LOVELY PROFESSIONAL UNIVERSITY

ACADEMIC TASK – TERM PAPER

Max. Marks: 40 Course Code: ACC356

1. Accounting can serve a useful tool even for general management. Rhino foods,
located in England, is a manufacturer of Ice Cream. Its corporate website publishes
the financial statement especially for employees. What are the benefits to the
company and to the employees of making the financial statements available to the
employees?

2. Accountancy is a tool that can be used diversely by a range of social and economic
actors and stakeholders concerned by the enterprise, from the State, entrepreneurs,
investors, to works councils. Explain in-depth understanding in areas of IFRS and
issues relating to corporate financial reporting.

3. McDonald qualified accountancy as the first “worldwide profession”. Its history is

indeed strongly linked to the history of capitalism and its imperial expansion in the
19h and 20th century. With the internationalisation of capital, audit firms followed
their clients all over the world and grew bigger and bigger. Discuss the results of this
evolution:
(a). It was an increasing gap?
(b). It a conflict of model between small professionals working for local markets?
(C). Internationalised ones working for multinational corporations?

4. For a Business Process Outsourcing client, KPMG worked closely to develop e-

learning content for IFRS, including the story board and related material. Discuss the
concept which are linked with IFRS?
5. Unilever’s global chart of accounts is a general ledger accounting system that allows
for the accumulation globally and regionally of financial information. This global
chart of accounts is a global mandate. Migration to this global chart of accounts is
only recommended once you have a fully understanding of your current systems.
What are the key elements of your plan to implement the Global Standard Chart of
Accounts?

6. Financial engineering is no more a fancy jargon but a reality. For those who are
willing to master its complexities, the market provides endless opportunities for
creative financial management, for the unwary, it is a minefield. Comment.

7. Accountancy is a tool that can be used diversely at social, economic and stakeholders
of the enterprise. Explain in-depth the issues relating to corporate financial reporting
as per GAAP?
8. The IT Software Services Corporation (IT), a US public company, has grown rapidly
over the last 40 years and currently operates in 40 different countries around the
world. IT has an Executive Committee that manages the operations through a matrix
organizational structure. Discuss ITs four business or product lines for Personal IT
Software, Commercial IT Software, Healthcare IT Software and Financial Services IT
Software?

9. The spot rate and degree of depreciation cannot be easily incorporated into a
fundamental forecasting model in a manner that will precisely identify the timing
and magnitude of currency depreciation. Discuss the application of Exchange Rate
Forecasting to the Asian Crisis?

10. Several issues raised by Internet and e-commerce can be viewed at individual, social
and political levels. Out of many, four major categories of issues are Information
rights, Property rights, Governance, Public safety and welfare. Discuss the concept in
relevance to personal control over personal information vs. organization’s desire to
monetize social network. You can take live example of any social network as well.