Final Exam Preparation Guidelines

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Questions and Answers

What type of decisions does managerial accounting primarily inform?

Tax reporting obligations

Government compliance issues

Long-term investment choices

Daily operational decisions (correct)

Which of the following best describes a characteristic of financial accounting?

Emphasizes daily transaction recording

Guides short-term operational strategy

Provides retrospective reports (correct)

Focuses on internal stakeholders

What is a common output of the audit discipline in accounting?

Sales forecasting reports

Tax strategy consultations

Financial statement verification (correct)

Investment recommendations

Which accounting discipline is most closely associated with compliance with laws and regulations?

Tax accounting Signup and view all the answers

Which of the following stakeholders primarily utilizes information from managerial accounting?

Employees Signup and view all the answers

What is the first step in human resource planning?

Prepare human resource inventory Signup and view all the answers

Which of the following is NOT a part of performance appraisal?

Determine compensation Signup and view all the answers

What does EVP stand for in HR management?

Employee Value Proposition Signup and view all the answers

Which financing method is associated with secured loans?

Debt Signup and view all the answers

What should be included in a transition plan during terminations?

Protecting assets Signup and view all the answers

Which aspect of financial planning involves measuring performance against predetermined benchmarks?

KPI monitoring Signup and view all the answers

What is the primary purpose of compliance audits?

To ensure adherence to regulations Signup and view all the answers

What is required to bring to the final examination?

WatCard Signup and view all the answers

Which financial statement focuses primarily on a company's profitability over a specific period?

Income Statement Signup and view all the answers

If a student accidentally bubbles in two answers on the exam, what should they do?

Make it clear which one is the actual answer Signup and view all the answers

When will the final examinations take place?

Throughout the week of the exam schedule Signup and view all the answers

Which of the following best describes the matching principle in accounting?

Aligning expenses with the revenues they generate Signup and view all the answers

What type of writing instrument is acceptable for the exam?

Black/blue pen or HB2 pencil Signup and view all the answers

What type of information is typically included in a tax return?

Income, deductions, and credits Signup and view all the answers

Which ratio indicates a company's ability to pay its short-term liabilities?

Current Ratio Signup and view all the answers

Where can students find the room locations for the final exam?

Online a few days before the exam Signup and view all the answers

Which key stakeholder is primarily interested in a company’s internal audit reports?

Management Signup and view all the answers

What option should a student NOT select during the final exam?

Using a mobile phone Signup and view all the answers

What is the recommended action if a student realizes they misbubbled answers?

Clearly mark the intended answer Signup and view all the answers

In financial planning, what role does ratio analysis play?

It helps in making investment decisions. Signup and view all the answers

What signifies that a student’s answer choice is the actual answer during the exam?

Clearly marking it after two bubbles Signup and view all the answers

What is NOT stated as a preparation item for the final exam?

Pencil sharpener Signup and view all the answers

Which of the following is an inappropriate action during the final examination?

Consulting with classmates Signup and view all the answers

Which of the following plans rewards employees based on productivity and may involve bonuses or profit sharing?

Gain-sharing plans Signup and view all the answers

What framework is utilized for analyzing competitive forces in an industry?

Porter’s Five forces Signup and view all the answers

Which leadership style is characterized by minimal direct supervision and allows employees to make decisions autonomously?

Free-Rein Signup and view all the answers

Which type of ethical approach focuses on laws and regulations to guide corporate behavior?

Compliance-based ethics code Signup and view all the answers

Which of the following is a component of Corporate Social Responsibility (CSR) that focuses on the impact of a company's operations on society?

Triple bottom line Signup and view all the answers

What term refers to the various strategies businesses adopt to manage their relationship with stakeholders?

Pluralist approach Signup and view all the answers

Which of the following has no relevance in evaluating a company's workforce development?

Corporate value proposition Signup and view all the answers

What is a key factor in ensuring a balanced scorecard effectively measures an organization's performance?

Integration of different performance perspectives Signup and view all the answers

What information should students expect to receive via email from the course manager before the final exam?

Breakdown of midterm averages by module Signup and view all the answers

Where can students find the final exam room locations?

Online a few days before the exam Signup and view all the answers

What is the main purpose of receiving midterm averages before the final exam?

To enable students to evaluate their study progress Signup and view all the answers

What should students do if they accidentally choose more than one answer on their exam?

Ask the invigilator for guidance Signup and view all the answers

What should students verify before attending their final examination?

They have the correct writing instrument Signup and view all the answers

What is a primary ethical concern surrounding data breaches in companies like Facebook?

The impact on user trust and privacy Signup and view all the answers

Which principle best represents the responsibilities companies have toward society?

Corporate Social Responsibility Signup and view all the answers

How can businesses uphold ethical standards in their operations?

