ABSTRACT: In 2011, Japan was shocked by the revelation of a fraud at one of its most
prominent companies, Olympus. What was more shocking was that the fraud was perpetrated by
its Chairman of the Board and past president, Tsuyoshi Kikukawa, in collusion with several other
Board members and officers. The whistleblower was Michael Woodford, a British citizen and
the Company’s first non-Japanese president and CEO. Woodford had held the post of president
for just six months before he was precipitously fired at a Board of Director’s meeting on October
14, 2011. The case has been successfully used in both undergraduate and graduate courses that
include intermediate financial accounting, advanced accounting, auditing, and forensic
accounting. It demonstrates how poor governance structures allowed company executives and
directors to circumvent accounting rules and hide investment losses for over two decades. The
accounting topics include (1) methods of accounting for investments in financial instruments, (2)
recognition and measurement of goodwill at the time of acquisition, and (3) consolidation
accounting. The case requires students to link economic events to business decisions, and
understand the financial reporting ramifications of those decisions. The case also requires
students to critically analyze corporate governance mechanisms, and to consider the external
auditor’s responsibility for detecting and communicating financial statement fraud. Keywords:
Olympus; goodwill; fair-value accounting; corporate governance; financial reporting fraud;
auditing. INTRODUCTION Michael Woodford had made the trip from Olympus’s Tokyo
headquarters to Haneda Airport countless times before. He enjoyed the comfortable confines of
the company’s Lexus sedan, and the ride usually gave him time to chat with his driver and
friend, Nick. Today, however, neither Nick nor the Lexus were anywhere in sight, and he found
himself in the back seat of a Tokyo cab. Only moments before, he concluded a meeting at a
popular cafe with a Saurav K. Dutta is an Associate Professor and Dennis H. Caplan is an
Assistant Professor, both at the University at Albany, SUNY; and David J. Marcinko is an
Associate Professor at Skidmore College. We thank the editor, associate editor, and two
anonymous reviewers for their helpful insights, comments, and suggestions. We acknowledge
our students and, in particular, Jim Halley, who completed the case and provided us with
valuable feedback. We are also grateful to Jennifer Pickett for teaching this case and allowing us
to administer the postcase questionnaire to her class. Published Online: April 2014 459 reporter
for the Financial Times, to whom he had explained the circumstances surrounding his abrupt
dismissal from his position as president and CEO of Olympus. Woodford himself could scarcely
believe the series of events that had unfolded since his appointment as Olympus’s president in
April 2011. Now, only six months later, the Board had suddenly .
Question Based on the description in the case above, give your .pdfsales84
Question:
Based on the description in the case above, give your recommendation so that Olympus can
improve its management control system! Olympus Corporation is a Japanese company engaged
in the field of optics and images such as the manufacture of cameras, microscopes,
thermometers, memory cards and camera lenses. Olympus was founded on October 12, 1919 in
Tokyo, Japan. While their headquarters in America are in Allentown, Pennsylvania and in
Europe they are headquartered in Hamburg, Germany. Olympus also has fantastic revenues with
an average annual sales of USD 10 billion and employs more than 35,000 people worldwide. The
first product produced by Olympus was a microscope which was introduced in Japan in 1920.
Since then, Olympus has been a provider of precision microscopes and microscopy systems for
the clinical laboratory, science, engineering, education, food, agriculture, fisheries, animal
husbandry and research industries. When it first opened for business in 1919 under the name
Takachiho Seisakusho by Takeshi Yamashita, the Olympus Corporation was not known for
photographic equipment. Instead, the company was designed to manufacture microscopes, and
still today the Olympus Corporation is a world leader in the manufacture of medical microscopes
and medical imaging equipment and instruments - endoscopes in particular. Olympus launched
its first line of cameras in 1936, and played a founding role in the digital photography revolution.
Headquartered in Tokyo, Olympus has estimated annual sales of $10 billion and employs 35,000
people. Olympus management structure regarding corporate governance (CG) practices, is not
drastically different from that of Western multinational corporations (MNCs), but there are some
important differences based on the themes of independence, objectivity and oversight. Olympus
adopted a corporate structure with an auditor system based on Japanese Company Law. In
Western multinational corporations, the hierarchy is arranged in such a way that apart from the
general shareholders (who ostensibly hold the highest power), then on the other hand there is the
Board of Directors (BOD) who holds the highest power, with the Audit Committee having the
responsibility to report to them. In contrast, Japanese Company Law The Board of Audit is at the
same level as the Board of Directors, although it has auditing authority above it. The Olympus
Board of Directors has 15 members, including three outside directors. The fact that the BOD
internally gave biased reports would later prove to be a source of ire for foreign investors.
Interestingly, usually in public companies the ratio of outsiders to insiders should be greater, but
not in Japanese companies, in fact many Japanese companies do not have non-executive
independents (outsiders) in their BOD. In 2011 there was a scandal that was quite shocking so
that Olympus was categorized / branded as one of the companies that had a bad management
accounting system in the history of co.
QuestionBased on the description in the case above, give your rec.pdfsales84
Question:
Based on the description in the case above, give your recommendation so that Olympus can
improve its management control system!
Olympus Corporation is a Japanese company engaged in the field of optics and images such as
the manufacture of cameras, microscopes, thermometers, memory cards and camera lenses.
Olympus was founded on October 12, 1919 in Tokyo, Japan. While their headquarters in
America are in Allentown, Pennsylvania and in Europe they are headquartered in Hamburg,
Germany. Olympus also has fantastic revenues with an average annual sales of USD 10 billion
and employs more than 35,000 people worldwide. The first product produced by Olympus was a
microscope which was introduced in Japan in 1920. Since then, Olympus has been a provider of
precision microscopes and microscopy systems for the clinical laboratory, science, engineering,
education, food, agriculture, fisheries, animal husbandry and research industries. When it first
opened for business in 1919 under the name Takachiho Seisakusho by Takeshi Yamashita, the
Olympus Corporation was not known for photographic equipment. Instead, the company was
designed to manufacture microscopes, and still today the Olympus Corporation is a world leader
in the manufacture of medical microscopes and medical imaging equipment and instruments -
endoscopes in particular. Olympus launched its first line of cameras in 1936, and played a
founding role in the digital photography revolution. Headquartered in Tokyo, Olympus has
estimated annual sales of $10 billion and employs 35,000 people. Olympus management
structure regarding corporate governance (CG) practices, is not drastically different from that of
Western multinational corporations (MNCs), but there are some important differences based on
the themes of independence, objectivity and oversight. Olympus adopted a corporate structure
with an auditor system based on Japanese Company Law. In Western multinational corporations,
the hierarchy is arranged in such a way that apart from the general shareholders (who ostensibly
hold the highest power), then on the other hand there is the Board of Directors (BOD) who holds
the highest power, with the Audit Committee having the responsibility to report to them. In
contrast, Japanese Company Law The Board of Audit is at the same level as the Board of
Directors, although it has auditing authority above it. The Olympus Board of Directors has 15
members, including three outside directors. The fact that the BOD internally gave biased reports
would later prove to be a source of ire for foreign investors. Interestingly, usually in public
companies the ratio of outsiders to insiders should be greater, but not in Japanese companies, in
fact many Japanese companies do not have non-executive independents (outsiders) in their BOD.
In 2011 there was a scandal that was quite shocking so that Olympus was categorized / branded
as one of the companies that had a bad management accounting system in the history of
co.
Question Based on the description in the case above, give your .pdfsales84
Question:
Based on the description in the case above, give your recommendation so that Olympus can
improve its management control system! Olympus Corporation is a Japanese company engaged
in the field of optics and images such as the manufacture of cameras, microscopes,
thermometers, memory cards and camera lenses. Olympus was founded on October 12, 1919 in
Tokyo, Japan. While their headquarters in America are in Allentown, Pennsylvania and in
Europe they are headquartered in Hamburg, Germany. Olympus also has fantastic revenues with
an average annual sales of USD 10 billion and employs more than 35,000 people worldwide. The
first product produced by Olympus was a microscope which was introduced in Japan in 1920.
Since then, Olympus has been a provider of precision microscopes and microscopy systems for
the clinical laboratory, science, engineering, education, food, agriculture, fisheries, animal
husbandry and research industries. When it first opened for business in 1919 under the name
Takachiho Seisakusho by Takeshi Yamashita, the Olympus Corporation was not known for
photographic equipment. Instead, the company was designed to manufacture microscopes, and
still today the Olympus Corporation is a world leader in the manufacture of medical microscopes
and medical imaging equipment and instruments - endoscopes in particular. Olympus launched
its first line of cameras in 1936, and played a founding role in the digital photography revolution.
Headquartered in Tokyo, Olympus has estimated annual sales of $10 billion and employs 35,000
people. Olympus management structure regarding corporate governance (CG) practices, is not
drastically different from that of Western multinational corporations (MNCs), but there are some
important differences based on the themes of independence, objectivity and oversight. Olympus
adopted a corporate structure with an auditor system based on Japanese Company Law. In
Western multinational corporations, the hierarchy is arranged in such a way that apart from the
general shareholders (who ostensibly hold the highest power), then on the other hand there is the
Board of Directors (BOD) who holds the highest power, with the Audit Committee having the
responsibility to report to them. In contrast, Japanese Company Law The Board of Audit is at the
same level as the Board of Directors, although it has auditing authority above it. The Olympus
Board of Directors has 15 members, including three outside directors. The fact that the BOD
internally gave biased reports would later prove to be a source of ire for foreign investors.
Interestingly, usually in public companies the ratio of outsiders to insiders should be greater, but
not in Japanese companies, in fact many Japanese companies do not have non-executive
independents (outsiders) in their BOD. In 2011 there was a scandal that was quite shocking so
that Olympus was categorized / branded as one of the companies that had a bad management
accounting system in the history of co.
QuestionBased on the description in the case above, give your rec.pdfsales84
Question:
Based on the description in the case above, give your recommendation so that Olympus can
improve its management control system!
Olympus Corporation is a Japanese company engaged in the field of optics and images such as
the manufacture of cameras, microscopes, thermometers, memory cards and camera lenses.
Olympus was founded on October 12, 1919 in Tokyo, Japan. While their headquarters in
America are in Allentown, Pennsylvania and in Europe they are headquartered in Hamburg,
Germany. Olympus also has fantastic revenues with an average annual sales of USD 10 billion
and employs more than 35,000 people worldwide. The first product produced by Olympus was a
microscope which was introduced in Japan in 1920. Since then, Olympus has been a provider of
precision microscopes and microscopy systems for the clinical laboratory, science, engineering,
education, food, agriculture, fisheries, animal husbandry and research industries. When it first
opened for business in 1919 under the name Takachiho Seisakusho by Takeshi Yamashita, the
Olympus Corporation was not known for photographic equipment. Instead, the company was
designed to manufacture microscopes, and still today the Olympus Corporation is a world leader
in the manufacture of medical microscopes and medical imaging equipment and instruments -
endoscopes in particular. Olympus launched its first line of cameras in 1936, and played a
founding role in the digital photography revolution. Headquartered in Tokyo, Olympus has
estimated annual sales of $10 billion and employs 35,000 people. Olympus management
structure regarding corporate governance (CG) practices, is not drastically different from that of
Western multinational corporations (MNCs), but there are some important differences based on
the themes of independence, objectivity and oversight. Olympus adopted a corporate structure
with an auditor system based on Japanese Company Law. In Western multinational corporations,
the hierarchy is arranged in such a way that apart from the general shareholders (who ostensibly
hold the highest power), then on the other hand there is the Board of Directors (BOD) who holds
the highest power, with the Audit Committee having the responsibility to report to them. In
contrast, Japanese Company Law The Board of Audit is at the same level as the Board of
Directors, although it has auditing authority above it. The Olympus Board of Directors has 15
members, including three outside directors. The fact that the BOD internally gave biased reports
would later prove to be a source of ire for foreign investors. Interestingly, usually in public
companies the ratio of outsiders to insiders should be greater, but not in Japanese companies, in
fact many Japanese companies do not have non-executive independents (outsiders) in their BOD.
