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Homework – EARNINGS MANAGEMENT – due Monday, 4/8/13 (read bring Sec. 6) (answers are in Section 6 material) 1. What does the term Managing Earnings refer to? †¢ The use of accounting methods to produce financial information that present an overly positive image of the company’s financial performance 2. We will write a custom essay sample on Essa or any similar topic only for you Order Now What is SAB 99 and 108 about? SAB 99 – is about materiality SAB 108—is about quantifying financial statement misstatements What is the FASB codification reference for SAB 99? 250-10-S99-1 3 What were some of the things Sunbeam did wrong? Improper restructuring reserves and other â€Å"cookie-jar† reserves †¢ Improper â€Å"bill and hold† sales †¢ Deleted corporate records to conceal pending returns of merchandize †¢ Misrepresented company’s performance and future prospects in press releases and meetings 4. What would make an accounting standard high quality? †¢ Relevant and reliable are the two characteristics that make an accounting standard high quality 5. Who has to provide a statement under oath about exchange act filings? †¢ Chief Executive Officer †¢ Chief Financial Officer 6. SEC FR 65 discusses â€Å"non-GAAP financial reporting measures. † What does the SEC mean by this term? †¢ A numerical value of a company’s financial performance that i) excludes amounts that are included in the comparable measure calculated using GAAP or ii) includes amounts that are excluded in the comparable measure calculated using GAAP. 7. In September 2010, the FASB issued Con. #8 of the conceptual framework on Objectives and Qualitative Characteristics. What is the objective of financial reporting and what makes financial information useful? There are three main objectives of financial reporting o It should provide information that is useful to present and future users in making rational decisions o It should provide information that helps users assess the amounts, timing, and uncertainty of prospective net cash flows o It should provide information about economic resources of an entity and claims to those resources †¢ Relevance and reliability are the two characteristics that make a financial information useful Name Belene ShiferawDate: April 8, 2013NO. 35 How to cite Essa, Papers Essa Free Essays Reasons for people to attend college or university are enormous and depend on one’s attitudes. But the three most important ones that make people choose college or university as the gate to their future are Job opportunities, increased knowledge and essential skills preparation for future life. First and foremost, I think the most important reason is that people can get a good job if they have a certificate, especially the one of famous college or university. We will write a custom essay sample on Essa or any similar topic only for you Order Now Practically, the final purpose after a long process of study for almost people is to improve their life by getting good Job. What proves that point of view, obviously, is the act that most of certificates are used to support Job application. Second, this maybe the last chance for people to study in such an academic environment where professor teach them plenty of knowledge in may aspects; as a rule, they try their best to collect as good as possible in the subject the like. This also helps them to gain an abundant knowledge for future life. Last but not least, people want to prepare a certain skills which cannot lack in the developed society namely competitive experience, group work†¦ Those skills will be efficient weapons for them to compete with others in order to get the Job they want. Beside this, people who tend to apply what they learned in college or university choose the best way to reach success. What is more, this the chance for people to live apart from their family; consequently, they can develop their independent characteristics. In a word, all people are encouraged to attend college or university. The more people attend college or university, the more develop society is. As long as background knowledge and experience decide one’s Job opportunities, people who attend college or university are constructing their future by the best materials. How to cite Essa, Papers