ACCT 361 Chapter 1: THEA-520_exam1_review

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7 Dec 2021

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McGill University

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Accounting

Course

ACCT 361

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Related Questions

7. If a survey is to be conducted to determine businessesâselection criterion for choosing PC and network communicationsproducts, which survey method should be used and why?

8. Design a questionnaire for determining businessesâ selectioncriterion for choosing PC and network communications products.

INTEL: Building Blocks Inside Out

The Intel Corporation (www.intel.com) was founded in 1968 tobuild semiconductor memory products. It introduced the worldâsfirst microprocessor in 1971. Microprocessors, also referred to ascentral processing units (CPUs), often are described as the âbrainâof a computer. Today, Intel supplies the building blocks for thecomputing and communications industries worldwide. These buildingblocks include chips, boards, systems, and software, and they areused in computers, servers, and networking/communications products.Most of Intelâs customers fall into two separate groups: theoriginal equipment manufacturers (OEMs) and the PC and networkcommunications products users. The OEMs manufacture computersystems, cellular handsets and handheld computing devices,telecommunications and networking communications equipment, andperipherals. The PC and network communications products usersinclude individuals, large and small businesses, and serviceproviders, who buy Intelâs PC enhancements, networking products,and business communications products through reseller, retail,e-business, and OEM channels. Intel is an increasingly globalcompany. Only 35 percent of its revenues are from North America,whereas Asia and Europe comprise 31 percent and 25 percent,respectively. Revenues for fiscal year 2010 amounted to $43.62billion. Intel has shown phenomenal growth as a company. Much ofIntelâs success can be attributed to innovation within itsmarketing department. This innovation was required to overcomeseveral obstacles. The main problem Intel faced was trying to sellan ingredient brand, which is a component of a larger product.Thus, the difficulty is in reaching consumers that will never seeyour product and might not even know what it does or why it isthere. Intel began marketing research in the 1980s because it washaving difficulty with its customers not upgrading from the 286 tothe 386 microprocessor. Marketing research showed that this was dueto a lack of customer awareness, and Intel set out to change that.It conducted a small but effective advertising campaign. In fact,in the process it realized that it had inadvertently created abrand in Intel. Because of the success of this small campaign,Intel began to realize the importance of marketing and marketingresearch and started to focus more effort and money on these areas.Marketing research revealed that in order to be effective in itsoverall marketing campaign, Intel would have to reach the consumersand convince them that what was inside the computer was asimportant as what was on the outside. This became the key elementof the âIntel Insideâ campaign conducted during the early 1990s.This slogan helped Intel put a name with its products, and ithelped it encompass several of its products under one title.Furthermore, marketing research showed that it would be mosteffective to cross-market with its technology partners. This wouldhelp consumers understand the products that Intel helped make up.It did this by including the âIntel Insideâ logo in its partnersâads. It also helped fund these advertisements. A problem withincluding its slogan in other ads is that Intel did not want tointrude on the commercials. It decided to help make the small logosink in by accompanying it with a jingle every time it wasdisplayed. This jingle has become extremely recognizable andsynonymous with Intelâs slogan. All of this helped Intel realizeits goal of increased consumer awareness. Longitudinal measurementof advertising effectiveness via marketing research revealed thatthe âIntel Insideâ campaign was very effective. Intelâs next ideawas to come up with a name for its microprocessor. This would helpit to avoid using the numbering scheme, which was nonpatentable,and to find a name that consumers could identify their processorswith. After extensive marketing research, Intel chose the nameâPentium,â which it found generated positive reactions with itsconsumers. Intel has been marketing its processors under this nameever since. Between 1990 and 1993, Intel invested $500 million inadvertising to build its brand equity. By 1993, 80 percent ofpeople in the United States recognized Intel and 75 percent hadpositive feelings about the brand. Most important, 50 percent ofconsumers looked for the brand when they were shopping. By 1994,Intel had captured 95 percent of the microprocessor market, due inlarge part to its marketing efforts. Intelâs market share formicroprocessors slipped to about 80 percent in 2005 as a result ofincreased competition from its main competitor, AMD. On December30, 2005, Intel announced a major overhaul of its corporate andproduct branding, a move designed to symbolize the chip makerâstransformation into a supplier for products beyond personalcomputers. The changes included a new version of the companyâs bluelogoâwithout the lowered âeâ that had long been a part of Intelâsbrandingâalong with a new tagline, âLeap Ahead.â As of 2006, Intelno longer used the well-known âIntel Insideâ logo. In 2009 tobetter align major product groups around the core competencies ofIntel architecture and manufacturing operations, Intel reorganizeditself into nine operating segments. The increased competitionmakes Intelâs marketing research efforts more important than everas it attempts to preserve its dominant place in the market. Intelhas been able to be very successful because of its focus ontechnology, brand image, and brand equity. Intel still faces futurechallenges, including increased competition, the opening of newmarkets, and the development of new products. Intel will continueto rely on marketing research to meet these challenges. ConclusionMarketing research has played a critical role in Intelâs phenomenalgrowth. Marketing research was instrumental in developing the Intelbrand, designing the âIntel Insideâ campaign, and crafting the newlogo with the âLeap Aheadâ tag line. Continued reliance onmarketing research will enable Intel to enhance its image as apreeminent building block supplier inside out.