In 2011 there was a scandal that was quite shocking so that Olympus was categorized / branded
as one of the companies that had a bad management accounting system in the history of
co.
Will Japan Change By Peter K. Frost I s Japan once ag.docxambersalomon88660
Will Japan Change?
By Peter K. Frost
I
s Japan once again changing? Unlike 1868, when the newly empowered
Meiji empe ror moved to Tokyo to preside over a series of dramatic
changes that became more generally known as the Meiji Restorat ion. or
194 5, when the Allied O ccupation allied with relatively progressive japanese
to create a new constitution and institute a set of m ajor reforms, Japan has yet
to see a truly dram atic leader or many public protests. Yet a less dram atic se-
ries o f political, economic, and social developments, combined with the
shocking March 2011 do uble blow of a 9.0 ea rthqu ake and forty-five foot
tsunami, raises a question: Is Japan currently in the midst of a third major
transformation?
Economic Issu es
For some time now, Japanese voters have b een upset by the collapse of what
had been c alled Japan's weconomic miracle:· As m ost forcefully-if contro-
versially-explained by Chalmers Johnson and refined a bit by Steven Vogel,
Japan's once-praised "developmental state» linked the deeply entrenched, pro-
business Liberal Democratic Party (LDP), an elite bureaucracy a rmed wi th
considerable regulatory power, and large banks that gave long- term loans to
export o riented companies. These in turn combined close ties with their sub-
sidi ary firms and dealers into groups of affilia ted com pan ies kn own as
keiretsu, most of which promised permanent employment to an elite male
workforce in return for loyal and dedicated work.1 Add to this a "second
budge( of capital from the postal savings system a nd what was know n as
amakudari (lite rally "descent from heaven:· or the practice of companies hir-
ing retiring bureaucrats who had o nce supervised them), and you h ave a
tight-knit economic syste m.2 Particularly useful when Japan was trying to
mode rni ze its economy, all th is encouraged annual GNP growth of 9 to 10
percent p er year up to the oil c risis of 1973 and a relatively respectable 3 to 5
percent growth thereafter. In the process, Japan quickly became the second-
largest GNP in the world. It also built highly successful export industries in
areas such as electronics and cars that amassed huge trade surpluses.
Under pressure from the US and othe r trading partners to do som ethin g
abo ut these hu ge trade surpluses, Japan's Ministry of Finance agreed in the
1985 Plaza Agreement to boost the val ue of the yen , increase the m oney sup-
ply, a nd fund substantial public works; these reforms would lessen the trade
deficits by increasing both the value of the yen and domestic spending.3 As
prices-including stock shares-rose, banks made risky loans that were only
secured by overinflated real estate, and stock prices rose. Perhaps inevitably,
shortly after the death of the Showa emperor (mo re informally kn own as Hi-
rohito) in 1989, a bubble-popping 1990 stock m arket crash cut the value of
stock holdings in half, and many bank loans could not be repaid. Japa n wa.
Toshiba Accounting ScandalToshiba Corporation, a Japanese el.docxjolleybendicty
Toshiba Accounting Scandal
Toshiba Corporation, a Japanese electronics and engineering conglomerate with headquarters in Tokyo, produces a wide range of products, including personal computers, semiconductors, consumer electronics, household appliances, and nuclear power plant systems. The company also provides an array of services, such as those focused on information technology, communications, and nuclear reactor construction and operation.
In May 2015, Toshiba formed an outside panel to investigate potential accounting irregularities at the company. The formation of such an outside panel is an accepted procedure for companies in Japan, where corporate boards of directors are composed primarily of company executives, with few independent outside directors. An outside panel is typically formed to investigate matters that may involve improprieties by senior managers and executives.
Toshiba's CEO, Hisao Tanaka, resigned in July 2015 when the investigation uncovered that he was aware that Toshiba profits had been overstated by a total of $1.2 billion over a seven-year time period. (Further investigation would determine that the amount of the overstatement was closer to $1.9 billion.) Two former CEOs who held membership on the company's board of directors were also implicated in the investigation and stepped down. Six other members of the board also eventually resigned, and Toshiba announced it would appoint several new and independent directors to its board to strengthen external oversight of its management.
The investigatory panel found that "Toshiba had a corporate culture in which management decisions could not be challenged. … Employees were pressured into inappropriate accounting by postponing low reports or moving certain costs into later years." Managers at Toshiba set such challenging profit targets that subordinates couldn't meet them without exaggerating the financial results of individual business units. Furthermore, the head of the investigatory panel stated that the scope of their probe had been limited by company management. The investigation of Toshiba's U.S. nuclear business, Westinghouse Electric Co., was initially declared off limits. Months after a review of that portion of the business was completed, Toshiba took a $2.5 billion write-down on its Westinghouse business.
Following the scandal, Toshiba was removed from the JPX Nikkei Index 400, the stock index that includes the top Japanese companies based on operating income, return on equity, and market value. The move dealt yet another blow to the company's reputation—inclusion in the stock index matters because investors, including the world's largest pension funds, use the stock gauge as a benchmark.
In the first quarter following the revelations of the accounting scandal, Toshiba's sales fell to their lowest level in years, and the firm lost $102 million for the quarter. The price of Toshiba stock shares dropped precipitously, reaching a 36-year low in early 2016. Fo.
Describe the transformation that has taken place with the function.pdfalokkesh1
Describe the transformation that has taken place with the function:
with regard to its toolkit function. Name each component of the transformation, as well as the
toolkit function.
Solution
f(x) = - 2 sqrt ( x- 1) + 12
parent function is sqrt x
so , there are 4 transformations in parent function
first transformation horizontal shifting of 1 unit right
2nd transformation is 12 units shifted vertically upwards
3rd transformation reflection across x axis
4th transformation vertically stretched by a factor of 2.
Each student at State University has a student I.D. number consisting.pdfalokkesh1
Each student at State University has a student I.D. number consisting of four digits (the first
digit is nonzero, and digits may be repeated) followed by three of the letters A, B, C, D, and E
(letters may not be repeated). How many different student numbers are possible?
Solution
Given, I.D. number consists of four digits followed by three letters.
In general, it would be of the form, ______________
Let us name the digits as D1, D2, D3 and D4 respectively.
And the letters as L1, L2 and L3 respectively.
So we have the form, D1D2D3D4L1L2L3
D1 can be any one of 1, 2, 3, 4, 5, 6, 7, 8, 9 (since its given, first digit as non zero)
So, there are 9 ways to select the first digit.
D2, D3 and D4 can be any one of 0, 1, 2, 3, 4, 5, 6, 7, 8, 9 (Since its given, digits may be
repeated)
So, there are 10 ways each to select the next three digits.
L1 can be any one of A, B, C, D, E.
So, there are 5 ways to select the first letter.
And hence, there would be 4 ways to select the second letter L2 (Since its given, letters may not
be repeated)
Similarly, there would be 3 ways to select the third letter L3 (Since its given, letters may not be
repeated)
So, the possible number of ways for, D1D2D3D4L1L2L3 would be
9 x 10 x 10 x 10 x 5 x 4 x 3 = 540000
Hence, 540000 different student numbers are possible..
Describe personality traits and their implications in leadership..pdfalokkesh1
Describe personality traits and their implications in leadership.
Solution
Personality traits are the characteristics associated with individuals who make them unique while
their assessment by someone else. For example: Employees may have a belief that their reporting
manger is honest as well as a person with caring nature. Then, we can say that being caring and
to be honest for their subordinates are two distinct personality traits.
Some traits can be pointed as,
Traits play an important role for understanding the leadership styles. For example, a leader
having emotional attire will always care and nurture their supporters. A leader is a person who
can influence others with his strong traits in every walk of life. Honesty, decision making, bold,
truth etc. also constitutes some great leaders in the past likes Abraham Lincoln, Mahatma
Gandhi, G. Washington, Rockefeller, Steve Jobs etc.
According the Trait theory of leadership, leaders can be distinguished from non-leaders on the
basis of Social, psychological, personal and intellectual factors. These traits might contribute for
the success and failure of the organization. For example: A leader having self-confidence and
knowledge might execute more tasks than a leader having low self confidence..
Analyze Which of the following isare found in ALL species of fungi.pdfalokkesh1
Analyze: Which of the following is/are found in ALL species of fungi?
Mycotoxins
Temperature dimorphism
Mycelium
Organelles
Asexual spores
Mycotoxins
Temperature dimorphism
Mycelium
Organelles
Asexual spores
Solution
Answer-Mycelium and Organelles
Description-Mycotoxins,Temperature dimorphism,Asexual spores these characteristics
represented by few species but Mycelium and Organelles are special characteristics of all fungi.
Mycelium is the vegetative part of a fungus or fungus-like bacterial colony, consisting of a mass
of branching, thread-like hyphae.Mycelium helps fungus to absorbs nutrients from its
environment.
Organelles-According to Scientific classification Fungi is belongs to Eukaryota,Kingdom-fungi.
Common charecteristics Fungal hyphae cells.
An industry analysis by Porters Five Forces reveals that the soft dr.pdfalokkesh1
An industry analysis by Porters Five Forces reveals that the soft drink industry has historically
been favorable for positive profitability, as exemplified by Pepsi and Cokes financial outcomes.
Soft drink industry is very profitable, more so for the concentrate producers than the bottler\'s.
This is surprising considering the fact that product sold is a commodity which can even be
produced easily. There are several reasons for this, using the five forces analysis we can clearly
demonstrate how each force contributes the profitability of the industry.
Threat of new entrants
Entering bottling, meanwhile, would require substantial capital investment, which would deter
entry.
although the CP industry is not very capital intensive, other barriers would prevent entry.
Through their DSD practices, these companies had intimate relationships with their retail
channels and would be able to defend their positions effectively through discounting or other
tactics.
It would be nearly impossible for either a new CP or a new bottler to enter the industry. New CPs
would need to overcome the tremendous marketing muscle and market presence of Coke, Pepsi,
and a few others, who had established brand names that were as much as a century old.
Companies that have a door to door distribution channel in place like snack companies could
choose to diversify into soda industry
Switching costs are low for consumers who risk very little by trying new brands or
Beverages
Barriers to entry are relatively high, though, with large advertising budgets and competitive
brand loyalty to big players like Coca-Cola and Pepsi
The drinks with high growth and high hype are non-carbonated beverages such as juice drinks,
sports drinks, tea-based drinks, dairy-based drinks, and especially bottled water
Bargaining power of buyers
through five principal channels: food stores, convenience and gas, fountain, vending, and mass
merchandisers (primary part of \"Other\" in \"Cola Wars…\" case)
Bottlers own a manufacturing and sales operation in an exclusive geographic territory, with
rights granted in perpetuity by the franchiser, subject to termination only in the event of default
by the bottler
1980 Soft Drink Interbrand Competition Act preserved the right of CPs to grant exclusive
territories to their bottlers, giving less bargaining power to Bottler\'s buyers because there is no
alternative supplier
Bottlers are locked into contracts that grant CPs the right to set prices and other terms of sale
Bottlers are allowed to handle the non-cola brands of other Cps at their discretion
Bottlers are also given freedom in choosing whether or not to carry new beverages introduced by
the CPs but cannot carry directly competitive brands
Competition for brand shelf space in retail channels gives some bargaining power back to buyers
Threat of substitute products
Through the early 1960s, soft drinks were synonymous with \"colas\" in the mind of consumers.
