Due 4/21/15
Each part needs separate answers in paragraph form.
Part
1:
Describe
what you feel are the most important differences between private-sector
entities and public-sector entities with respect to accounting objectives,
authoritative sources, and bases.
Address
both of the following requirements:Defend your choice of accounting practices; why are the
differences you identify important?
Explain why the differences matter in their respective
(private- and public-sector) contexts. Explain why each difference in
accounting practice is proper and necessary in its context, or critique
any current practice that is not proper for its context.Part 2:
Review .gasb.org/st/summary/gstsm34.html”>GASB Statement 34. In your initial post:Discuss the major contents of the fund
financial statements and government wide financial statements. Address why
those statements are necessary in the government annual report.
Specify what government financial
statements are required to be included in the annual report. Then, compare
and contrast the major contents of a selected fund financial statement or
a government wide financial statement to a similar financial statement
prepared under GAAP.
Compare and contrast the users, objectives,
contents and format of the government financial statement you selected and
its GAAP counterpart.Part 3:
Throughout
the 1990s and 2000s, Bernie Madoff was known as a high-end investment
counselor, attracting institutional investors and high-net-worth clients. He
did not promise returns to his clients but, knowing they expected higher than
market-average returns, met their expectations using what Madoff called a
“split-strike conversions strategy.” Discuss what is meant by a Ponzi scheme
and the “split-strike” strategy and whether it is a viable strategy.Part 4:Discuss
the following: Some argue that certain businesses may compromise the level of
quality of service to stay within budget and to meet company’s performance
standards. In that regard, General Motors (GM), and other automobile
manufacturers, have been investigated by U.S. congressional committees
regarding defects possibly produced by quality cutbacks in their manufacturing
methods and commitment to safety. These cutbacks have led to deaths and product
recalls. Argue for or against the idea of meeting financial goals even at the
risk of minor reductions in service or safety by the auto industry.