Please give the genus and species of each answer.

11. The colonies are typically large, gray-white and opaque on blood agar. Most strains recovered from clinical isolates are nonpigmented; colonies with a deep red pigmentation may be encountered. On MacConkey agar they appear nonpigmented after 24 hours but become lactose positive. The bacterial cells are gram-negative straight rods. The biochemical reactions are indole negative, methyl red negative, VP positive, motile, citrate positive, urease negative, and hydrogen sulfide negative ___________________________________________________________________________________

12. The colonies are typically large, gray-white and opaque on blood agar. On MacConkey agar they appear nonpigmented characteristic of non-lactose fermenters. On selective enteric media containing ferrous iron (HE, XLD), colonies may have a deep black pigmentation from production of hydrogen sulfide. The bacterial cells are gram-negative straight rods. The biochemical reactions are indole negative, methyl red positive, VP negative, motile, citrate positive, urease negative, and hydrogen sulfide positive. ___________________________________________________________________________________

13. Family members attended a reunion in Cape Cod and five persons became ill. Their symptoms included malaise, anorexia, and mild icterus. All patients had abnormal liver function tests. All patients recovered uneventfully. Other family members received gamma globulin. All patients denied a history of exposure to blood transfusions, parenteral drug use, and foreign travel. At the reunion, the patients had shared one meal together at which only steamed clams were served. Six persons ate the clams, and five became ill.

___________________________________________________________________________________

14. Two brothers, age 7 and 11, killed a sitting rabbit with a BB gun. Three days later the 11-year-old boy became ill with severe headache, and on the following day he was admitted to a local hospital with temperature of 103 F. Both the brother and the boys' mother, who had assisted in cleaning the rabbit, experienced similar symptoms. The mother had an indurated cutaneous lesion on the middle finger of her left hand and generalized lymphadenopathy. All three persons responded clinically to tetracycline and chloramphenicol.

___________________________________________________________________________________

15. A 66-year-old resident of New Mexico, traveling through Texas, became ill with fever and general malaise. The following day he was admitted to a hospital with a fever of 103 F, nausea, weakness and lower extremity myalgia. No lymphadenopathy or abnormal lung findings were apparent. Blood specimens were positive for gram-negative organisms, and the patient was begun on chloramphenicol and gentamycin. The patient's general condition improved rapidly following antibiotic therapy, although fever persisted for 10 days; his clinical course was punctuated by an episode of pulmonary edema. Persistent pulmonary infiltrates were thought to be related to congested heart failure rather than to pneumonia. He was discharged after a two week hospitalization and at present is asymptomatic. Epidemiological investigation by the Texas State Department of Health revealed that the patient had spent most of the previous month at his brother's ranch in New Mexico, where he had handled dead mice; he did not recall being bitten by fleas. During the two days immediately preceding his illness, the patient had been traveling in Texas. He spent one night on a ranch in Texas, but had no contact with rodents there.

___________________________________________________________________________________

16. A 38-year-old man in Alabama developed bilateral paresthesia and pain in his ears, headache, sore throat, and anorexia. These symptoms persisted and later were accompanied by fever, difficulty swallowing, confusion, and tremor. He was admitted to the hospital with a temperature of 105 F, nuchal rigidity, confusion, agitation, and spasmodic tremors. Physical examination admission revealed dysarthria, dysphagia, pharyngeal paralysis, and drooling. Stimulation of the patient precipitated spasms with spontaneous flexion of all extremities. A lumbar puncture revealed no marked abnormalities. Seven days later, the patient had pharyngeal and laryngeal spasms, subsequent cyanosis, and suffered a respiratory arrest; he was resuscitated immediately. Reviewing the patient's history he had been bitten on the right ear by a bat four weeks prior to admission. The bat had escaped and the patient had sought medical care. Over the next few days, the patient lapsed into a coma. Neurologic examination revealed facial paralysis, generalized hypoflexia, and response to only deep pain. No other focal abnormalities were present. Initially the patient was treated with diphenylhydantoin, diazepam, and chlorpromazine. Once the coma ensued, the sedatives were discontinued. Proteinuria, hypothermia and hypoxia subsequently developed. Despite intensive respiratory care, antibiotics, postural drainage, use of bronchodialators, and vigorous suctioning, hypoxia persisted. The patient developed a pneumothorax, had a cardiorespiratory arrest and died.

___________________________________________________________________________________

17. You are working in a Los Angeles emergency room. At 2 A.M., a man and two women arrived with a screaming 5-year old child. The man tried to explain what was wrong, but he spoke only spanish and you had a difficult time understanding him. The child's mother was sobbing and you couldn't hear what she was saying. The other woman spoke a bit of english and explained that this was her family who just arrived from El Salvador. She said the father kept repeating the word for break bone. The child was examined and presented with a rash, a fever of 104 F but not broken bones or fractures. What is your diagnosis?

___________________________________________________________________________________

18. A 9-year-old boy was brought by his father for evaluation of crampy abdominal pain, nausea, and mild diarrhea that had persisted for approximately two weeks. On the day before the evaluation, the boy reported to his parents that he had passed a large worm into the toilet during a bowel movement. He flushed the worm before the parents could see it. Physical examination was completely unremarkable. The boy had no fever, cough, or rash and did not complain of anal pruritus. His travel history was unremarkable. Examination of a stool specimen revealed the diagnosis. Which nematode was likely in this case?

___________________________________________________________________________________

19. A 45-year-old Egyptian was referred for evaluation of hematuria and urinary frequency of 2 months’ duration. This individual had lived in the Middle East for most of his life but for the past year lived in the United States. He denied previous renal or urologic problems. His physical examination was unremarkable. A midstream urine specimen was grossly bloody. What was the etiologic agent of the patient’s urologic process?