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Harvey and Deanne Gilbert were both born and raised in Kansas City, Missouri. Harvey attended the University of Missouri in Kansas City, majoring in pre-med, and then completed medical school at the University of Missouri in Columbia. Deanne graduated from the University of Missouri with a degree in elementary education and began her teaching career in Raytown, Missouri, a suburb of Kansas City. During Harveyâs junior year in college, Harvey and Deanne were married. While Harvey attended medical school, Deanne taught fifth grade in Centralia, Missouri. Following graduation from medical school, Harvey was commissioned as a lieutenant in the U.S. Navy and completed his internship at the Oakland Naval Hospital. He spent 1 year in Vietnam as a physician on a troop transport ship. On returning from Vietnam, he was stationed in Stockton and San Diego, California. While stationed in Stockton, Deanne taught sixth grade at Colonial Heights Elementary School.

Harvey had spent 4 years as a physician in the Navy. After leaving the Navy, he became a resident in radiation oncology at Mt. Zion Hospital in San Francisco. After Deanne and Harvey had their first child, Jill, Deanne gave up teaching to be a full-time stay-at-home mom to Jill and her younger brother, Jason. Harvey continued his studies, doing research at Stanford, and completed his training in radiation oncology at UCLA in 1973.

Harvey began practice at the Kaiser Hospital in Los Angeles and worked for them for about 9 years. The Gilberts firmly believed in the time value of money and the power of investing. They saved a percentage of their income from the time they were married. They always paid themselves first and invested their money, primarily in stock and mutual funds, which they selected carefully. They always invested the maximum in retirement accounts and fully funded their 401(k) and self-directed IRA.

Then Harvey entered private practice in a community hospital in Los Angeles for another 10 years as director of a regional cancer center. When Jill entered college at USC, Deanne determined that student housing in the area was rundown and not very safe, so she decided to buy a piece of property that Jill could live in while attending the university. She worked with several brokers until she found a piece of property that she really liked. When her friend Diane Futterman, another physicianâs wife, found out what she was doing, she wanted to work with Deanne and they formed a Subchapter S corporation to purchase affordable rental housing for students in the USC area. They bought houses and remodeled them to meet their own high standards; furnished them; installed security systems, including bars on the windows and security doors; and rented to students. In the first year, they bought one house; the next year, they bought three more houses. Deanne and Diane invested primarily in student housing and then gradually expanded into apartments and rental real estate. The work in the corporation was divided very carefully, with both partners doing what they were most interested in and did best. Diane specialized in contracts and the legal aspects of the business, whereas Deanne specialized in the physical maintenance, decorating, and security of the units. They prided themselves in offering safe, affordable, and secure housing for students and tenants in the Southern California area.

By 1992, both of the Gilbertsâ children had settled in the San Francisco area. Deanne and Harvey moved to northern California in 1993 to take advantage of an opportunity for Harvey to practice in the Modesto area. In 1997, Harvey and Deanne decided to go out on their own and build a cancer center in Lodi, California, where Deanne became the office manager and Harvey was the primary physician and medical director. The decision was made early on to stay in the specialty of radiation oncology with their services being used by several health plans, HMOs, and other physician groups. Between 1997 and 2004, the center grew from 4 employees to 12. In 2004, the radiation facility was sold to a national radiation oncology organization with Harvey continuing as the practicing physician and Deanne as the manager. When the center was sold, all the original investors were paid off.