By implementing rigorous compliance requirements Signup and view all the answers

What role does media play in shaping public perception about a company's ethical practices?

They highlight ethical breaches, influencing consumer trust Signup and view all the answers

Which approach is commonly criticized for neglecting ethical implications in business strategy?

Profit Maximization Strategy Signup and view all the answers

What is a primary ethical concern that arises when pharmaceutical companies pressure to release products early?

Inadequate product testing could lead to harmful side effects. Signup and view all the answers

How does the 'tone from the top' influence corporate ethics?

It helps instill corporate values and ethical behavior throughout the organization. Signup and view all the answers

What is a common ethical concern regarding companies' handling of data breaches?

Lack of transparency with stakeholders Signup and view all the answers

Which principle best captures the ethical responsibilities companies hold toward society?

Commitment to stakeholder engagement Signup and view all the answers

What obligation do pharmaceutical companies have towards stakeholders when introducing new drugs?

To consider the long-term societal impact of their pricing strategies. Signup and view all the answers

What is the implication of Martin Shkreli's actions in relation to ethical business practices?

He demonstrated a commitment to maximizing shareholder value at the expense of ethics. Signup and view all the answers

How do businesses typically uphold ethical standards in their operations?

Establishing comprehensive codes of conduct Signup and view all the answers

Which of the following ethical considerations is most relevant when developing pricing strategies for pharmaceuticals?

Evaluating the ramifications on patient access to essential medications. Signup and view all the answers

Which approach is often criticized for neglecting the ethical implications in business strategy?

Short-term profit maximization Signup and view all the answers

What should a student expect to receive from the course manager before the final exam?

A breakdown of midterm averages by Module Signup and view all the answers

Where can students typically find their final exam room locations?

In the exam schedule linked online a few days before Signup and view all the answers

What is NOT advisable for students to do during the final examination?

Use unauthorized writing instruments Signup and view all the answers

What is the primary purpose of receiving midterm average breakdowns?

To assist in planning final exam preparation Signup and view all the answers

What action should a student take if they realize they have misbubbled answers on the exam?

Notify the invigilator immediately for assistance Signup and view all the answers

What is a principal concern regarding social media companies' management of user data?

Preventing unauthorized access to personal information Signup and view all the answers

Which principle is critically examined in discussions about corporate social responsibility?

Impact of operations on societal well-being Signup and view all the answers

How does public perception influence the ethical practices of a corporation?

It can compel companies to adopt better ethical standards. Signup and view all the answers

What is a common ethical dilemma faced by businesses regarding product releases?

Balancing innovation with customer safety and reliability Signup and view all the answers

What factor significantly affects the ethical culture within an organization?

The behavior and attitudes of senior leadership Signup and view all the answers

What ethical concern is commonly associated with data breaches in companies like Facebook?

Inadequate protection of personal data Signup and view all the answers

Which principle best illustrates the social responsibilities companies have towards their stakeholders?

Stakeholder Theory Signup and view all the answers

How does a company's 'tone from the top' affect its ethical practices?

It can influence employee behavior and corporate culture Signup and view all the answers

What is a major criticism of the approach that emphasizes profit maximization in business strategy?

It tends to prioritize short-term gains over long-term sustainability Signup and view all the answers

What is a key distinction between legal and ethical standards?

Legal standards can exist without ethical considerations. Signup and view all the answers

Which of the following best describes a compliance-based ethics code?

Utilizes adherence to regulations to ensure ethical behavior. Signup and view all the answers

When assessing a business's social responsibility efforts, what is most commonly measured?

The return on investment from ethical initiatives. Signup and view all the answers

Which scenario illustrates something that is legal but potentially unethical?

Using aggressive marketing tactics that manipulate consumer behavior. Signup and view all the answers

In ethical decision making, which of the following questions is most pertinent?

What will be the public's perception of this decision? Signup and view all the answers

Study Notes

Last Class Review Reminders

Mock Exam: A mock exam is available to help prepare for the final exam. It consists of short answer and multiple-choice questions.
Mock Exam Marks: The mock exam is out of 75 marks with 25 marks for short answer and 50 for multiple-choice.
Marking Criteria: Only multiple-choice questions will be marked. Short answer questions will not be evaluated. The exam is graded out of 50 marks.
Final Examination: Bring a valid student ID, black/blue pen, or HB2 pencil.
Answering Multiple-choice Questions: If bubbling in two choices, clearly indicate the correct answer to avoid mistakes.
Final Exam Schedule: Check the Waterloo Centre website for the exam schedule.
Final Exam Materials: Look for information about the final exam beforehand to verify what materials are accepted.
Final Exam Location: Ensure you check the availability of the location of the exam.
Final Examination Format: The final exam will consist of 85 multiple choice questions, with approximately 4 questions per modules 1 to 6 and 12 for modules 7-11.
Final Exam - Short Answer Questions: There will be 11-short answer questions, drawn exclusively from Modules 7-11 content.
Additional Office Hours: Additional office hours have been scheduled for exam assistance. Consult the schedule regarding times, dates and duration.