___________________________________________________________________________________

20. A 63 –year-old international telecommunications executive visits your office with complaints of high fever. The fever is not constant, but intermittent. He says that every three days or so he suffers from these debilitating “sweats”. He usually has headaches and muscle aches during these episodes. They are so bad that he can’t go to work. After a day or so he feels better. He has been having these episodes for several months. What is the name of the condition you suspect?

CASE 2

Mark Hobson is an internal auditor employed by Com­ stock Industries. He is nearing completion of an audit of the Avil Division conducted during the first five weeks of the year. The Avil Division is one of three manufacturing divisions in Comstock and manufactures inventories to supply about 50 percent of Comstock's sales. In addition to the manufacturing divisions, Comstock has two marketing divisions (domestic and international) and a technical service division that offers worldwide technical support. Each customer is assigned to the most suitable manufacturing division, which functions as the supplier for that customer. The manufacturing division then approves the customer's credit, ships against orders obtained by the sales representatives, and collects the customer receivables when due. This allows order-to-order monitoring of customer credit limits against customer orders received.

Two Potential Observations

Two items concern Mark. First, there was a material dollar amount of inventory of part number A2 still carried on the Avil books at year-end, despite the fact that the Fast-tac machining component in which part A2 was used is now considered the first generation and is no longer manufactured. Company policy requires an immediate write-off of all obsolete inventory items. Second, some accounts receivable still carried as collectible at year-end were more than 180 days old. All receivables are due in 30 days, which is standard for the industry. Mark believes many of these old accounts are uncollectible.

The division manager's administrative assistant, Brenda Wilson, performed the aging- of accounts receivable rather than the division accountant, as is standard practice. The division accountant refused to discuss the circumstances of Brenda's actions.

The Auditee's Comments

Mark scheduled a meeting with Brenda to discuss his concerns.

"Well, Mark," Brenda responded, "I know that policy requires that obsolete inventories be written off; but part A2 is just not being used at present. We might start to make those Fast-tac components again. Who knows? Wide ties are coming back again, aren't they? Fast-tac could, too. There are plenty of customers, especially in the third world, that are finding those second- and third-generation machines pretty expensive to maintain. I mean, there is a policy that states obsolete inventories should be written off, but there is no policy defining an obsolete part."

"And as for those receivables,” Brenda continued, "that is certainly a judgment call, too. Who knows if those accounts will be collected? We're in a slight recession now. When things pick up, we'll probably collect a few. There isn't even a policy in this division on writing off receivables. I checked. Nothing says I have to write them off. So who are you to say I have to?"

“'Brenda, be straight. You know those parts will never be used. And you know those receivables are bad."

"Look, Mark," Brenda finally bargained, "it's only two weeks from the close of the year. Let's let these items ride till after the close so that everyone gets their bonuses. Then, I promise I'll take a fresh look at both inventories and receivables. I'll write them down after year-end after the financial reports are issued. No one will know. And, after all, who's to be hurt?"

The Division Manager

Mark continued his audit, drafted his report containing observations related to the inventory and receivables, and reviewed the report with the division manager, Hal Wright. Hal was visibly disturbed.  

"Gee, Mark, this couldn't have come at a more awkward time. Our figures just passed muster by the independent outside auditors. There was a guy out here for our inventory count in November, and Brenda already sent her spreadsheet on year-end receivables to corporate head­ quarters. No one up there, in our group or on the CPA audit team, was the least bit critical. If you go raising a big stink, particularly now, the independent outside auditors will catch us writing off inventory and receivables, they'll adjust profit, and there will be hell to pay for all of us. And, Mark, this is no clear-cut issue either. I mean, I can see how you can write a report calling for clearer policy, but not one calling for specific write-downs. That's way out of your jurisdiction. But still, I promise, we'll look at all this after our statements go to bed. Right now, I feel the managers of this division have worked their hearts out and I intend to fight to protect what little bonuses they have coming. If we write down as you suggest, those bonuses will go and the stockholders will lose too. Earnings per share (EPS) will drop like a rock. They might even close this division. Now you don't want that, do you, boy?"  

"Well, Hal, I could word my observations as they are in the draft but include your response." Hal was suddenly angry. "What? And let the audit committee decide the issue? They have nothing to do with this. They accepted the CPA’s report. If you want to make the audit committee happy, you'll accept it, too, and leave this adjustment stuff alone."

The Internal Audit Director
Concerned, Mark delayed finalizing his report and discussed the draft with Gail Wu, director of internal audit. Gail is not trained as an auditor and was promoted to director of internal audit from corporate finance so that she might develop a better understanding of operating relationships. Still, Gail is very smart and Mark has always respected her opinion. The discussion was by telephone, with Mark still at the Avil Division headquarters and Gail at the corporate office.

"Mark, Hal is right. If you, in essence, blow the whistle on management bonuses this year, we can kiss goodbye all the goodwill I've been struggling to build for this department. It will all go out the window."

"I know you've been trying to put us on a better footing, Gail, but Hal is intractable. As far as he is concerned, the only observation he will accept in the report is that of deficient policy, with nothing mentioned about the inventory or receivables needing adjustment."

"Well, do what you have to," Gail ended the discussion. "But I insist that you submit a report that Hal agrees to and has signed. I don't want to stir up hornets and then have to try to explain my loose cannon to the board when everyone is howling about the bonus problem."

1. Refer to The IIA’s Code of Ethics. Identify three specific Rules of Conduct relevant to this case.
2. Using the Rules of Conduct you identify as the context, discuss the ethical issues raised in the case.
3. Discuss how the ethical dilemma Mark faces might have been avoided. In other words, discuss specific things Comstock's management and/or the internal audit function might have done to reduce the risk of such a situation arising.
4. Clearly indicate what you would do if you found yourself in Mark's position. Briefly explain why.