In the 1980s and 1990s Coffee, tea, water, juices.
Why are general capital assets reported on the statement of net asse.pdfalokkesh1
Why are general capital assets reported on the statement of net assets on the government-wide
statements but not on the governmental funds balance sheet?Why are general capital assets
reported on the statement of net assets on the government-wide statements but not on the
governmental funds balance sheet?
Solution
General Capital assets are obtained by using financial sources of government funds not by using
of proprietary and trust fund that\'s why it is shown in financial statement in government
activities column of government wide statement of net asset..
Which of the following sets of biomes is placed in order from lowest.pdfalokkesh1
Which of the following sets of biomes is placed in order from lowest to highest average annual
temperature?Tundra, woodland/shrubland, subtropical desertSubtropical desert, temperate
seasonal forest, tropical rain forestTropical seasonal forest, boreal forest,
woodland/shrublandTropical rain forest, temperate seasonal forest, tundra4.Which of the
following sets of biomes is placed in order from most to least biologically diverse?Boreal forest,
woodland/shrubland, tropical seasonal forestTropical rain forest, temperate seasonal forest,
tundraSubtropical desert, temperate seasonal forest, tropical rain forestTundra,
woodland/shrubland, subtropical desertWhich of the following sets of biomes is placed in order
from lowest to highest average annual temperature?Tundra, woodland/shrubland, subtropical
desertSubtropical desert, temperate seasonal forest, tropical rain forestTropical seasonal forest,
boreal forest, woodland/shrublandTropical rain forest, temperate seasonal forest, tundra
Solution
Land Biomes
These are the 8 different land biomes in order from coldest to warmest
Tundra
Tundra is the coldest of all the biomes. Tundra comes from the Finnish word tunturi, meaning
treeless plain. It is noted for its frost-molded landscapes, extremely low temperatures, little
precipitation, poor nutrients, and short growing seasons. Dead organic material functions as a
nutrient pool. The two major nutrients are nitrogen and phosphorus. Nitrogen is created by
biological fixation, and phosphorus is created by precipitation. It is also the driest biome next to
the desert.
Characteristics of tundra include:
Extremely cold climate
Low biotic diversity
Simple vegetation structure
Limitation of drainage
Short season of growth and reproduction
Energy and nutrients in the form of dead organic material
Large population oscillations
Coniferous Forest (also known as Taiga)
The Coniferous Forest is a forest of Conifers (too much to handle, isn\'t it?). A Conifer is a tree
that produces its seeds in cones. The Pine tree is the most common example. Conifer leaves
conserve water with the thick, waxy layer that covers their leaves, also known as needles. The
vegitation in the Coniferous forest is small in size, but large enough to feed the vast herbivore
population. Most of these animals survive the brutal winters by migrating or hibernating.
Average Annual Rainfall- 14-29.5 in.
Average Temperatures in the Summer- 57.2°F
Average Temperatures in the Winter- 14°F
Deciduous Forest (also known as temperate forest)
Deciduous forests can be found in the eastern half of North America, and the middle of Europe.
There are many deciduous forests in Asia. Some of the major areas that they are in are southwest
Russia, Japan, and eastern China. South America has two big areas of deciduous forests in
southern Chile and Middle East coast of Paraguay. There are deciduous forests located in New
Zealand, and southeastern Australia also.
The average annual temperature in a deciduous forest i.
When a planetary nebula forms around a star you see gas emitting ligh.pdfalokkesh1
When a planetary nebula forms around a star you see gas emitting light and a white dwarf
present at the center. Below is a detailed image of M 57, the Ring Nebula. In this image it looks
very much like a flower, with different layers of gas clearly seen. What does this image tell us
about the conditions inside the star that created the nebula? The layers are the various shells of
gas from inside the star. Before the star exploded, there were shells burning around the core.
When it exploded, it reveals these layers in the expansion of the gas. Each layer of gas was
previously a shell inside the star. Measurements of the Doppler velocity for the gas shows that it
is expanding outward from the white dwarf. This means that the outer most gas layer must have
been accelerated more rapidly than the inner layers, when the star exploded. The outer most layer
is made of hydrogen, which is the lightest element and would be accelerated the most. As you
move inward the layers are made of helium, carbon, oxygen, etc. Moving inward, each layer is
composed of a heavier element which isn\'t accelerated as much due to its larger mass. So the
nebula formed from a single explosion. Measurements of the Doppler velocity for the inner most
layer of gas shows that it is expanding outward. This is the outer layer of the star which is
moving outward when the star exploded. The other layers farther out are gas from the molecular
cloud that is colliding with the expanding gas of the planetary nebula. The molecular cloud gas is
surrounding the planetary nebula, because a low mass star doesn\'t live long enough to move
very far from where it is formed. The planetary nebula is compressing the molecular cloud,
setting off star formation. Measurements of the Doppler velocity for the gas snows that it is
expanding outward from the white dwarf. This means that the outer most gas was ejected from
the star first since it is the farthest from the white dwarf. Layers that are in closer must have been
ejected at a later time. This suggests that the planetary nebula formed from multiple eruptions
inside the star and not one single explosion.
Solution
a) First of all, one should know how a planetary nebula is formed. When an aging star is unable
to sustain further fusion reaction to keep its core stable it has many ways to give away - either
turn into a supernova, become a black hole or neutron star, or shed its outer envelopes and then
the core turns into a white dwarf. this later stage is known as planetary nebulae.
The M 57, commonly goes by the name of Ring Nebula, has a bipolar morphology where the
core primarily contains carbon and oxygen and other lighter elements. The strong concentration
of matter around the equator makes it look like a prolate spheroid.
Option d..
Which of the following is consistent with a history of positibe sele.pdfalokkesh1
Which of the following is consistent with a history of positibe selection but not genetic drift
a. common haplotype exhibiting weak linkage disequilibrium
b a rare haplotype showing strong linkage disequilibrium
c. a common haplotype in a region of high recombination
d. a rare haplotype in a region of low recombination
e. higher frequency and higher linkage disequilibrum that other alleles at the same locus
Solution
c. a common haplotype in a region of high recombination is consistent with positive selection
Genetic drift is usually one of the reasons of linkage disequilibrium, so linkage disequilibrium
could be thought to be asociated with Genetic drift. If a common haplotype is ina region on of
high recombination, there are greater chances of being it to transmitted to the next generations
and thus positively selected..
What is the difference between protein-based and polysaccharide-based.pdfalokkesh1
What is the difference between protein-based and polysaccharide-based materials?
Solution
Protein based materials are materials where the monomer constructing units include the amine
products like lysine, tyrosine etc. Polysaccharide based materials are the one the ones which are
made of carbohydrates like glucose, glycogen etc..
What is Flexibility of Command Usage.SolutionOne of the advant.pdfalokkesh1
What is Flexibility of Command Usage.
Solution
One of the advantages of CLI commands is that different commands can be combined using
pipes to perform tasks that would be much more cumbersome, to perform with GUI programs.
Another flexibilty of using CLI is that you can excatly get or do what you want because GUI are
limited in functionality..
More Related Content
Similar to ABSTRACT In 2011, Japan was shocked by the revelation of a fraud at.pdf
Will Japan Change By Peter K. Frost I s Japan once ag.docxambersalomon88660
Will Japan Change?
By Peter K. Frost
I
s Japan once again changing? Unlike 1868, when the newly empowered
Meiji empe ror moved to Tokyo to preside over a series of dramatic
changes that became more generally known as the Meiji Restorat ion. or
194 5, when the Allied O ccupation allied with relatively progressive japanese
to create a new constitution and institute a set of m ajor reforms, Japan has yet
to see a truly dram atic leader or many public protests. Yet a less dram atic se-
ries o f political, economic, and social developments, combined with the
shocking March 2011 do uble blow of a 9.0 ea rthqu ake and forty-five foot
tsunami, raises a question: Is Japan currently in the midst of a third major
transformation?
Economic Issu es
For some time now, Japanese voters have b een upset by the collapse of what
had been c alled Japan's weconomic miracle:· As m ost forcefully-if contro-
versially-explained by Chalmers Johnson and refined a bit by Steven Vogel,
Japan's once-praised "developmental state» linked the deeply entrenched, pro-
business Liberal Democratic Party (LDP), an elite bureaucracy a rmed wi th
considerable regulatory power, and large banks that gave long- term loans to
export o riented companies. These in turn combined close ties with their sub-
sidi ary firms and dealers into groups of affilia ted com pan ies kn own as
keiretsu, most of which promised permanent employment to an elite male
workforce in return for loyal and dedicated work.1 Add to this a "second
budge( of capital from the postal savings system a nd what was know n as
amakudari (lite rally "descent from heaven:· or the practice of companies hir-
ing retiring bureaucrats who had o nce supervised them), and you h ave a
tight-knit economic syste m.2 Particularly useful when Japan was trying to
mode rni ze its economy, all th is encouraged annual GNP growth of 9 to 10
percent p er year up to the oil c risis of 1973 and a relatively respectable 3 to 5
percent growth thereafter. In the process, Japan quickly became the second-
largest GNP in the world. It also built highly successful export industries in
areas such as electronics and cars that amassed huge trade surpluses.
Under pressure from the US and othe r trading partners to do som ethin g
abo ut these hu ge trade surpluses, Japan's Ministry of Finance agreed in the
1985 Plaza Agreement to boost the val ue of the yen , increase the m oney sup-
ply, a nd fund substantial public works; these reforms would lessen the trade
deficits by increasing both the value of the yen and domestic spending.3 As
prices-including stock shares-rose, banks made risky loans that were only
secured by overinflated real estate, and stock prices rose. Perhaps inevitably,
shortly after the death of the Showa emperor (mo re informally kn own as Hi-
rohito) in 1989, a bubble-popping 1990 stock m arket crash cut the value of
stock holdings in half, and many bank loans could not be repaid. Japa n wa.
Toshiba Accounting ScandalToshiba Corporation, a Japanese el.docxjolleybendicty
Toshiba Accounting Scandal
Toshiba Corporation, a Japanese electronics and engineering conglomerate with headquarters in Tokyo, produces a wide range of products, including personal computers, semiconductors, consumer electronics, household appliances, and nuclear power plant systems. The company also provides an array of services, such as those focused on information technology, communications, and nuclear reactor construction and operation.
In May 2015, Toshiba formed an outside panel to investigate potential accounting irregularities at the company. The formation of such an outside panel is an accepted procedure for companies in Japan, where corporate boards of directors are composed primarily of company executives, with few independent outside directors. An outside panel is typically formed to investigate matters that may involve improprieties by senior managers and executives.
Toshiba's CEO, Hisao Tanaka, resigned in July 2015 when the investigation uncovered that he was aware that Toshiba profits had been overstated by a total of $1.2 billion over a seven-year time period. (Further investigation would determine that the amount of the overstatement was closer to $1.9 billion.) Two former CEOs who held membership on the company's board of directors were also implicated in the investigation and stepped down. Six other members of the board also eventually resigned, and Toshiba announced it would appoint several new and independent directors to its board to strengthen external oversight of its management.
The investigatory panel found that "Toshiba had a corporate culture in which management decisions could not be challenged. … Employees were pressured into inappropriate accounting by postponing low reports or moving certain costs into later years." Managers at Toshiba set such challenging profit targets that subordinates couldn't meet them without exaggerating the financial results of individual business units. Furthermore, the head of the investigatory panel stated that the scope of their probe had been limited by company management. The investigation of Toshiba's U.S. nuclear business, Westinghouse Electric Co., was initially declared off limits. Months after a review of that portion of the business was completed, Toshiba took a $2.5 billion write-down on its Westinghouse business.