Lululemon Business Discussion Questions

Business Discussion Questions: The questions were related to Lululemon in conjunction with the sale and buy analysis of goods, services, or products related to the company.

Accounting Disciplines

Managerial Accounting: Key stakeholders include Internal Management. Types of information include daily, weekly, monthly reports (e.g., sales, production). Key decisions include strategy and direction, short and long term, buy vs. lease decisions, and breakeven/monitoring variances.
Financial Accounting: Key stakeholders include external parties like Lenders, Creditors, Investors, and Government/Regulators. Information comprises quarterly or annual financial statements and annual reports. Examples of decisions include lending, investing, meeting covenants, or other regulatory matters.
Audit Accounting: Key stakeholders consist of Lenders, creditors, investors, and Government/ Regulators. The types of information include audit reports and internal audits. Decisions include lending, investments, licenses and monitoring controls.
Tax Accounting: Key stakeholders include Government and Management. Types of information are tax returns and related reporting, and tax opinions. Decisions consist of tax planning, charging/collecting taxes, grant eligibility and maintaining credits/incentives.
Consulting & Advisory Accounting: Key stakeholders are those seeking to solve specific problems. Types of information consist of research reports, and opinions to recommend solutions. Examples of decisions span investments, valuations, expansion, buy/sell processes, and hiring.

Accounting Key Themes

Financial statements: Includes 3 Financial statements, Cash flow, income statement, balance sheet, accrual analysis (v. cash matching) and expense-to-revenue matching principles.
Ratio Analysis: Current ratio, acid test, debt to owners' equity, EPS, ROS, ROE and inventory turnover ratio analysis.

Financial Planning

Financial Planning: Short and long-term forecasting, capital budgeting, operating (master) budget, and cash budget. These elements interlink with financial controls for effective feedback loops.

Financial Management Key Themes

Financial Management Themes: Source of funds, operations, equity financing, and debt financing.
Debt Terminology: Include interest rates, repayment, debt securities, covenants, and terminology related to debt.

HR Management Key Themes

Human Resource Planning: Steps in Human Resource Planning include: preparing a human resource inventory, preparing job analysis, assessing future human resource demand, assessing future human resource supply, and establishing a strategic plan.
Employee Value Proposition: EVP stands for Employee value proposition, which encompasses the golden handshake and terminations within the organization.
Legal Considerations: Aspects of the position and role include legal considerations, transition plans, and considerations for protecting assets.
Performance Appraisal: Establishing and communicating standards, evaluating performance, discussing results, corrective action/next steps and subsequent procedures.
Pay Systems: Types include salary, hourly wage/daywork, piecework system, commission plans, bonus plans, profit-sharing plans, gain-sharing plans, cost-of-living allowances (COLAs), and stock options.

Management & Leadership

POLC: Planning, Organizing, Leading, Controlling
PESTEL: Political, Economic, Social, Technological, Environmental, Legal factors.
Porter's Five Forces: Bargaining power of suppliers and buyers, threat of new entrants, and threat of substitutes.
SMART Goals: Specific, Measurable, Achievable, Relevant, Time-bound goals
SWOT: Strengths, Weaknesses, Opportunities, Threats analysis
Balanced Scorecard: Framework to measure performance.
Management Skills: Technical, human relations, and technical skills.
Leadership Styles: Autocratic, Democratic, Participative and Free-Rein (laissez-faire).

Ethics of Justice vs. Ethics of Care: Differentiating principles that guide decision-making.
Ethics Checklist: A framework for assessing actions.
Legal Compliance: Adherence to legal frameworks.
Balanced Approach: A reasoned perspective; including feeling and sense of responsibility.
Social Audit: Measures the company's performance according to social values.
Triple Bottom Line: Balancing economic, environmental, and social factors.
Compliance-based vs. Integrity-based Ethics Code: Contrasting approaches to ethics.
Corporate Philanthropy: Charitable activities of a company.
Corporate Social Initiatives: Actions to benefit social good.
Corporate Responsibility: Accounting for the environmental impact/responsibility of organizations and their effects on society.
Corporate Policy: Guidelines for conducting business ethically.
Strategic vs. Pluralist Approaches to CSR: Different perspectives on how a corporation should engage in corporate social responsibility (CSR).

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Description

Prepare for your final exam with these essential reminders and guidelines. This mock exam consists of both short answer and multiple-choice questions, designed to help you get ready. Be sure to check the final exam schedule and required materials for a successful exam experience.