T/F .   plz provide correct answer with solutions key of textbook: Gregory and Stuart Comparing Economic System in the Twenty-First Century,7th edition.

46. Japan’s Ministry of international trade and industry was the pioneer of Asian industrial policy, which tends to be much more comprehensive than in the U.S.

47. The administrative-command economy was the mechanism for resource allocation in the former USSR between 1929 and the word war 2, but was abandoned in 1946.

48. Today, the U.S., with 5 percent of world population, produces 22 percent of world GDP, while Eastern Europe and the former Soviet Union, with 7 percent of world population, produce 6 percent of world GDP.

49. The economic planning agency in the USSR Was Gosbank.

50. In practice, the planning process in the Soviet Union was so effective that the optimal plan was always chosen from among the set of consistent plans.

51. In the Soviet model of centralized socialism, a principal-agent problem was created by the information asymmetry that existed between enterprise managers and their superiors.

52. In the USSR, prices were changed frequently to equate supply and demand.

53. Economist Steve Hancke has found that for every 10 percent increase in economic freedom, GDP per capita rises between 7 and 14 percent.

54. Whereas prices played little, if any role in the allocation of most inputs in the Soviet Union, wage differentials were the primary mechanism of allocating labor.

55. The two major institutions of Soviet agriculture after 1928 were the Kolkhoz and the Sovkhoz.

56. China is the world's most populous country, with about 1.3 billion citizens.

57. Although the Chinese economy resembled the administrative-command economy of the USSR prior to 1970, it now resembles market socialism.

58. The Great Leap Forward and the Cultural Revolution both caused interruption of economic growth in China.

59. The contract responsibility system introduced in China in the late 1970s effectively brought collectivization to an end.

60. During the past twenty years, privatization has been extended to small and Medium-scale industry in China, but large-scale enterprises remain under state ownership.

61. China was able to finance about 40% of its capital formation in The 1990s with foreign direct investment.

62 Since 1980, China's rate of economic growth has been among the highest in the world.

63. The high rate of economic growth in the world in the 1990s can be attributed, in part, to the expansion of economic freedom and property rights.

64. The major difference in the distribution of income in planned socialist and capitalist economies is due to the absence of private ownership of income-producing property under socialism.

65. Frederic Pryor found that economic fluctuations in planned socialist economies were significantly less pronounced than In capitalist economies.

66. Among the factors leading to the decline of the planned socialist economies are lack of technological progress, diminishing returns to capital, inefficiency, problems with incentives and the complexity of planning.

67. Liberalization is the reduction of state controls and the introduction of markets.

68. Privatization has received major emphasis both in Eastern transition economies and in Western market economies.

69 The "J" Curve" has been the dominant pattern of economic performance in transition economies

70. Economists believe that differences in initial conditions, policy measures, and environmental factors are important determinants of differences in economic performance among transition economies.

71. Other things being equal, transition economies with initial conditions more similar to market economies have had higher rates of economic growth during the transition.

72. Other things being equal, economic growth of transition economies is directly related to the degree of liberalization.

73. Poland used the ‘’gradualist approach’’ to economic transition.

74. The Washington consensus was the basis for the big push approach to economic transition.

75. In the study of economic transition, complementarities refers to the notion that some elements of transition must be implemented simultaneously.

76. The Most fundamental element in the identification of differing economic systems is property rights.

75. In the study of economic transition, complementarities refers to the notion that some elements of transition must be implemented simultaneously.

76 The most fundamental clement in the identification of differing economic systems is property rights

77 The replacement of state-owned firms by private firms did not begin until the transition era.

78. The role of government in the economy varied widely in capitalist countries, bat not in socialist countries.

79. Mass privatization began during the 1980s.

80. The first stage of privatization is to identify properties to privatize.

81. The last stage of privatization is to restructure enterprises.

82. In practice, privatization has proven easier to achieve in small scale establishments than in the largest enterprises.

83. The two major approaches to privatization have been direct sale and the use of vouchers.

84. By 2000, Ukraine had a larger percentage of output produced in the private sector than did by Hungary.

85. Restructuring means the changing of decision-making arrangements in privatized enterprises and organizations.

86. The absence of macroeconomic institutions and frameworks caused little, if any, difficulty for the transition economies

87 During the transition process, direct state control of the economy through an economic plan has to be replaced by a macroeconomic system of indirect influence.

88. The policy environment of transition economies is much more simple than that of established capitalist market economies.

89. Poorly developed or poorly functioning banking and financial systems contributed to the collapse of investment in the early stages of economic transition in Russia and Eastern Europe.

90. Typically, savings increased sharply in the early stages of transitions.

91. Macroeconomic balance requires that the sum of investment and private savings equals the sum of the government balance and the foreign balance.

92. In all of the transition economies, the government balance increased between 1990 and 2002.

93. The typical pattern of inflation in transition economies has been an increase in the early stages of transition, followed by a reduction in more recent years.

94. In nearly all transition economies, there have been large reductions in the Gini coefficient for income inequality.

95. Between 1991 and 1996. Ten transition countries became candidate members of the European Union, and all ten became members of the WT0 and GATT.

96. While a convertible currency is a goal for all transition economies, it isn't necessary in order for a country to engage in free trade with the rest of the world.

97. Aid to Transition economies from IMF has been primarily for domestic stabilization, whereas aid from te world bank have been long term economic development.

98. As a group, transition has fired poorly in attracting foreign direct investment.

99. Although private-sector employment as a percentage of total employment varied widely among transition economies in the early stages of transition, in later stages there has been among transition has been very little variation in relative private-sector employment.