Following the scandal, Toshiba was removed from the JPX Nikkei Index 400, the stock index that includes the top Japanese companies based on operating income, return on equity, and market value. The move dealt yet another blow to the company's reputation—inclusion in the stock index matters because investors, including the world's largest pension funds, use the stock gauge as a benchmark.
In the first quarter following the revelations of the accounting scandal, Toshiba's sales fell to their lowest level in years, and the firm lost $102 million for the quarter. The price of Toshiba stock shares dropped precipitously, reaching a 36-year low in early 2016. Fo.
Describe the transformation that has taken place with the function.pdfalokkesh1
Describe the transformation that has taken place with the function:
with regard to its toolkit function. Name each component of the transformation, as well as the
toolkit function.
Solution
f(x) = - 2 sqrt ( x- 1) + 12
parent function is sqrt x
so , there are 4 transformations in parent function
first transformation horizontal shifting of 1 unit right
2nd transformation is 12 units shifted vertically upwards
3rd transformation reflection across x axis
4th transformation vertically stretched by a factor of 2.
Each student at State University has a student I.D. number consisting.pdfalokkesh1
Each student at State University has a student I.D. number consisting of four digits (the first
digit is nonzero, and digits may be repeated) followed by three of the letters A, B, C, D, and E
(letters may not be repeated). How many different student numbers are possible?
Solution
Given, I.D. number consists of four digits followed by three letters.
In general, it would be of the form, ______________
Let us name the digits as D1, D2, D3 and D4 respectively.
And the letters as L1, L2 and L3 respectively.
So we have the form, D1D2D3D4L1L2L3
D1 can be any one of 1, 2, 3, 4, 5, 6, 7, 8, 9 (since its given, first digit as non zero)
So, there are 9 ways to select the first digit.
D2, D3 and D4 can be any one of 0, 1, 2, 3, 4, 5, 6, 7, 8, 9 (Since its given, digits may be
repeated)
So, there are 10 ways each to select the next three digits.
L1 can be any one of A, B, C, D, E.
So, there are 5 ways to select the first letter.
And hence, there would be 4 ways to select the second letter L2 (Since its given, letters may not
be repeated)
Similarly, there would be 3 ways to select the third letter L3 (Since its given, letters may not be
repeated)
So, the possible number of ways for, D1D2D3D4L1L2L3 would be
9 x 10 x 10 x 10 x 5 x 4 x 3 = 540000
Hence, 540000 different student numbers are possible..
Describe personality traits and their implications in leadership..pdfalokkesh1
Describe personality traits and their implications in leadership.
Solution
Personality traits are the characteristics associated with individuals who make them unique while
their assessment by someone else. For example: Employees may have a belief that their reporting
manger is honest as well as a person with caring nature. Then, we can say that being caring and
to be honest for their subordinates are two distinct personality traits.
Some traits can be pointed as,
Traits play an important role for understanding the leadership styles. For example, a leader
having emotional attire will always care and nurture their supporters. A leader is a person who
can influence others with his strong traits in every walk of life. Honesty, decision making, bold,
truth etc. also constitutes some great leaders in the past likes Abraham Lincoln, Mahatma
Gandhi, G. Washington, Rockefeller, Steve Jobs etc.
According the Trait theory of leadership, leaders can be distinguished from non-leaders on the
basis of Social, psychological, personal and intellectual factors. These traits might contribute for
the success and failure of the organization. For example: A leader having self-confidence and
knowledge might execute more tasks than a leader having low self confidence..
Analyze Which of the following isare found in ALL species of fungi.pdfalokkesh1
Analyze: Which of the following is/are found in ALL species of fungi?
Mycotoxins
Temperature dimorphism
Mycelium
Organelles
Asexual spores
Mycotoxins
Temperature dimorphism
Mycelium
Organelles
Asexual spores
Solution
Answer-Mycelium and Organelles
Description-Mycotoxins,Temperature dimorphism,Asexual spores these characteristics
represented by few species but Mycelium and Organelles are special characteristics of all fungi.
Mycelium is the vegetative part of a fungus or fungus-like bacterial colony, consisting of a mass
of branching, thread-like hyphae.Mycelium helps fungus to absorbs nutrients from its
environment.
Organelles-According to Scientific classification Fungi is belongs to Eukaryota,Kingdom-fungi.
Common charecteristics Fungal hyphae cells.
An industry analysis by Porters Five Forces reveals that the soft dr.pdfalokkesh1
An industry analysis by Porters Five Forces reveals that the soft drink industry has historically
been favorable for positive profitability, as exemplified by Pepsi and Cokes financial outcomes.
Soft drink industry is very profitable, more so for the concentrate producers than the bottler\'s.
This is surprising considering the fact that product sold is a commodity which can even be
produced easily. There are several reasons for this, using the five forces analysis we can clearly
demonstrate how each force contributes the profitability of the industry.
Threat of new entrants
Entering bottling, meanwhile, would require substantial capital investment, which would deter
entry.
although the CP industry is not very capital intensive, other barriers would prevent entry.
Through their DSD practices, these companies had intimate relationships with their retail
channels and would be able to defend their positions effectively through discounting or other
tactics.
It would be nearly impossible for either a new CP or a new bottler to enter the industry. New CPs
would need to overcome the tremendous marketing muscle and market presence of Coke, Pepsi,
and a few others, who had established brand names that were as much as a century old.
Companies that have a door to door distribution channel in place like snack companies could
choose to diversify into soda industry
Switching costs are low for consumers who risk very little by trying new brands or
Beverages
Barriers to entry are relatively high, though, with large advertising budgets and competitive
brand loyalty to big players like Coca-Cola and Pepsi
The drinks with high growth and high hype are non-carbonated beverages such as juice drinks,
sports drinks, tea-based drinks, dairy-based drinks, and especially bottled water
Bargaining power of buyers
through five principal channels: food stores, convenience and gas, fountain, vending, and mass
merchandisers (primary part of \"Other\" in \"Cola Wars…\" case)
Bottlers own a manufacturing and sales operation in an exclusive geographic territory, with
rights granted in perpetuity by the franchiser, subject to termination only in the event of default
by the bottler
1980 Soft Drink Interbrand Competition Act preserved the right of CPs to grant exclusive
territories to their bottlers, giving less bargaining power to Bottler\'s buyers because there is no
alternative supplier
Bottlers are locked into contracts that grant CPs the right to set prices and other terms of sale
Bottlers are allowed to handle the non-cola brands of other Cps at their discretion
Bottlers are also given freedom in choosing whether or not to carry new beverages introduced by
the CPs but cannot carry directly competitive brands
Competition for brand shelf space in retail channels gives some bargaining power back to buyers
Threat of substitute products
Through the early 1960s, soft drinks were synonymous with \"colas\" in the mind of consumers.
In the 1980s and 1990s Coffee, tea, water, juices.
Why are general capital assets reported on the statement of net asse.pdfalokkesh1
Why are general capital assets reported on the statement of net assets on the government-wide
statements but not on the governmental funds balance sheet?Why are general capital assets
reported on the statement of net assets on the government-wide statements but not on the
governmental funds balance sheet?
Solution
General Capital assets are obtained by using financial sources of government funds not by using
of proprietary and trust fund that\'s why it is shown in financial statement in government
activities column of government wide statement of net asset..
Which of the following sets of biomes is placed in order from lowest.pdfalokkesh1
Which of the following sets of biomes is placed in order from lowest to highest average annual
temperature?Tundra, woodland/shrubland, subtropical desertSubtropical desert, temperate
seasonal forest, tropical rain forestTropical seasonal forest, boreal forest,
woodland/shrublandTropical rain forest, temperate seasonal forest, tundra4.Which of the
following sets of biomes is placed in order from most to least biologically diverse?Boreal forest,
woodland/shrubland, tropical seasonal forestTropical rain forest, temperate seasonal forest,
tundraSubtropical desert, temperate seasonal forest, tropical rain forestTundra,
woodland/shrubland, subtropical desertWhich of the following sets of biomes is placed in order
from lowest to highest average annual temperature?Tundra, woodland/shrubland, subtropical
desertSubtropical desert, temperate seasonal forest, tropical rain forestTropical seasonal forest,
boreal forest, woodland/shrublandTropical rain forest, temperate seasonal forest, tundra
Solution
Land Biomes
These are the 8 different land biomes in order from coldest to warmest
Tundra
Tundra is the coldest of all the biomes. Tundra comes from the Finnish word tunturi, meaning
treeless plain. It is noted for its frost-molded landscapes, extremely low temperatures, little
precipitation, poor nutrients, and short growing seasons. Dead organic material functions as a
nutrient pool. The two major nutrients are nitrogen and phosphorus. Nitrogen is created by
biological fixation, and phosphorus is created by precipitation. It is also the driest biome next to
the desert.
Characteristics of tundra include:
Extremely cold climate
Low biotic diversity
Simple vegetation structure
Limitation of drainage
Short season of growth and reproduction
Energy and nutrients in the form of dead organic material
Large population oscillations
Coniferous Forest (also known as Taiga)
The Coniferous Forest is a forest of Conifers (too much to handle, isn\'t it?). A Conifer is a tree
that produces its seeds in cones. The Pine tree is the most common example. Conifer leaves
conserve water with the thick, waxy layer that covers their leaves, also known as needles. The
vegitation in the Coniferous forest is small in size, but large enough to feed the vast herbivore
population. Most of these animals survive the brutal winters by migrating or hibernating.
Average Annual Rainfall- 14-29.5 in.
Average Temperatures in the Summer- 57.2°F
Average Temperatures in the Winter- 14°F
Deciduous Forest (also known as temperate forest)
Deciduous forests can be found in the eastern half of North America, and the middle of Europe.
There are many deciduous forests in Asia. Some of the major areas that they are in are southwest
Russia, Japan, and eastern China. South America has two big areas of deciduous forests in
southern Chile and Middle East coast of Paraguay. There are deciduous forests located in New
Zealand, and southeastern Australia also.
The average annual temperature in a deciduous forest i.
When a planetary nebula forms around a star you see gas emitting ligh.pdfalokkesh1
When a planetary nebula forms around a star you see gas emitting light and a white dwarf
present at the center. Below is a detailed image of M 57, the Ring Nebula. In this image it looks
very much like a flower, with different layers of gas clearly seen. What does this image tell us
about the conditions inside the star that created the nebula? The layers are the various shells of
gas from inside the star. Before the star exploded, there were shells burning around the core.
When it exploded, it reveals these layers in the expansion of the gas. Each layer of gas was
previously a shell inside the star. Measurements of the Doppler velocity for the gas shows that it
is expanding outward from the white dwarf. This means that the outer most gas layer must have
been accelerated more rapidly than the inner layers, when the star exploded. The outer most layer
is made of hydrogen, which is the lightest element and would be accelerated the most. As you
move inward the layers are made of helium, carbon, oxygen, etc. Moving inward, each layer is
composed of a heavier element which isn\'t accelerated as much due to its larger mass. So the
nebula formed from a single explosion. Measurements of the Doppler velocity for the inner most
layer of gas shows that it is expanding outward. This is the outer layer of the star which is
moving outward when the star exploded. The other layers farther out are gas from the molecular
cloud that is colliding with the expanding gas of the planetary nebula. The molecular cloud gas is
surrounding the planetary nebula, because a low mass star doesn\'t live long enough to move
very far from where it is formed. The planetary nebula is compressing the molecular cloud,
setting off star formation. Measurements of the Doppler velocity for the gas snows that it is
expanding outward from the white dwarf. This means that the outer most gas was ejected from
the star first since it is the farthest from the white dwarf. Layers that are in closer must have been
ejected at a later time. This suggests that the planetary nebula formed from multiple eruptions
inside the star and not one single explosion.