Harvey and Deanne were retained by the purchasing entity to continue their roles as medical director and office manager. The acquisition agreement also provided them with the opportunity to participate in profit sharing, and as such, they have continued to participate in the revenues of the practice.

Over his years in practice, Harvey was continually asked for recommendations regarding long-term care and assisted living; thus the idea of the Gilbert Guide was developed and founded by the entire family. By this time, their daughter Jill, a graduate of USC with more than 10 years of experience in the film industry, and their son Jason, a graduate of UCLA with many years of experience in the area of strategic planning, operations, finance, and product management, were looking for a new venture. Gilbert Guide, Inc. was developed to address the dire need for comprehensive and practical consumer guides for long-term care planning in every major metropolitan area in the United States. Founded by the Gilbert familyâJill, Jason, Deanne, and Harveyâthe Gilbert Guide has grown from its inception in 2003 as a groundbreaking guidebook setting new standards and criteria for assessing the quality of the many types of long-term care available to become the biggest senior care site on the Web, offering an even wider range of resources to help families and caregivers in their time of senior care need. This is truly an entrepreneurial family venture, with their daughter Jill as president and CEO, their son Jason as COO and CFO, and Harvey as medical and policies director. The Gilbert Guide can be found on the Internet at http://www.gilbertguide.com.

1. How much of the Gilbertâs success do you attribute to their persistence?

2. How important do you believe the Gilbertâs investments and understanding of time value of money contributed to their overall success?

3. Provide a brief summary of the case study

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Chapter 1 Financial Accounting and Accounting Standards

The essential characteristics of accounting are (1) theidentification, measurement, and communication of financialinformation about (2) economic entities to (3) interested partiesFinancial accounting is_________________________________________________________________________________________________________________________________________________.For example accounting information is used by financial accountingto decide whether to invest in the company, evaluate borrowingcapacity to determine the extent of a loan to grant or buy, sell,hold equity and debt instruments.

Managerial accounting is_________________________________________________________________________________________________________________________________________________.

The financial statements* most frequently provided are (1)_______________________ (2) _______________________ (3)_______________________ (4) _______________________ *Also part ofthe financial statements are the notes of the financial statements.Other means of financial reporting that are not financialstatements include the presidentâs letter or supplementaryschedules in the corporate annual report, prospectuses, reportsfiled with government agencies, news releases, managementforecasts, and social or environmental impactstatements.

a) The objectives of Financial Reporting The objective;__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

General-purpose financialstatements_______________________________________________________________________________________________________________________________________________________________.

Entity perspective____________________________________________________________________

Provide decision-useful_________________________________________________________________________________________________________________________________________________.

The accounting profession has developed a set of standards andprocedures called _________________________________________________________

Which of the following represents a form of communicationthrough financial reporting but not through financialstatements?

A. Notes to financial statements. B. Balance sheet. C.President's letter. D. Income statement.

The objective of financial reporting places most emphasison:

A. providing specific guidance related to specific needs. B.providing information to individuals who are experts in the field.C. reporting on stewardship. D. reporting to capital providers.

General-purpose financial statements are prepared primarily for:A. external users. B. auditors. C. internal users. D. governmentregulators.

LO 1.2 Identify the major policy-setting bodies and their rolein the standard-setting process.

Three organizations: Securities and Exchange Commission (SEC):______________________________

American Institute of Certified Public Accountants (AICPA):_______________________________________________________________

Financial Accounting Standards Board (FASB):____________________________

The federal government established the SEC to help develop andstandardize financial information presented to stockholders. Mostcompanies that issue securities to the public or are listed on astock exchange are required to file audited financial statementswith the SEC._____________________________________________________________________________________________________________________________________.