CASE DISCUSSION QUESTIONS What are the underlying cultural assumptions for Mr. Bernard and how are these different from the basic assumptions of N’Diaye and Diop? What would you do if you were Bernard’s boss, the managing director? In what ways is a reward system a cultural phenomenon? How might you design an effective reward system for Senegal? It was a most unusual meeting at a local café in Dakar. Diop, a young Senegalese engineer who was educated at one of Frances’s elite engineering grandes ‘ecoles in Lyon, was meeting with N’Diaye, a model factory worker to whom other workers from his tribe often turned when there were personal or professional difficulties. N’Diaye was a chief’s son, but he didn’t belong to the union and he was not an official representative of any group within the factory. Socometal is a metal container and can company. While multinational, this particular plant is a joint venture wherein 52 percent is owned by the French parent company and 48 percent is Senegalese. Over the last twenty years Socometal has grown in size from 150 to 800 employees and it has returns of about 400 million FCFA (African francs) or $144 million. The firm is often held up as a model in terms of its Africanization of management policies, whereby most managers are now West African with only 8-10 top managers coming from France. During the meeting N’Diaye asked Diop if he would accept an agreement to pay each worker for two extra hours in exchange for a 30 percent increase in daily production levels. If so, N’Diaye would the guarantor for this target production level that would enable the company to meet the order in the shortest time period. “If you accept my offer,” he said with a smile, “we could even produce more. We are at 12,000 (units) a day, but we’ve never been confronted with this situation. I would never have made this proposal to Mr. Bernard but, if you agree today, I will see that the 20,000 (unit) level is reached as of tomorrow evening. I’ll ask each worker to find ways of going faster, to communicate this to the others and to help each other if they have problems…” Mr. Olivier Bernard, a graduate of Ecole Centrale in Paris (one of Frances’s more prestigious engineering schools), was the French production manager, and Diop was the assistant production manager. Mr. Bernard was about 40 and had not succeeded at climbing the hierarchal ladder in the parent company. Some report that this was due to his tendency to be arrogant, uncommunicative and negative. His family lived in a very nice neighborhood in Marseille, and it was his practice to come to Dakar, precisely organize the work using various flowcharts, tell Diop exactly what was expected by a certain date and then return to France for periods of two to six weeks. This time he maintained that he had contracted a virus and needed to return for medical treatment. Shortly before Mr. Bernard fell ill, Socometal agreed to a contract requiring them to reach in short time a volume of production never before achieved. Mr. Bernard, after having done a quick calculation, declared, “We’ll never get that from our workers--- c’est impossible!” After organizing as best he could, he left for Marseille. Diop pondered what N’Diaye had proposed, and then he sought the opinions of influential people in different departments. Some of the French and Italian expatriates told him they were sure that the workers would not do overtime, but felt confident enough to take the risk. The next morning N’Diaye and Diop met in front of the factory and Diop gave his agreement on the condition that the 30 percent rise in daily production levels be reached that evening. He and the management would take a final decision on a wage increase only after assessing the results and on evaluating the ability of the workers to maintain this level of production in the long run. The reasons given by the French and Italian expatriates for why the Senegalese would not perform overtime or speed up their productivity are interesting. One older French logistics manager said, “Africans aren’t lazy but they work to live, and once they have enough they refuse to do more. It won’t make any sense to them to work harder or longer for more pay.” And the Italian human resource manager exclaimed, “We already tried two years ago to get them to do more faster. We threatened to fire anyone caught going too slow or missing more than one day’s work per month, and we told them they would all get bonuses if they reached the production target. We had the sense that they were laughing behind our backs and doing just enough to keep their jobs while maintaining the same production levels.” Four days after their first negotiation, the contract between Diop and N’Diaye went into action. Throughout the day N’Diaye gave his job on the line to two of his colleagues in order to have enough time and energy to mobilize all the workers. The workers found the agreement an excellent initiative. “This will be a chance to earn a bit more money, but especially to show them (the French management) that we’re more capable than they think,” declared one of the Senegalese foremen. From its first day of application the formula worked wonders. Working only one extra hour per day, every work unit produced 8 percent more than was forecast by Diop and N’Diaye. Over the next two months, the daily production level oscillated between 18,000 and 22,000 units per day --- between 38 and 43 percent more than the previous daily production. It was at this production level, never experienced during the history of the company, that Mr. Bernard found things when he returned from his illness. “I,” said Diop, “was very happy to see the workers so proud of their results, so satisfied with their pay raise and finally really involved in their work…. In view of some expatriates’ attitudes it was a veritable miracle…. But, instead of rejoicing, Mr. Bernard reproached me for giving two hours’ pay to the workers, who were only really doing one hour more than usual. ‘By making this absurd decision,’ he said, ‘you have put the management in danger of losing its authority over the workers. You have acted against house rules… You have created a precedent too costly for our business. Now, we must stop this ridiculous operation as quickly as possible. We must apply work regulations…’ And he slammed the door in my face before I had the time to say anything. After all, he has more power than me in this company, which is financed 52 percent by French people. Nevertheless, I thought I would go to see the managing director and explain myself and present my arguments. I owed this action to N’Diaye and his workers, who had trusted me, and I didn’t care if it made Bernard any angrier.” In the meantime, the decided to maintain the new production level in order to honor their word to N’Diaye and Diop. A foreman and friend of N’Diaye stated, “At least he knows how to listen and speak to us like men.” The foreman indicated, however, that they might return to the former production level if Bernard dealt with them as he did before.

Molex Inc. and their reporting of a financial error found during their audit. This is the only company on the S&P 500 Index to have reported an error during the year.

1. Do you think it is because companies are doing a better job reporting on their financial statements or do you think it is just because they are getting away with the fraud?
2. What techniques have you learned so far in class that you could have implemented to help catch this financial error?