Solution
a) First of all, one should know how a planetary nebula is formed. When an aging star is unable
to sustain further fusion reaction to keep its core stable it has many ways to give away - either
turn into a supernova, become a black hole or neutron star, or shed its outer envelopes and then
the core turns into a white dwarf. this later stage is known as planetary nebulae.
The M 57, commonly goes by the name of Ring Nebula, has a bipolar morphology where the
core primarily contains carbon and oxygen and other lighter elements. The strong concentration
of matter around the equator makes it look like a prolate spheroid.
Option d..
Which of the following is consistent with a history of positibe sele.pdfalokkesh1
Which of the following is consistent with a history of positibe selection but not genetic drift
a. common haplotype exhibiting weak linkage disequilibrium
b a rare haplotype showing strong linkage disequilibrium
c. a common haplotype in a region of high recombination
d. a rare haplotype in a region of low recombination
e. higher frequency and higher linkage disequilibrum that other alleles at the same locus
Solution
c. a common haplotype in a region of high recombination is consistent with positive selection
Genetic drift is usually one of the reasons of linkage disequilibrium, so linkage disequilibrium
could be thought to be asociated with Genetic drift. If a common haplotype is ina region on of
high recombination, there are greater chances of being it to transmitted to the next generations
and thus positively selected..
What is the difference between protein-based and polysaccharide-based.pdfalokkesh1
What is the difference between protein-based and polysaccharide-based materials?
Solution
Protein based materials are materials where the monomer constructing units include the amine
products like lysine, tyrosine etc. Polysaccharide based materials are the one the ones which are
made of carbohydrates like glucose, glycogen etc..
What is Flexibility of Command Usage.SolutionOne of the advant.pdfalokkesh1
What is Flexibility of Command Usage.
Solution
One of the advantages of CLI commands is that different commands can be combined using
pipes to perform tasks that would be much more cumbersome, to perform with GUI programs.
Another flexibilty of using CLI is that you can excatly get or do what you want because GUI are
limited in functionality..
What data type is the value 25.25Solution25.25 is floating po.pdfalokkesh1
What data type is the value 25.25?
Solution
25.25 is floating point data type.
This data type is used to represent the factional part of the number.We can store numeric value
which are fraction which is not possible in integer data type.
2 subtypes of floating data type are : 1) Float--- 4 bytes 2) Double---8 Bytes.
What are the reasons for joining management development programs Wh.pdfalokkesh1
What are the reasons for joining management development programs? What are the benefits of
these programs?
Solution
Management development programs (MDP): Management development programs are the
training module which helps to enhance the organization performance through training programs.
There are so many reasons for joining the management development programs are listed below:
Benefits of the MDP:.
Using C++I keep getting messagehead does not name a type.pdfalokkesh1
Using C++
I keep getting message:
\'head does not name a type\'
\'teal does not name a type\'
Where do I place this code in my program:
/*search and delete with respect to location as current, head and tail
//define below 2 lines in LinkedList() function
head = new NodeType;
tail = new NodeType;
void UnsorderedType::DeleteItem(ItemType item)
{
NodeType *tempLocation, *location;
bool stop = false;
if(!isEmpty())
{
location = head;
tempLocation = head->link;
while (templocation != tail && !stop)
{
if (templocation->info == item)
stop = true;
else
{
location = templocation;
templocation = templocation->link;
}
}
if (!stop)
cout << \"The node to delete is not in the list!\" << endl;
else
{
location->link = templocation->link;
delete templocation;
count--;
}
}
else
{
cout << \"The list is empty!\" << endl;
}
}*/
/Problem and code:
Implement the UnsortedList class to store a list of strings that are input into the list from
data2.txt.
- create a main.cpp file that gets the numbers from the file
- insert the word \"cat\" into the list
- insert another word \"antibacterial\" into the list
- delete the word \"letter\" from the list
- print out the following:
--the entire list
- the greatest
- the least
2. Attach the main.cpp, UnsortedList.cpp, the ItemType.h, and the output file one called
outfile1.txt
- Yes you need to make your program output an \"outfile1.txt\"
3. Implement the UnsortedList class to store a list of numbers that are input into the list from
data.txt.
- create a main.cpp file that gets the numbers from the file
- insert the number 7 into the list
- insert another number 300 into the list
- delete the number 6 from the list
- print out the following:
--the entire list
- the greatest
- the least
2. Attach the main.cpp, UnsortedList.cpp, the ItemType.h, and the output file two called
outfile2.txt
- Yes you need to make your program output an \"outfile2.txt\"
data.txt
super formula travel free thick Josephine Clara education
data2.txt
super formula travel free thick Josephine Clara education
//My main.cpp
//--------------------------------------------------------------
// Test driver for Linked List UnsortedType list
// Navarr Barnier
// Your class CS3350 TTh 1:00
// Due date: Thursday, September 13, 2012
//
// Compile command: g++ hw2.cpp ch03-UnsortedType.cpp ch03-ItemType.cpp
// Input file name: hw2.txt
// Contains list of commands to add items to list, split original
// list into two lists, print each list and get the length of
// each list.
// Output: The result of each command is displayed on the screen.
// Filename: hw2.cpp
//--------------------------------------------------------------
#include
#include
#include
#include
#include
#include \"ItemType.h\"
using namespace std;
void PrintList(UnsortedType&);
void SplitList(UnsortedType&, ItemType);
ItemType GetItem(ItemType& item, bool& found);
int main()
{
ifstream inFile; // file containing operations
ofstream outFS; // Output file stream
string data; // operation to be executed
s.
true or false A primary sources tend to be firsthand observations of.pdfalokkesh1
true or false A primary sources tend to be firsthand observations of an event. B an example of a
primary source would be a book review.
Solution
A> primary sources tend to be firsthand observations of an event. TRUE
Explanation:
A primary source provides direct or firsthand evidence about an event, object, person, or work of
art.
B> an example of a primary source would be a book review. FALSE
Explanation:
Book review is the secondary sources which describe, analyze, summarize, evaluate, discuss,
interpret, comment upon and process primary sources..
To what extent can MarxistStructuralist perspectives provide valuab.pdfalokkesh1
To what extent can Marxist/Structuralist perspectives provide valuable insights in explaining
contemporary IPE?
Solution
Marxism persepective within the IPE provide a large extent limited to the study of the ideology
of Soviet state.this was untill the collapse of the Soviet Union where it was referred to as the
Marxism leninism ideology.marx gives economic law ,these law support his theory of an
unsupportable economic and political system under the regime of the capitalist system.in
contemporary IPE Marx philosophy is very less explainable because these time most countries
follow democracy and Marx believe in communalism ..
This Question 1 pt Resources are 0 A, the inputs used to make good a.pdfalokkesh1
This Question: 1 pt Resources are 0 A, the inputs used to make good and services. OB. scarce.
C. All of these are correct. O D. land, labor, capital, and entrepreneurship.
Solution
The correct answer should be C. All of these are correct as resources are indeed factors of
production. The correct answer is thus C..
There are n couples invited to a banquet. Suppose there are some numb.pdfalokkesh1
There are n couples invited to a banquet. Suppose there are some number of speeches given
during the banquet, so that at most one member of each couple gives a talk. How many different
sets of speakers could the evening have?
Solution
n couple would mean we have n men and n women. Lets assume that this fact holds( universal
fact)
Now, at most 1 member of each couple gives a talk. This would mean that we will have at most 1
from each couple giving a sppech during banquet.
We can have no people talking , 1 person talking from the whole n couple group, 2
people,................ or each of n couples pair giving a speech =
Hence, the difference sets one can have : nC0 +nC1 +nC2 + ....... n Cn = 2^n
Please note that if we neccesarily got to have speech then the first term( nC0 = 1) will yeild to 0
and therefore come to the RHS. Hence, nC1 +nC2 + ....... n Cn = 2^n -1
Therefore, 2^n ways when atmost 1 from each couple pair, or 2^n -1 when we need atleast 1
speech from the group, will leave it to you to decide on this one..
The Northwest Ordinance inclmsted all of the following EXCEPT a. Nom.pdfalokkesh1
The Northwest Ordinance inclmsted all of the following EXCEPT: a. Nominal prohibition of
slavery. b. Guarantee of freedom of religion for settlers. c. The process by which western
territories could become states. d. Land reserved for Indians. Hide Feedback
Solution
Option d.
The Northwest Ordinance provided a method for admitting new states to the Union and spelled
out a plan which would result in the taking of lands from hundreds of Indian tribes..
the initiation phase of eukaryotic transcription via RNA polymerase .pdfalokkesh1
the initiation phase of eukaryotic transcription via RNA polymerase ll is considered an assembly
and disassembly C24. The initiation phase of eukaryotic transcription via RNA poly- merase II is
considered an assembly and disassembly process. Which types of biochemical interactions-
hydrogen bonding, ionic bonding, covalent bonding, and/or hydrophobic interactions would you
expect to drive the assembly and disassembly process? How would temperature and salt
concentration affect assembly and disassembly?
Solution
During the assembly and disassembly the Hydrogen bond between the DNA strand and the RNA
polymerase II is predominantly involved. The ionic and hydrophobic interactions may occur
depending on the sequence and the supercoiling of the template DNA. Since assembly and
disassembly are dynamic process, the stronger covalent bonds are not involved, which are
difficult to break.
The hydrogen bonds are broken down easily in high temperature and high salt concentrations.
Hence these conditions would inhibit the process of RNApol assembly and disassembly..
