What kinds of risks or problems can occur if an organization does not authenticate users of its IT…

What kinds of risks or problems can occur if an organization does not authenticate users of its IT systems?

A major defense contractor, LTV, faced with huge liabilities, on

A major defense contractor, LTV, faced with huge liabilities, once declared Chapter 11 bankruptcy protection. Under Chapter 11, a company continues to operate but is protected from creditors while it tries to work out a reorganization plan. At that time, the company’s management chose to accrue a $2.26 billion liability to reflect the potential cost of medical and life insurance benefits for its 118,000 current and retired employees, which was not required by generally accepted accounting principles. The Wall Street Journal reported that the company chose to recognize the charge because ?oif the company waited until after it negotiated new credit agreements and emerged from bankruptcy law proceedings before taking the $2 billion charge, the additional liability could trigger violations of its debt covenants.??
REQUIRED:
a. Provide the journal entry to record the $2.26 billion charge recognized by LTV.
b. Explain how taking the charge before negotiating new credit agreements could avoid violating debt covenants.
c. It was also reported that LTV took several other significant charges while it was under bankruptcy proceeding. In addition to its concern about debt covenants, in general, why might management have chosen to take these charges at this time?

Shoyo Corporation, in preparation of its December 31, 2008, fina 1 answer below »

Shoyo Corporation, in preparation of its December 31, 2008, financial statements, is attempting to determine the proper accounting treatment for each of the following situations.
1. As a result of uninsured accidents during the year, personal injury suits for $350,000 and $60,000 have been filed against the company. It is the judgment of Shoyo’s legal counsel that an unfavorable outcome is unlikely in the $60,000 case but that an unfavorable verdict approximating $225,000 will probably result in the $350,000 case.
2. Shoyo Corporation owns a subsidiary in a foreign country that has a book value of $5,725,000 and an estimated fair value of $8,700,000. The foreign government has communicated to Shoyo its intention to expropriate the assets and business of all foreign investors. On the basis of settlements other firms have received from this same country, Shoyo expects to receive 40% of the fair value of its properties as final settlement.
3. Shoyo’s chemical product division consisting of five plants is uninsurable because of the special risk of injury to employees and losses due to fire and explosion. The year 2008 is considered one of the safest (luckiest) in the division’s history because no loss due to injury or casualty was suffered. Having suffered an average of three casualties a year during the rest of the past decade (ranging from $60,000 to $700,000), management is certain that next year the company will probably not be so fortunate.

Instructions
(a) Prepare the journal entries that should be recorded as of December 31, 2008, to recognize each of the situations above.
(b) Indicate what should be reported relative to each situation in the financial statements and accompanying notes. Explain why.

Look at the “Comparing notes” illustration that shows a notebook comparison between current cars and

Look at the “Comparing notes” illustration that shows a notebook comparison between current cars and future cars. Choose one of the following future cars. Research and find information on your chosen future car to write a notebook list like the one in the illustration.