Honesty for Banks Is Still Such a Lonely Word: Jonathan Weil

March 02, 2011, 7:04 PM EST

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By Jonathan Weil

March 3 (Bloomberg) -- So many big companies. So few big mistakes.

Last August an electronics manufacturer named Molex Inc. did something remarkable, at least by today’s standards for disclosing bad news. It filed a special report with the Securities and Exchange Commission known as an 8-K, saying it had overstated its shareholder equity by $101 million and that investors shouldn’t rely on its financial statements for the previous three years.

What made this event so unusual is it was the only negative restatement disclosed in this manner last year by a company in the Standard & Poor’s 500 Index. That’s according to Audit Analytics, a Sutton, Massachusetts, research firm that tracks such data. Molex, based in Lisle, Illinois, included its corrected results in its fiscal 2010 annual report the same day.

You could look at this in different ways. Perhaps the quality of today’s financial reports is so pure that only one S&P 500 company had to disavow its books last year because its results weren’t as good as originally reported. Or it may be that too few of America’s largest companies are willing to admit their errors and disclose them prominently.

“It’s one or the other,” says Don Whalen, research director at Audit Analytics. “Either companies’ internal controls have improved dramatically, so they’re not making mistakes. Or it’s too good to be true, and the information is not getting out.”

Course Correction

Whichever it is, the number of companies correcting errors in their books has declined dramatically. Last year 699 SEC- registered companies filed financial restatements, according to Audit Analytics. That was up from 640 in 2009, but less than half the record 1,566 companies in 2006.

The figures for banks, in particular, look unnaturally low. Forty-four banks restated last year, one fewer than in 2009. Even more curious, there were 133 banks that issued corrections from 2008 through 2010. That was down from 169 banks during the previous three-year period, before the financial crisis took off in earnest, which makes no sense.

Here we had the greatest banking industry meltdown since the Great Depression. Hundreds of lenders failed. And yet the number of banks correcting accounting errors declined while the collapse was unfolding. There were no restatements by the likes of IndyMac, Washington Mutual or Lehman Brothers, for example. The obvious conclusion is the government has been giving lots of banks a free pass, as have their auditors.

Bad Books

It’s not just banks, either. Fannie Mae and Freddie Mac, for instance, took massive bailouts in 2008 without ever conceding errors in their balance sheets. No wonder nobody high up in the financial world is going to jail, when regulators won’t force even those outfits to be honest and acknowledge their books were disastrously wrong.

Molex wasn’t the only S&P 500 company that revised its results last year. There were 10 in all, including Zions Bancorporation. In January 2010, the Salt Lake City-based lender warned investors not to rely on its financial reports for the two previous quarters. Zions’ corrections made earnings and equity look better, though, unlike the fixes at Molex.

The other eight S&P 500 companies that restated last year, including Tyco International Ltd., disclosed revisions without disavowing their previous financial reports in 8-Ks.

Soft Disclosure

About 53 percent of all restatements by U.S. companies in 2010 were handled this way, on the grounds that the errors supposedly weren’t big enough to warrant more prominent disclosures. Sometimes called “stealth restatements,” the corrections instead got tucked elsewhere, such as footnotes in press releases or companies’ quarterly and annual reports.

One explanation for why restatements peaked in 2006 is that the Sarbanes-Oxley Act, starting in late 2004, required many companies to begin subjecting their internal financial-reporting systems to audits by outside accounting firms. As companies improved their internal controls, they found more errors and issued more corrections. Then after they completed their initial overhauls, the theory goes, the number of errors fell sharply.

There’s another school of thought, too. In August 2008, an SEC advisory committee released a report concluding there were too many restatements and that lots of them had resulted from accounting errors that the markets didn’t care about. The panel recommended relaxing the benchmarks for determining when restatements would be needed, drawing howls from some investors and praise from the business lobby.

Who’s Restating

Sure enough, corrections are far fewer today than when the panel began its work, especially at large corporations. The latest increase in the overall figures was driven by tiny companies, which tend to be less mature and easier for auditors and regulators to push around. The number of restaters with less than $75 million of shares available for trading rose to 551 last year from 484 in 2009. Meanwhile, the number of larger companies that restated their books fell to 148 from 156.

Whalen says he still believes improvements in companies’ internal controls are the main reason for the broad decline since 2006. About 40 percent of last year’s restatements had no effect on earnings, according to Audit Analytics. So it’s not as if humdrum errors are never getting fixed.

He’s at a loss, though, to explain how there could be fewer banks that restated their books after the financial crisis started than before. “As a layman, you know there’s something wrong with that,” he says.

No kidding.

(Jonathan Weil is a Bloomberg News columnist. The opinions expressed are his own.)

--Editors: Steven Gittelson, Charles W. Stevens

Click on “Send Comment” in the sidebar display to send a letter to the editor.

To contact the writer of this column: in New York at [email protected]

To contact the editor responsible for this column: James Greiff at [email protected]