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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ABSTRACT In 2011, Japan was shocked by the revelation of a fraud at.pdf
1. ABSTRACT: In 2011, Japan was shocked by the revelation of a fraud at one of its most
prominent companies, Olympus. What was more shocking was that the fraud was perpetrated by
its Chairman of the Board and past president, Tsuyoshi Kikukawa, in collusion with several other
Board members and officers. The whistleblower was Michael Woodford, a British citizen and
the Company’s first non-Japanese president and CEO. Woodford had held the post of president
for just six months before he was precipitously fired at a Board of Director’s meeting on October
14, 2011. The case has been successfully used in both undergraduate and graduate courses that
include intermediate financial accounting, advanced accounting, auditing, and forensic
accounting. It demonstrates how poor governance structures allowed company executives and
directors to circumvent accounting rules and hide investment losses for over two decades. The
accounting topics include (1) methods of accounting for investments in financial instruments, (2)
recognition and measurement of goodwill at the time of acquisition, and (3) consolidation
accounting. The case requires students to link economic events to business decisions, and
understand the financial reporting ramifications of those decisions. The case also requires
students to critically analyze corporate governance mechanisms, and to consider the external
auditor’s responsibility for detecting and communicating financial statement fraud. Keywords:
Olympus; goodwill; fair-value accounting; corporate governance; financial reporting fraud;
auditing. INTRODUCTION Michael Woodford had made the trip from Olympus’s Tokyo
headquarters to Haneda Airport countless times before. He enjoyed the comfortable confines of
the company’s Lexus sedan, and the ride usually gave him time to chat with his driver and
friend, Nick. Today, however, neither Nick nor the Lexus were anywhere in sight, and he found
himself in the back seat of a Tokyo cab. Only moments before, he concluded a meeting at a
popular cafe with a Saurav K. Dutta is an Associate Professor and Dennis H. Caplan is an
Assistant Professor, both at the University at Albany, SUNY; and David J. Marcinko is an
Associate Professor at Skidmore College. We thank the editor, associate editor, and two
anonymous reviewers for their helpful insights, comments, and suggestions. We acknowledge
our students and, in particular, Jim Halley, who completed the case and provided us with
valuable feedback. We are also grateful to Jennifer Pickett for teaching this case and allowing us
to administer the postcase questionnaire to her class. Published Online: April 2014 459 reporter
for the Financial Times, to whom he had explained the circumstances surrounding his abrupt
dismissal from his position as president and CEO of Olympus. Woodford himself could scarcely
believe the series of events that had unfolded since his appointment as Olympus’s president in
April 2011. Now, only six months later, the Board had suddenly terminated his employment with
the company for which he had worked for 30 years. Despite the lack of a formal university
education, Woodford had risen to prominence in Olympus, culminating in his appointment as
2. Olympus’s first non-Japanese president. He had explained to the Financial Times reporter how
he had disclosed to the Board the details of a massive fraud perpetrated by Olympus executives,
including Chairman of the Board Tsuyoshi Kikukawa and Executive Vice President Hisashi
Mori. Among the documents he provided to the Financial Times was the following letter he had
sent to Kikukawa three days earlier: In putting the company first, the honourable way forward
would be for you and Mori-san to face the consequences of what has taken place, which is a
shameful saga by any stretch of the imagination. It is clear that the current situation is now
untenable and to move forward positively the necessary course of action is for you both to tender
your resignations from the Board. This approach would allow the situation to be managed in a
discreet manner and minimise the reputational damage to both Olympus and yourselves. If your
resignations are not forthcoming, then there is a principal obligation upon me in respecting my
fiduciary duties, to raise, with the appropriate parties, my fundamental concerns in relation to the
governance of the company. (Woodford 2011, 12) Woodford’s revelations to the press were
partly motivated by concerns for his personal safety. Recent Japanese press coverage of the
emerging scandal suggested connections between Olympus and the notorious organized crime
syndicate Yakuza. As long as he remained in Japan, Woodford felt that he had good reason to be
concerned, so the private taxi and the waiting flight to Hong Kong offered welcome relief from
the circumstances of the past several hours. ECONOMIC BACKDROP AND THE GENESIS
OF PROBLEMS AT OLYMPUS Established in 1919, Olympus currently has over 30,000
employees in its five business segments. Of the five segments, its Medical division is the most
profitable, and controls over 70 percent of the worldwide endoscope market. The Imaging
segment manufactures digital cameras and, in recent years, has been the poorest performing
division of the company. The other three segments are Life Science, Information
Communication, and Others. The underlying causes of Olympus’s problems in 2011 were rooted
in macroeconomic events that transpired in the 1980s.1 At the time, Japan was one of the world’s
fastest growing economies. Along with Germany, Japan was running large trade surpluses. A
pivotal event occurred in September 1985, when representatives from France, Germany, Japan,
the United Kingdom, and the United States developed a plan to begin weakening the overvalued
U.S. dollar. It was agreed that Japan and Germany would stimulate domestic demand and allow
their currencies to appreciate. At the same time, the U.S. Federal Reserve would ease monetary
policy and allow the dollar to decline. The policies formulated at the New York Plaza Hotel,
hence known as the Plaza Accord, triggered an exceptional appreciation in the value of the yen
against the dollar (see Figure 1). Consequently, Japan’s export growth largely came to a halt in
1986, causing a slump in the Japanese economy. The Japanese government responded
aggressively to the recessionary pressures. The macroeconomic stimulus featured extraordinarily
low interest rates that were sustained until 1989. In the late 1 The discussion in this and the
3. following paragraph relies heavily on a report issued by the International Monetary Fund (IMF
2011). 460 Dutta, Caplan, and Marcinko Issues in Accounting Education Volume 29, No. 3,
2014 1980s, the Japanese economy began to experience significant credit growth and increasing
asset prices. The rising value of the yen put pressure on profitability of companies like Olympus,
which were largely dependent on exports. Goods such as Olympus cameras, when sold in the
U.S., yielded far fewer yen, leading to a decline in the company’s income. Olympus’s net income
fell from ¥6.8 billion in 1985 to ¥3.1 billion in 1986. Rather than respond strategically within its
core businesses, Olympus’s president, Shimoyama, sought earnings from speculative
investments in financial products (Woodford 2012, 182). That change in direction worked well
in the mid-1980s because stock prices tripled between 1985 and 1989. However, in 1990, the
bubble in Japanese asset prices burst and the Nikkei stock index lost half its value in less than a
year (see Figure 2). Olympus incurred significant losses in its investment portfolio. Instead of
liquidating the financial assets and disclosing the losses, Olympus took a strategy of ‘‘doubling
down’’ and started investing in even riskier financial instruments. This high-risk strategy failed
spectacularly, and by 1995 the amount of unrealized losses had grown to tens of billions of yen
(Olympus Corporation—Third Party Committee 2011, 11; hereafter, Investigation Report). In
1993, Masatoshi Kishimoto succeeded Shimoyama as president of Olympus and, like his
predecessor, continued to resist disclosing the mounting losses. He commented to the finance
group leader Hideo Yamada: ‘‘We will wait because the losses will decrease when the market
recovers and then we can turn things around’’ (Woodford 2012, 183). Kishimoto and Yamada
were unaware that a coming change in Japanese accounting standards would deny Olympus the
opportunity to wait for the losses to reverse. FIGURE 1 Exchange Rate The graph shows the
exchange rate on December 31. Blurred Vision, Perilous Future: Management Fraud at Olympus
461 Issues in Accounting Education Volume 29, No. 3, 2014 JAPANESE GAAP FOR
INVESTMENTS: A STANDARD IN FLUX When Olympus started making investments in
financial assets in the mid-1980s, Japanese Generally Accepted Accounting Principles (GAAP)
allowed these investments to be valued at either historical cost or the lower of cost or market
(LCM), at the company’s discretion. The cost method requires that gains and losses on
investments are recorded only when realized, at the time the investments are sold. There is no
accounting for unrealized gains or losses. The LCM method, on the other hand, requires early
recognition of unrealized losses, but prohibits the recognition of unrealized gains. In the case of
losses, investments are marked down to market value, and a corresponding reduction is made to
the ‘‘unrealized gains and losses on investments’’ in the net assets section of the balance sheet.2
At the time, about half of all firms listed on Japanese exchanges opted for the cost method (Inoue
and Thomas 1996). Olympus was among those firms. Reporting investments at cost enabled
Olympus to avoid disclosing the massive unrealized losses it had suffered due to the sharp
4. decline in the Japanese stock market. This allowed Olympus the luxury of waiting for prices to
rebound, at which time Olympus would be able to recoup its losses. Throughout the 1990s,
pressure began to mount on Japan’s Business Accounting Council (BAC) to revise its accounting
standards for financial products and require that such instruments be reported at their market
values and not historical costs. The BAC succumbed to pressures to reform accounting for
marketable securities and signaled its intent in 1997 by issuing Discussion Points for Accounting
Disposition Standards for Financial Products. In January 1999, the BAC issued Statement No.
10, Accounting Standards for Financial Products. The new standards became effective for all
fiscal years beginning on or after April 1, 2000. Olympus would be required to apply the new
standards in the fiscal year that would end on March 31, 2001 (Investigation Report 2011, 14).
FIGURE 2 Nikkei Price Chart 2 The balance sheet under Japanese GAAP labels the equity
section as net assets. 462 Dutta, Caplan, and Marcinko Issues in Accounting Education Volume
29, No. 3, 2014 Similar to U.S. GAAP, the new standard classified investments into categories
based on the intent for holding the securities. Different accounting methods were applied to each
category. Trading securities held by a company are for the purpose of earning profits on market
movements. They must be presented in the balance sheet at market value, with gains and losses
included in income of the current period. Held-to-maturity securities are debt securities that the
company purchases with the intent to hold until maturity. They are valued at amortized cost.
Equity investments in subsidiaries and associated companies are valued at historical cost. ‘‘Other
securities’’ are all other securities that are not trading securities, held-to-maturity securities, or
investments in subsidiaries and associated companies. They are presented in the balance sheet at
market value. Changes in market value for ‘‘other securities’’ are accounted for by either of the
following two methods (Koga and Yao 2011, 55–58): Full Fair Value Method: The total
valuation difference is credited or charged directly to unrealized gains and losses in the net assets
section of the balance sheet. Partial Fair Value Method: While valuation profits are credited
directly to net assets, valuation losses are included in income (profit or loss) for the period. The
classification of the investments as trading or other made little difference to the valuation. If the
investments were classified as trading securities, the balance sheet would record the decline in
value and the associated loss would appear in the income statement. If the investments were
classified as ‘‘other securities,’’ the balance sheet would still reveal the losses. Even though there
would be no income effect in the current period, the losses would be clearly evident in the net
assets section of the balance sheet. Olympus decided that neither option was acceptable, and
embarked instead on a ‘‘loss separation scheme.’’ LOSS SEPARATION SCHEME The change
in accounting standards that required investments to be marked to market implied that Olympus
could no longer avoid reporting the unrealized losses in its investment portfolio. These losses,
according to some estimates, had ballooned to almost 100 billion yen by 1998 (Investigation
5. Report 2011, 15). Olympus’s executives believed there was no recourse but to remove these
‘‘underwater’’ investments and the corresponding unrealized losses from Olympus’s books. To
do so, Olympus would have to find a buyer willing to purchase these toxic assets at their original
cost, which far exceeded their market value. Obviously unable to find such a buyer, Yamada and
Mori, senior officers at Olympus, devised the loss separation scheme described below. Yamada
and Mori created two shell companies, Central Forest Corporation (CFC) and Quick Progress
Company (QP), which would buy Olympus’s toxic investments. The two new companies were
set up as ‘‘tobashi,’’ or receiver funds that did not have to be consolidated on Olympus’s
financial statements.3 The next problem was to channel funds to these companies, enabling them
to purchase the investments. Olympus could not directly provide CFC and QP the needed funds,
since doing so would raise red flags if CFC and QP were to engage in transactions favorable to
Olympus. Instead, Olympus deposited Japanese government bonds with LGT Bank in
Liechtenstein, and arranged for the bank to use these bonds as collateral for a loan to CFC. CFC
used the borrowed funds to buy the investments from Olympus at Olympus’s original acquisition
cost. Olympus, thus, recovered the amount it deposited with LGT and the toxic assets were
considered ‘‘sold’’ to the shell corporations. Olympus thereby avoided recognizing losses on
these underwater securities. CFC 3 ‘‘Tobashi’’ was the Japanese practice of shifting losses off a
company’s books to a subsidiary or outside funds, which led to reforms such as consolidation
accounting and marking to market for securities investments. Blurred Vision, Perilous Future:
Management Fraud at Olympus 463 Issues in Accounting Education Volume 29, No. 3, 2014
now owned the toxic assets and owed money to LGT. The scheme is illustrated in Figure 3,
labeled as the ‘‘Europe Route,’’ and the requisite journal entries for Olympus and CFC are
shown below. Olympus purchased Japanese government bonds worth ¥21 billion and deposited
them with LGT Bank. The journal entry for Olympus (in millions of yen) would have been:
Government Bonds ¥21,000 Cash ¥21,000 CFC would record the loan from LGT as follows:
Cash ¥21,000 Loan Payable ¥21,000 CFC used the borrowed funds to purchase the toxic assets
from Olympus and recorded the transaction with the following journal entry: Financial Assets
¥21,000 Cash ¥21,000 Olympus’s side of the transaction would be recorded as follows: Cash
¥21,000 Financial Assets ¥21,000 FIGURE 3 Loss Separation Scheme 464 Dutta, Caplan, and
Marcinko Issues in Accounting Education Volume 29, No. 3, 2014 At the end of the sequence of
transactions, Olympus has effectively swapped underwater investments originally purchased for
¥21 billion for Japanese government bonds, and recorded no loss. The unconsolidated shell
company, or ‘‘tobashi,’’ now holds the underwater investments that it purchased for ¥21 billion.
