>\n
        LATEST<\/th>\n Attempt 1 <\/a><\/td>\n37 minutes<\/td>\n29 out of 30<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/header>\n
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        Correct answers are no longer available.<\/div>\n
        Score for this quiz: 29<\/span> out of 30<\/div>\n
        Submitted 10 Sep 2018 at 22:19<\/div>\n
        This attempt took 37 minutes.<\/div>\n
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        Question 1<\/span><\/p>\n
        1 \/ 1<\/span> pts<\/div>\n<\/div>\n
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        Which of the following statements is correct?<\/div>\n
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        Retained earnings includes common stock.<\/div>\n
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        A corporation’s net income does not necessarily equal its net cash flow from operations.<\/div>\n
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        Assets on the balance sheet include retained earnings.<\/div>\n
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        The accounting equation states that assets equal liabilities.<\/div>\n
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        Question 2<\/span><\/p>\n
        1 \/ 1<\/span> pts<\/div>\n<\/div>\n
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        What are the categories of cash flows that appear on a statement of cash flows?<\/div>\n
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        Cash flows from operating, production, and internal activities<\/div>\n
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        Cash flows from investing, financing, and service activities<\/div>\n
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        Cash flows from financing, production, and growth activities<\/div>\n
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        Cash flows from operating, investing, and financing activities<\/div>\n
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        Question 3<\/span><\/p>\n
        1 \/ 1<\/span> pts<\/div>\n<\/div>\n
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        When a company borrows $20,000 from a local bank, which of the following is true?<\/div>\n
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        Assets decrease $20,000.<\/div>\n
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        Stockholders’ equity increases $20,000.<\/div>\n
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        Liabilities increase $20,000.<\/div>\n
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        Net income increases $20,000.<\/div>\n
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        Question 4<\/span><\/p>\n
        1 \/ 1<\/span> pts<\/div>\n<\/div>\n
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        Sparty Corporation has provided the following information for its most recent year of operations:<\/p>\n