Master Budget Case: Wooden Pull Toys Inc. Wooden Pull Toys Ltd. is a company that manufactures and sells a single product, which they call a Baby Turtle. For planning and control purposes they utilize a quarterly master budget, which is usually developed at least six months in advance of the budget period. Their fiscal year end is December 31. During the summer of 2019, Jimmy C., the Wooden Pull Toys controller, spent considerable time with Fanny L., the Manager of Marketing, putting together a sales forecast for the first quarter of next year (January to March, 2020). Unfortunately, their collaboration worked so well they eloped to Niagara, ON, were married and settled down. Prior to their departure they e-mailed letters of resignation and a cryptic sales forecast to the President of Wooden Pull Toys. Their sales forecast consisted of these few lines: • For the year ended December 31, 2019: 475,000 units at $11.00 each* • For the year ended December 31, 2020: 500,000 units at $11.00 each • For the year ended December 31, 2021: 500,000 units at $11.00 each *Expected sales for the year ended December 31, 2019 are based on actual sales to date and budgeted sales for the duration of the year. Wooden Pull Toys’ President felt certain that the marriage wouldn’t last, and expected Chris would be back any day. But the end of the year is quickly approaching, and there is still no word from the desert. The President, desperately needing the budget completed, has approached you, a management accounting student, for help in preparing the budget for the first quarter. Your conversations with the President and your investigations of the company’s records have revealed the following information: 1. Sales of Baby Turtles are seasonal. History shows that January, March, May and June are the slowest months with only 5% of sales for each month. Sales pick up over the summer with July, August and September each contributing 6% to the total. Valentines Day in February boosts sales to 10%, and spring break in April accounts for 7%. As Christmas shopping picks up momentum, winter sales start at 10% in October, move to 15% in November and then peak at 20% in December. This pattern of sales is not expected to change in the next two years. 2. From previous experience, management has determined that an ending inventory equal to 25% of the next month’s sales is required to fit the buyer’s demands. 3. There is only one type of raw material used in the production of Baby Turtles. R700 is a very compact material that is purchased in powder form. Each Baby Turtle requires 5 kilograms of R700, at a cost of $0.45 per kilogram. The supplier of R700 tends to be somewhat erratic so Wooden Pull Toys finds it necessary to maintain an inventory balance equal to 40% of the following month’s production needs as a precaution against stock-outs. Wooden Pull Toys pays for 20% of a month’s purchases in the month of purchase, 45% in the following month and the remaining 35% two months after the month of purchase. There is no early payment discount. 4. Beginning accounts payable will consist of $167,084 arising from the following estimated direct material purchases for November and December of 2019: R700 purchases in November 2019: $173,953 R700 purchases in December 2019 $132,750 5. Wooden Pull Toys’ manufacturing process is highly automated, so their direct labour cost is low. Employees are paid on a per unit basis. Their total pay each month is, therefore, dependent on production volumes and averages $9.00 per hour. This rate already includes the employer’s portion of employee benefits. All payroll costs are paid in the period in which they are incurred. Each unit spends a total of 18 minutes in production. 6. Due to the similarity of the equipment in each of the production stages and the company’s concentration on a single product, manufacturing overhead is allocated based on volume (i.e. the units produced). The unit variable overhead manufacturing rate is $1.30, consisting of: Utilities--$0.60; Indirect Materials--$0.20; Plant maintenance--$0.30; environmental fee--$0.14; and Other--$0.06. 7. The fixed manufacturing overhead costs for the entire year are as follows: Training and development $ 43,200 Repairs and maintenance 39,000 Supervisors’ salaries 149,400 Depreciation on equipment 178,800 Plant Insurance 96,000 Other 117,600 $ 624,000 • The annual insurance premium of $96,000 will be paid at the beginning of January. There is no change in the premium from last year. • All other “cash-related” fixed manufacturing overhead costs are incurred evenly over the year and paid as incurred. • Wooden Pull Toys uses the straight line method of depreciation. 8. Selling and administrative expenses are known to be a mixed cost; however, there is a lot of uncertainty about the portion that is fixed. Previous years’ experience has provided the following information: Lowest level of sales: 375,000 units Total Operating Expenses: $778,710 Highest level of sales: 750,000 units Total Operating Expenses: $1,022,460 These costs are paid in the month in which they occur. Not included in the above expenses is bad debt expense. 9. Sales are on a cash and credit basis, with 55% collected during the month of the sale, 35% the following month, and 9.5% the month thereafter. ½ of 1% of sales are considered uncollectible (bad debt expense). 10. Sales in November and December 2019 are expected to be $783,750 and $1,045,000 respectively. Based on the above collection pattern this will result in Accounts Receivable of $539,481 at December 31, 2019 which will be collected in January and February, 2020. 11. During the fiscal year ended December 31, 2020, Wooden Pull Toys will be required to make monthly income tax installment payments of $1,500. Outstanding income taxes from the year ended December 31, 2019 must be paid in March 2020. Income tax expense is estimated to be 25% of net income. Income taxes for the year ended December 31, 2020, in excess of installment payments, will be paid in March, 2021. 12. Wooden Pull Toys is planning to acquire additional manufacturing equipment for $304,200 cash. 40% of this amount is to be paid in January 2020, the rest, in February 2020. The manufacturing overhead costs shown above already include the depreciation on this equipment. 13. An arrangement has been made with the local bank that if Wooden Pull Toys maintains a minimum balance of $20,000 in their bank account, they will be given a line of credit at a preferred rate of 6% per annum. All borrowing is considered to happen on the first day of the month, repayments are on the last day of the month. All borrowings and repayments from the bank should be in multiples of $1,000 and interest must be paid at the end of each month. Interest is calculated on the balance at the beginning of the month, which includes any amounts borrowed that month. 14. Wooden Pull Toys Ltd. has a policy of paying dividends at the end of each quarter. The President tells you that the board of directors is planning on continuing their policy of declaring dividends of $50,000 per quarter. 15. A listing of the estimated balances in the company’s ledger accounts as of December 31, 2019 is given below: Cash $ 64,165 Accounts receivable 539,481 Inventory-raw materials 28,125 Inventory-finished goods 45,625 Capital assets (net) 724,000 $ 1,401,396 Accounts payable $ 167,084 Income tax payable 21,500 Capital stock 1,000,000 Retained earnings 212,813 $ 1,401396 ________________________________________

Required: Prepare a master budget for Wooden Pull Toys for the first quarter (January, February and March) of the year ending December 31, 2020, including the following schedules: Schedule of Cash Receipts

Open the files for the Course Project and the data set.