Transactions with LGT bank commenced with the deposit of ¥21 billion and by 2000 had
increased to ¥35 billion. Equivalent funds were transferred to CFC to enable it to purchase
additional underwater investments of Olympus at cost. LGT Bank was not the only conduit used
6. to transfer funds from Olympus to CFC and QP. Two additional schemes were devised. In the
second scheme, called the Singapore Route, Olympus arranged for Commerzbank to provide
loans to CFC and QP through a chain of intermediaries located in the Cayman Islands and British
Virgin Islands. The chain of intermediaries was deliberately made complex in order to conceal
the original source of the funds.4 These loans were collateralized through Olympus’s deposits at
Commerzbank. When Olympus’s main contact at Commerzbank, Mr. Chan, moved to the
Singapore branch of the bank Socie´te´ Ge´ne´rale, Olympus transferred the loans and collateral
from Commerzbank to Socie´te´ Ge´ne´rale. Later, Mr. Chan left Socie´te´ Ge´ne´rale and
created a bond fund named SG Bond. Olympus invested ¥60 billion in SG Bond, which loaned
those funds to another Olympus shell named Easterside. Easterside used the money to repay the
loan with Socie´te´ Ge´ne´rale, which, in turn, returned the collateral to Olympus. Thus, CFC
and QP’s loan with Socie´te´ Ge´ne´rale was shifted to Easterside’s loan from SG Bond, and
Olympus’s collateral at Socie´te´ Ge´ne´rale converted to its investment in SG Bond. The third
scheme, called the Domestic Route, involved a business investment fund named Global
Company New Vision Ventures (GCNVV). Olympus created this fund in 2000 for the purpose
of identifying new business and strategic growth opportunities. However, GCNVV was also used
as a conduit to transfer ¥30 billion to QP. Similar to CFC, QP used these funds to purchase
underwater investments from Olympus. The postmortem investigation revealed that several
senior officers at Olympus, including Yamada, Mori, Kishimoto, and Kikukawa, were aware of
these funds and helped create them. In fact, Kishimoto and Kikukawa signed an agreement with
LGT to extend the term of the accountcollateralized ¥30 billion loan made to CFC up to mid-
2008. Further, a staffer from the finance group was involved with day-to-day practicalities,
including bank transmission instructions and fund management reports (Investigation Report
2011, 22). Through the execution of this scheme, Olympus was able to transfer losses of
approximately ¥64 billion to CFC, and losses of ¥32 billion to QP. This enabled Olympus to
separate unrealized losses from its consolidated financial statements. Note that there was no real
cash outlay for this scheme, and the cash position of Olympus did not change, because the
amount it would provide as collateral to the banks would be returned by CFC and QP once they
purchased the investments from Olympus. Effectively, Olympus was able to swap the toxic
assets for high-quality Japanese government bonds held as collateral by the lender. The
underwater investments were held by ‘‘tobashi,’’ or unconsolidated receiver funds that could
bide time and wait for the value of these investments to rebound. If that were to happen, CFC
and QP were to liquidate these investments and repay the loans to the lenders, thereby releasing
Olympus’s collateral at the banks. For this elaborate scheme to work, there was one element
outside of Olympus’s control: the market value of these investments had to rebound.
Unfortunately for Olympus and its senior officers, that was not to be! 4 Transactions between
7. Olympus and the shell companies were often channeled through multiple intermediaries. To
simplify the exposition, we do not detail all of those transactions. Blurred Vision, Perilous
Future: Management Fraud at Olympus 465 Issues in Accounting Education Volume 29, No. 3,
2014 LOSS DISPOSITION SCHEME—ACQUISITION OF DOMESTIC COMPANIES The
successful loss separation scheme permanently removed the toxic assets from Olympus’s books,
permitting Olympus to avoid recognizing the associated investment losses. Olympus now faced a
different problem. After years of carrying the loans to CFC and QP, the lenders demanded
repayment. CFC and QP would have been able to satisfy these liabilities if the market values of
the toxic assets had recovered. They would have sold these assets and repaid the loans. LGT and
SG Bond, in turn, would have released the collateral to Olympus. However, even seven years
after transferring the toxic assets to CFC and QP, their values had not rebounded. Hence,
sufficient cash had to be transferred to CFC prior to 2008. Kikukawa and Mori devised two
schemes to provide cash to CFC and QP: one involved acquisition of domestic companies, and
the other involved the acquisition of a foreign company. The former is discussed in the
remainder of this section and the latter in the next section. The essence of the ‘‘domestic
acquisition’’ scheme involved two shell companies, Neo and ITV, acquiring legitimate
businesses at market prices, which they would sell to Olympus at greatly inflated prices. The
proceeds from these sales would then be transferred to CFC, providing it with sufficient cash to
repay the loans. A consequence of this scheme was that Olympus would record significant
goodwill on its balance sheet, which it intended to amortize over a period of 20 years as
permitted under Japanese GAAP (Koga and Yao 2011, 313). The scheme began with Global
Company New Vision Ventures (GCNVV) identifying three Japanese companies as attractive
investment opportunities. The first, Altis, was a recycling business specializing in medical waste.
The second, News Chef, made cookware for microwave ovens. The third, Humalabo, developed
health supplements with ingredients extracted from fungus. These companies were relatively
new and had yet to turn a profit (Tabuchi 2011). The scheme proceeded as follows: Neo and ITV
were created by Olympus as unconsolidated shell companies. These two companies purchased
shares of the three domestic companies at a price of 50,000 to 200,000 yen per share. Neo and
ITV prepared extensive business plans that projected high growth for each of the three
companies. Based on these projections, Kikukawa and Mori were able to convince Olympus’s
Board of Directors that these were excellent investment opportunities. Thus, Olympus purchased
the shares of these three companies from Neo and ITV at exorbitant prices. Some of these
purchases were made directly and others through its affiliates, as shown in Table 1. Upon
purchasing shares of the three domestic companies at prices far exceeding the fair value of their
net assets, Olympus recorded the difference as goodwill. Neo and ITV, in turn, channeled the
proceeds from the sale of the shares to CFC, which was then able to repay its loan to LGT. The
8. bank, having received repayment of its loan, released the collateral to Olympus. That completed
the full circle for Olympus. Initial cash outlays to purchase the shares of three domestic
companies from Neo and ITV were effectively returned by the bank when it released the
collateral of Japanese government bonds. The scheme is illustrated in Figure 4. LOSS
DISPOSITION SCHEME PART DEUX—GYRUS ACQUISITION Overpayment for the
purchase of target companies was not the only mechanism used to divert cash to the shell
companies. In another scheme, Olympus overpaid for financial advisory services in connection
with a corporate acquisition. In 2008, Olympus acquired Gyrus, a British company. Axes, a
Japanese-owned financial advisory firm, assisted Olympus with the transaction. 466 Dutta,
Caplan, and Marcinko Issues in Accounting Education Volume 29, No. 3, 2014 Upon
completion of its purchase of Gyrus, Olympus paid Axes a fee of $12 million in cash, in addition
to an unspecified amount in stock options and warrants of Gyrus. Axes subsequently sold the
stock warrants and options for $24 million to Axam, a Cayman-based investment fund. Seven
months later, Olympus reacquired the options and warrants from Axam in exchange for dividend
preferred shares of Gyrus with a face value of $177 million (17.7 billion yen).5 This amount was
capitalized as an incidental cost of the Gyrus acquisition. About three months later, Axam
demanded that Olympus purchase the same preferred shares for a sum in the range of $530 to
$590 million, and threatened to transfer those shares to a third party if Olympus failed to do so.
Axam provided no justification as to why the value had increased significantly in the three-
month period, concurrent with the global financial crisis. Regardless, Olympus’s Board
unanimously approved the purchase of the preferred shares and no Board members objected to
the significant increase in price. However, the purchase was not consummated because in the
U.K., preferred stock is regarded as a liability, and settlement of a liability at a price greater than
the book value ($530 million compared to $177 million) would result in reporting a loss, which
was unacceptable to Kikukawa and Mori. Thereafter, Mori directed the Accounting Department
to examine whether it would be possible to reclassify the dividend preferred shares as equity
(Investigation Report 2011, 66). In early 2010, as dividends were never paid to Axam, a case
TABLE 1 Stock Transactions in Loss Disposal Scheme Panel A: March 2006 Target Company
Date Acquired Cost Per Share Selling Surrogate Selling Price Per Share Total Amount Buying
Surrogate Altis Dec. 2005 ¥50,000 Neo ¥5,790,000 ¥7.35 B GCNVV Humalabo July 2005
200,000 Neo 14,100,000 6.54 B GCNVV News Chef Dec. 2003– Dec. 2005 200,000 Neo and
ITV 4,450,000 3.78 B GCNVV Panel B: March 2008 Target Company Date Acquired Cost per
Share Selling Surrogate Selling Price Per Share Total Amount Buying Company Altis Dec. 2005
¥50,000 Neo ¥11,000,000 ¥18.2 B Olympus Altis Mar. 2006 5,790,000 DD 10,500,000 5.56 B
OFH Humalabo July 2005 200,000 Neo 20,500,000 13.7 B Olympus Humalabo Mar. 2006
14,100,000 GT 19,500,000 3.9 B OFH News Chef Dec. 2003– Dec. 2005 200,000 ITV
9. 9,500,000 15.2 B Olympus News Chef Mar. 2005 4,450,000 DD 9,000,000 4.0 B OFH This
table shows successive purchases of the shares of the three domestic companies. Panel A shows
the purchases made in March 2006 and Panel B shows those made in March 2008. 5 Payment of
preferred shares was contrary to the advice of two outside experts, KPMG and Weil, Gotshal &
Manges LLP (a New York-based law firm), both of which independently recommended a
settlement in cash of the $177 million, noting that it was ‘‘Clearly the ‘cleanest’ way for
Olympus to deal with [Axam]’’ (Investigation Report 2011, 62). Blurred Vision, Perilous Future:
Management Fraud at Olympus 467 Issues in Accounting Education Volume 29, No. 3, 2014
was made to reclassify the dividend preferred shares from a liability to shareholders’ equity.