Under the direction of the SEC the__________________________________ was created by the AICPA in_______. It was the first private sector organization that had thetask of setting accounting standards in the United States. ï·___________________________________________________ that narrowedthe wide range of alternative accounting practices then inexistence. In _______. the __________________________________ wasformed to meet the demand for more structured accounting standards.The APB issued pronouncements on accounting principles until_______. the pronouncements where known as _________________, whenit was replaced by the __________________________________ .WheatCommitteeâs recommendations resulted in creation of FASB.

The FASB represents the current rule-making body within theaccounting profession. The mission of the FASB is to establish andimprove standards of financial accounting and reporting for theguidance and education of the public, which includes issuers,auditors, and users of financial information. The FASB differs fromthe predecessor APB in the following ways: a.__________________________________ b.__________________________________ c.__________________________________ d.__________________________________ e.__________________________________

In 1984, the FASB created the __________________________________The purpose of the Task Force is to reach a consensus on how toaccount for new and unusual financial transactions that have thepotential for creating differing financial reporting practices.

Which organization was responsible for issuing AccountingResearch Bulletins? A. The Accounting Principles Board. B. The SEC.C. The Committee on Accounting Procedure. D. The FASB.

The Financial Accounting Standards Board (FASB) was proposed bythe A. Study Group on the Objectives of Financial Statements. B.American Institute of Certified Public Accountants. C. Study Groupon establishment of Accounting Principles (Wheat Committee). D.Accounting Principles Board.

The major distinction between the Financial Accounting StandardsBoard (FASB) and its predecessor, the Accounting Principles Board(APB), is A. a majority of the members of the FASB are CPAs who aredrawn from public practice. B. all members of the FASB possessextensive experience in financial reporting.C. all members of theFASB are fully remunerated, serve full time, and are independent ofany companies or institutions. D. the FASB issues exposure draftsof proposed standards.

The FASB issues two major types of pronouncements: a. When theFASB issues a new standard it is refers as_________________________________to communicate changes to the FASBCodification. They are considered GAAP and must be followed inpractice. o How the FASB has changed US GAAP, including eachspecific amendment to the FASB Codification o Why the FASB decidedto change US GAAP and background information related to the changeo When the changes will be effective and the transition method. b.__________________________________ The SFACs represent an attemptto move away from the problem-by-problem approach to standardsetting that has been characteristic of the accounting profession.The Concept Statements are intended to form a cohesive set ofinterrelated concepts, a conceptual framework that will serve astools for solving existing and emerging problems in a consistentmanner. Unlike FASB statements, the Concept Statements do notestablish GAAP.

Prior to 2009 the FASB issued several type of pronouncementswhich had different levels of authority. The type of pronouncementsare listed in descending order of relative weight of authority theyhad within GAAP

ï· __________________________________

ï· ______________ : these pronouncements refined GAAP byclarifying conflicting or unclear issues relating to previouslyissued standards

ï· ______________ FASB staff issued pronouncements to providemore timely and consistent application guidance and to make narrowand limited revision of standards.

ï· ______________: FASB staff issue these pronouncements toclarify and explain, or elaborate on accounting and reportingproblems. ï· __________________________________

Which of the following is not a publication of the FASB? A.Statements of Financial Accounting Concepts B. Accounting ResearchBulletins C. Interpretations D. Technical Bulletins

_________________________________________________________________________The FASB has established the following procedures for developingaccounting standards. These procedures are used for major projects.Not all of the steps may be necessary for projects focused onnarrower application and implementation issues. Many other stepsare followed during the course of the project that are notspecifically required by the Boardâs Rules of Procedures.

Why was it believed that accounting standards that were issuedby the Financial Accounting Standards Board would carry moreweight? A. The FASB board had a smaller membership. B. The FASBboard members were well-paid. C. The FASB follows due process. D.The FASB board members were CPAs.

GAAP

The FASB developed the Financial Accounting Standards BoardAccounting Standards Codification _____________________________ toprovide in one place all the authoritative literature related to aparticulartopic._________________________________________________________________________________________________________________

Major sources of GAAP:

ï· _______________________________________

Most countries have recognized the need for more globalstandards. _____________________________________________ and U.S.rule-making bodies are working together to reconcile U.S. GAAP withthe IASB _________________________________________

Major challenges in the financial reporting environment.

ï·______________________________________________________________________

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ACCT 361 Chapter 1: THEA-520_exam1_review

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