For each of the five variables, process, organize, present, and summarize the data. Analyze each variable by itself using graphical and numerical techniques of summarization. Use Excel as much as possible, explaining what the results reveal. Some of the following graphs may be helpful: stem-leaf diagram, frequency/relative frequency table, histogram, boxplot, dotplot, pie chart, and bar graph. Caution: not all of these are appropriate for each of these variables, nor are they all necessary. More is not necessarily better. In addition, be sure to find the appropriate measures of central tendency, the measures of dispersion, and the shapes of the distributions (for the quantitative variables) for the above data. Where appropriate, use the five number summary (the Min, Q1, Median, Q3, Max). Once again, use Excel as appropriate, and explain what the results mean. Analyze the connections or relationships between the variables. There are 10 possible pairings of two variables. Use graphical as well as numerical summary measures. Explain the results of the analysis. Be sure to consider all 10 pairings. Some variables show clear relationships, whereas others do not. Report Requirements From the variable analysis above, provide the analysis and interpretation for three individual variables. This would include no more than one graph for each, one or two measures of central tendency and variability (as appropriate), the shapes of the distributions for quantitative variables, and two or three sentences of interpretation. For the 10 pairings, identify and report only on three of the pairings, again using graphical and numerical summary (as appropriate), with interpretations. Please note that at least one pairing must include a qualitative variable, and at least one pairing must not include a qualitative variable. Prepare the report in Microsoft Word, integrating graphs and tables with text explanations and interpretations. Be sure to include graphical and numerical back up for the explanations and interpretations. Be selective in what is included in the report to meet the requirements of the report without extraneous information. All DeVry University policies are in effect, including the plagiarism policy. Project Part A report is due by the end of Week 2. Project Part A is worth 100 total points. See the grading rubric below. Submission: The report, including all relevant graphs and numerical analysis along with interpretations Format for report: Brief Introduction Discuss the first individual variable, using graphical, numerical summary and interpretation. Discuss the second individual variable, using graphical, numerical summary and interpretation. Discuss the third individual variable, using graphical, numerical summary and interpretation. Discuss the first pairing of variables, using graphical, numerical summary and interpretation. Discuss the second pairing of variables, using graphical, numerical summary and interpretation. Discuss the third pairing of variables, using graphical, numerical summary and interpretation. Conclusion

Then please read the article Uber's International 'Launch Playbook:

In 2011, when Uber first took its car service app abroad, the company made its Paris debut an all-consuming event. From headquarters in San Francisco, Chief Executive Officer Travis Kalanick personally hired and oversaw the three people running local operations ahead of the service's tense first day online in France. Every one ofUber's then-20 employees studied Parisian cab rates, or neighborhood traffic density, or French transportation laws. These days, things are less frantic. A few hours before Uber's Nov. 12 launch in Budapest, Austin Geidt , the company's head of global expansion, made time to talk through the process at a San Francisco cafe. A $17 billion valuation will do a lot to soothe jangled nerves. Geidt, a 29-year-old with one employer on her resume, helped Uber roll out in a dozen cities two years ago. Now it's adding one every other day. Budapest marked the 100th foreign city on six continents where Uber rides are available and made Hungary the 46th country where it operates. (Uber is in about 140 cities in the U.S.) While Geidt's team used to agonize over data on competition and demand in different cities to decide where to expand next, "At this point we go so quickly, I wouldn't say that it particularly matters," she says. "If we're not there now, we'll be there in a week." Geidt oversees what Uber calls its "launch playbook," a list of business strategies and operating guidelines that have been compiled by an internal team of about 40 employees. It doesn't cover everything: During a Nov. 14 dinner with New York journalists on the guest list, Uber's senior vice president for business, Emil Michael, suggested the company spend $1 million to hire a team of researchers that would target critical reporters. And Uber said on Nov. 18 that it was investigating Josh Mohrer, the head of its New York office, for tracking rides taken by a BuzzFeed reporter. The playbook includes a blueprint for expansion that begins with three people, mostly locals, in each new city: a marketer, someone to recruit drivers, and a general manager who deals with area authorities and competitors and reports to Geidt. Despite the consistent regimen, she says she tries to view each city operation as its own startup.

That has to change when one ofUber's foreign teams screws up. A brief international public-relations crisis ensued in October, when the Lyon (France) office ran a promotion offering customers a ride with an "incredibly hot chick." The trouble blew over after executives from San Francisco stepped in to stop the ad campaign. In India, Uber's biggest market outside the U.S., the central bank threatened to shut it down for skirting cybersecurity regulations by routing payments through a foreign subsidiary. The company announced in a Nov. 12 blog post that it would comply with Indian laws by hiring Paytm, a local mobile payments business, to set up virtual wallets for Indian users. It's been tougher for Uber to deal with local regulators and labor groups complaining that the company operates as an unlicensed taxi service and drains money from their transportation markets. Taxi drivers organized antiUber protests this summer that blocked streets in London and Western European cities. In the past six months, governments in Australia, Belgium, Germany, and the Philippines have instituted short-lived bans on the service or levied stiff fines on its drivers. Cabbies barricaded the door at the party celebrating Uber's Milan debut. Geidt says governments "are very hesitant to see us come, often. We're a big enough brand now that they catch on to us being there quicker than they used to." Geidt noticed Uber's smartphone app shortly after its launch in 2010, when it was a black-car service confined to San Francisco. "I loved the idea," she says, even though "I was probably too poor to be an actual customer." Having just earned a B.A. in English from the University of California at Berkeley, she e-mailed then-CEO Ryan Graves and scored an internship in the marketing department. Later she helped set up and eventually run Uber's first satellite operation, in New York. "She bounced around quickly enough that, all of a sudden, she was doing all parts of the operations in the city," says Graves, now head of global operations. Soon, Geidt was opening Uber offices across the U.S. She invited Boston cabbies to the Harvard Business School library, where she held recruitment meetings while posing as a student to get a free desk and Wi-Fi. She spent the night at a tow yard in Austin, Texas, paying fines for drivers to retrieve cars impounded in a police sting that targeted unlicensed taxis.