Olympus’s legal counsel advised: Although there exist no provisions in English law that permit
conversion to common stock, there is also a possibility that there will be no choice but to accede
in the event that the other party has asserted this. In addition, although there still exist no
precedents in English law that permit conversion to common stock that does not mean that there
is absolutely no possibility of this in the future. (Investigation Report 2011, 68) Olympus
management regarded the above opinion positively and engaged in discussions with Ernst &
Young ShinNihon LLC, the incoming auditors, to reclassify the dividend preferred stock from a
liability to shareholders’ equity. This was accomplished by Gyrus through the following journal
entry: Long-term borrowing $177M Capital (preferred stock) $177M Interestingly, after 16
months of silence, on March 17, 2010, an email was received from Axam, again demanding the
buyback of the dividend preferred stock, but now at a price of $724 million. For a second time,
Olympus’s Board unanimously approved the buyback from Axam, this time at a negotiated price
of $620 million. The transaction was executed through the fully owned British subsidiary
Olympus Finance UK Ltd., which purchased the dividend preferred stock from Axam for $620
million (57.9 billion yen) in cash and recorded the transaction as: FIGURE 4 Loss Disposition
Scheme 468 Dutta, Caplan, and Marcinko Issues in Accounting Education Volume 29, No. 3,
2014 Shares of affiliated company $620M Cash $620M At the time of consolidation, the
elimination of the ‘‘shares of affiliated company’’ account led to recording additional goodwill:
Capital (preferred stock) $177M Goodwill $443M Shares of affiliated company $620M The
debit to Capital removed from the consolidated financial statements the preferred stock recorded
in Gyrus’s financial statements. Thus, to help facilitate a $2 billion purchase of Gyrus, Axes and
Axam received a fee of $632 million (¥65 billion), or 31 percent of the purchase price. Industry
standard for such advisory fees are about 1 to 2 percent of the purchase price, or $20 to $40
million. Axam, for its part, having received $620 million in cash, transferred $623 million to an
intermediary on March 31, 2010. Within three months, Axam’s registration in the Cayman
Islands was revoked due to non-payment of license fees. The funds were transferred through a
chain of intermediaries, and eventually $622 million was received by Easterside, one of
10. Oympus’s unconsolidated subsidiaries (as noted in the previous section). Easterside used $622
million cash to repay SG Bond, which, in turn, redeemed Olympus’s initial investment in two
equal installments of ¥31.569 billion on September 21, 2010, and March 24, 2011. Thus, of the
¥65 billion Olympus paid Axes and Axam, it recouped ¥63 billion from SG Bond through a
circuitous path. Although this flow of funds ultimately had minimal impact on Olympus’s cash
balance, it had significant accounting ramifications. The inflated purchase price of the
acquisitions and the exorbitant fees paid for M&A advisory services were capitalized. The
purchase price was recorded as goodwill through the journal entries shown above. Under
Japanese GAAP, the goodwill could be amortized over a period of 20 years while periodically
tested for impairment. Olympus resorted to a series of convoluted transactions for the sole
purpose of converting unrealized investment losses to goodwill, thereby not having to recognize
these losses in a single year. CORPORATE GOVERNANCE EFFECTIVENESS Various parties
involved in the financial reporting process have complementary and overlapping responsibilities
for deterring and detecting fraud (Dutta 2013). The Investigation Report (2011) examined
corporate governance at Olympus and found numerous flaws, some of which are summarized
here. Internal Controls Company management is responsible for implementing and maintaining
an effective system of internal controls. Two important and common features of good internal
control are segregation of duties and job rotation. For transactions involving external funding,
the Treasury Group both executed and approved those transactions. Furthermore, Yamada
oversaw the Finance Department while concurrently serving other roles at various times,
including Head of the Audit Office, Head of the Administration Management Division,
Corporate Center Manager, and the Officer in charge of audits. This created an unusual
concentration of power. Additionally, there was minimal job rotation at high levels in the finance
and accounting departments, allegedly because at Olympus, there was a perception that these
functions required a high level of expertise and long-term operational experience. Blurred
Vision, Perilous Future: Management Fraud at Olympus 469 Issues in Accounting Education
Volume 29, No. 3, 2014 Internal Audit Function The Institute of Internal Auditors (IIA)
recommends that the internal audit function have a direct line of communication to the Audit
Committee and the Board of Directors and be independent, in substance and in form, from the
rest of the organization. At Olympus, from 2002 to 2009, Yamada, in his role as the Head of the
Finance Department, supervised the Head of the Internal Audit Department. Arguably, the
independence of the internal audit function is compromised when it is supervised by the same
person who is in charge of the accounting and finance functions. The Internal Audit Department
did not conduct a single audit of the finance function over a period of seven years. Board of
Directors In April 2001, there was an overhaul of the corporate governance system that affected
the Board of Directors and top-level management committees. In June 2005, outside directors
11. were elected at the regular shareholder meeting for the first time. However, the addition of
outside directors did not have much impact on governance insofar as these individuals seldom
asked questions at board meetings6 (Investigation Report 2011, 125). As part of the overhaul, the
Board of Managing Directors and the Management Committee were eliminated. Instead, a
Management Implementation Committee, comprised of seven to eight members, was established.
The members of this Committee were all insiders and included the chairman, president, vice
president, and presidents of the subsidiaries. The tasks of the committee were related to
operational matters to be decided by the president, and the Committee was to support the
president’s decision-making (Investigation Report 2011, 116). The Management Implementation
Committee, comprised of officers, had essentially become the highest decision-making body in
Olympus for operating decisions, and the Board of Directors had become a formality. Even when
there was relatively active questioning and debate in the Board of Directors meetings, the final
resolution was made by the chairman without opposition. As a general rule, there was no
adoption of a voting method, such as by a show of hands, where approval and disapproval would
be clearly evidenced. Matters related to the M&A projects were introduced through replacement
of agenda items, and relevant material was distributed and recovered on the same day, thereby
undercutting the ability of directors to study or understand the issues. Concern expressed about
these changes and lack of adequate deliberations on these issues was assuaged through
management’s assertion that the ‘‘item was adequately discussed at the Management
Implementation Committee’’ (Investigation Report 2011, 125). The Investigation Report (2011)
pointed out three structural deficiencies in the Board of Directors that contributed to the
problems at Olympus. First, there was a lack of diversity of expertise on the Board. For example,
with the exception of the director in charge of finance and accounting, there were no other
directors with experience or working knowledge of finance and accounting. Second, the directors
were generally apathetic to matters that were not in their individual area of expertise. As noted in
the report: ‘‘each director ... reviewed only areas that they were in charge of, and were
indifferent to the areas charged to others’’ (Investigation Report 2011, 144). Apathy on the part
of directors was evident in both the acquisition of the three domestic 6 The Board of Directors
met about 20 times annually before the overhaul, and attendance was generally in the range of 90
to 100 percent. After the overhaul, there were 26 to 36 meetings annually, and attendance was
generally between 90 and 100 percent. One exception was an outside director, elected in 2005,
whose attendance was 4 percent. After 2006, the meetings were reduced to 17 to 19 times a year,
and with the exception of one outside director whose attendance was between 11 and 16 percent,
attendance was generally between 90 and 100 percent. 470 Dutta, Caplan, and Marcinko Issues
in Accounting Education Volume 29, No. 3, 2014 companies and the advisory fees paid in
connection with the Gyrus acquisition. While thorough discussion and questioning of these
12. transactions would occur in most organizations, at Olympus there was none. Third, the directors
were not sufficiently independent of the president, because the president exercised exclusive
decision-making authority on director compensation and personnel matters. Consequently, once
approved by the president, the Board rubber-stamped all corporate actions, including deferral of
losses in 1999, acquisition of the three domestic companies, and the advisory fees related to the
acquisition of Gyrus. When Woodford finally pointed out the obvious scandal, the directors
failed to investigate the substance of the allegations and, in deference to Kikukawa, agreed to
Woodford’s dismissal. The Investigation Report (2011) concludes: ‘‘unless those with
professional knowledge and high independence are elected as outside directors, they would not
be able to exercise the role that they would be expected to fulfill,’’ and due to the lack of this
attribute, ‘‘the supervisory responsibility that the Board of Directors had to fulfill as the center of
the corporate governance had not been fulfilled’’ (Investigation Report 2011, 146). Audit
Committee At Olympus, the Board of Auditors was composed of two standing auditors and two
outside auditors. The two standing auditors were longtime employees of the company. One of the
outside auditors was a classmate of the president from high school (Investigation Report 2011,
129), and the other was from a corporation that had a supplier relationship with Olympus.
Moreover, from 2000 to 2012, among those who were appointed to this committee, only Yamada
had professional knowledge in accounting, auditing, and law. Hence, the directors deferred to
Yamada’s judgment on items involving accounting and finance issues. External Auditors KPMG
AZSA LLC had been Olympus’s auditors since 1974, and in 2008, they raised concerns to the
Board of Auditors about the acquisition of the three domestic companies and also about the
exorbitant financial advisory fees paid for the Gyrus acquisition. Specifically, KPMG AZSA
informed the Board of Auditors that the prices paid for the three domestic companies and the
financial advisory fees paid for the Gyrus acquisition were extremely high. After many
consultations, in April 2009, KPMG AZSA requested the Board of Auditors to consider the
following (Investigation Report 2011, 151): The reasonableness of the share prices paid for the
three domestic companies. * The shares were purchased in two installments: March 2006 and
March 2008. The latter purchase was made at unit prices 1.4 to 2.1 times higher than the 2006
purchase, even though earnings growth had fallen short of projections. The reasonableness of the
advisory fee connected with the acquisition of Gyrus. * Normally, the percentage of fees of
foreign-capitalized investment banks is within 1 percent of the transaction amount. An amount
exceeding 12 percent of the acquisition price is abnormally high. (This was the estimate of the
advisory fees as of April 2009, when preferred shares were issued. Ultimately, the fees rose to 31
percent of the acquisition price.) * Axes, the advisory firm hired, is extremely small and
outsourced the actual advisory services to other firms. Why, then, was a large amount paid to
Axes, and no competing bids sought? Blurred Vision, Perilous Future: Management Fraud at
13. Olympus 471 Issues in Accounting Education Volume 29, No. 3, 2014 Subsequent to this
request, there were numerous consultations between KPMG AZSA and senior Olympus
executives, culminating in the following statement by KPMG AZSA: There are doubts about the
propriety and reasonableness ... If the same kind of explanation as before were going to be
repeated, then it would be difficult to continue the auditing agreement in the future. Also, the
same applies to transactions with securities firms and investment funds whose backgrounds are
not known. (Investigation Report 2011, 164–165) Two weeks later, on May 21, 2009, Kikukawa
visited the offices of KPMG AZSA to inform them that Olympus would be replacing them with
Ernst & Young ShinNihon as of June 2009. The reason given was the conflict of opinion over
the accounting treatment of the business valuation of the three domestic companies and the
payment of advisory fees for Gyrus. Also, Olympus management regarded KPMG AZSA’s
questioning of these issues as overstepping their duties and meddling in the management of the
company (Investigation Report 2011, 175). The succession of auditors was performed in
accordance with relevant Japanese guidelines requiring communication between the incoming
and outgoing auditors. At a meeting between the two auditors held on June 11, 2009, the
exchange between the two firms was limited to KPMG AZSA asking Ernst & Young ShinNihon,
‘‘Have you heard the reason for the dismissal?’’ to which Ernst & Young ShinNihon responded
that they had heard there were two accounting issues. This was the final exchange between the
auditors (Investigation Report 2011, 175) and the succession was completed without further
discussion. Japan’s Financial Service Agency, the country’s top financial watchdog, ‘‘did not
find ‘any intentional acts or grave negligence’ by the two firms,’’ but faulted them for not having
communicated fully when Ernst & Young ShinNihon took over the audit (Uranaka 2012).
EPILOGUE On July 3, 2013, Kikukawa was found guilty by a Tokyo court of abetting a $1.7
billion fraud and cover-up. Yamada and Mori were also found guilty. Each received a suspended
three-year sentence, meaning that they are likely to avoid prison. Olympus was ordered to pay
fines of ¥700 million for falsifying its financial reports. Mr. Chan, of Commerzbank, Socie´te´
Ge´ne´rale, and SG Bond, had received in excess of $10 million from Olympus for abetting the
fraud. He was arrested in the U.S. and pled guilty in September 2013 in federal court to charges
that carry a maximum fiveyear prison term. An attempt by Mr. Woodford to get his job back at
Olympus was unsuccessful. However, he won a multi-million dollar settlement for unfair
dismissal.
The question would be,
A) Research the FASB Codification on accounting for goodwill. Olympus used Japanese GAAP
to compute goodwill. Specifically, the fees paid to advisers and M&A consultants ($660 million)
were capitalized as part of the acquisition cost, and would be amortized over a period of 20 years
under Japanese GAAP. Would the accounting treatment be similar or different under (a) U.S.
14. GAAP, and (b) IFRS?
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