Since taking on international expansion in 2012, Geidt has focused much of her attention on Asia. Last year, CEO Kalanick summoned her and his other lieutenants to Beijing, where they worked for two weeks to hone their plan for China, from business structure and licenses to map data and the most popular forms of payment. "Everyone we talked to said, 'You should take four years to really research China, ' " recalls Geidt. "And we said, 'No, let's just go.'" Uber drivers have begun to roam seven cities on the mainland this year and will add several more soon, says regional manager Candice Lo. Uber couldn't afford to wait. China already has two dominant taxi-booking apps, each backed by one of the country's two biggest Internet companies, Tencent (700:HK) and Alibaba (BABA). It also faces fresh competition in the U.S., where Lyft has been slashing its prices to undercut the company. "We plan to expand internationally, but the U.S. is the biggest opportunity right now," says Lyft CEO Logan Green. To fuel expansion abroad, Uber is in talks to raise $1 billion on top of the $1.2 billion it announced in June, according to two people familiar with the fundraising who weren't authorized to discuss it publicly. "Pretty soon we're going to have more cities outside of the U.S. than inside, and we want to make big bets going forward to make sure that we're able to continue to roll out and invest in these global cities," says Kalanick, who won't confirm the new round of fundraising. Local opposition notwithstanding, the ultimate aim is even grander, says Geidt: "We really do intend to be everywhere."

Write a 500 Word document responding to the following questions:

Why is Uber choosing to expand so rapidly?

Are there first-mover advantages for this business?

Are there any downsides to being a first mover in this business?

How sustainable are any advantages in this business?

In this homework you will implement a Library class that uses your Book and Person class from homework 2, with slight modifications. The Library class will keep track of people with membership and the books that they have checked out.

Book.java

You will need to modify your Book.java from homework 2 in the following ways:

field: dueDate (private)

            A String containing the date book is due.  Dates are given in the format "DD MM YYYY", such as "01 02 2017" (Feb. 1, 2017.)  This will help when calculating the number of days a book is overdue.

Field: checkedOut (private)

            A Boolean that is true if the book is checked out and false otherwise.

Field: bookId (private)

            An int that holds the unique Id for the book. Because it is unique it will not be changed so you can declare it as final. This will be used to distinguish separate copies of the same book (with the same title and author).

Field: bookValue (private)

            A double that holds the current value of the book in dollars.

Replace the old constructor with one that has the following method hearder

public Book(String title, String author, int bookId, double bookValue)

Add accessors and mutators for each of the new fields except for a mutator for bookId. Note that getters for boolean fields use "is" instead of the normal "get". For example the getter for checkedOut in the book class should be called isCheckedOut(). Update the equals method to only use the bookId since it is unique for each book. We do this because it is possiblie to have multiple copies of the same book (same title and author) and in this set up they would not be equal. Also, update the toString method.

Person.java

You will need to modify your Person.java from homework 2 in the following ways:

Field: address (private)

            A String that contains the address for the person, e.g. "101 Main St." For simplicity, do not worry about including the city, state, or zip code.

Field: libraryCardNum (private)

            An int that is the unique library id number for the person. Note that this replaces the id field from homework 2. Once this is set it will never change, so you can make if final if you would like.

Change the old constructor so that it has the following header and sets the correct fields:

public Person(String name, String address, int libraryCardNum)

Create accessors for the fields and mutators for the address field. Update equals method and toString. The ArrayList<Book> will now be called checkedOut and be a list of books the Person has checked out from the library. The addBook method will change slightly (see below). You can update the other methods as needed but they will not be used for this assignment and they will not be tested.

public boolean addBook(Book b)

Add the Book b to the list of the current object's checked out books if and only if it was not already in that list. Return true if the Book was added; return false if it was not added.

Library

Field: libraryBooks (private)

            An ArrayList<Book> that holds all books for the library. Note that the library may have multiple copies of the same book (same title and author) but the bookId for each copy must be unique.

Field: patrons (private)

            An ArrayList<Person> that holds all the people who are patrons of the library.

Field: name (private)

            A String that holds the name of the library

Field: numBooks (private)

            An int that keeps track of the number of books that are currently available to be checked out. A book that is checked out is not included in this count.    

Field: numPeople (private)

            An int that keeps the number of patrons to the library.

Field: currentDate (private)

            A String that represents the current date. Dates are given in the format "DD MM YYYY", such as "01 10 2016" (Oct. 1, 2016) just like the due date.

Constructor

            Write a constructor that takes in a String for the name of the library.

Accessors

            Write accessors for each of the fields.

Mutators

            Write a mutator for each field except for numBooks and numPeople as these depend on the other fields and should only be updated when the fields are updated or accessed.

Public int checkNumCopies( String title, String author)

            A method that takes in a string for the title and author of a book and returns the number of copies of this book in the library (both checked out and available)

Public int totalNumBooks()

            Returns the number of books in the library (either checked out or not)

Public boolean checkOut(Person p, Book b, String dueDate)

            A method that checks out the book to the given person only if the person is a patron and the book is in the library and not currently checked out. Note that the book object being passed in may be equal to a book in the library but not the actual book in the library. That means you need to be sure to update the book in the library not the book being passed into the method. It will also update the due date for the book object. It will return true if the book is successfully checked out and false otherwise.

Public ArrayList<Book> booksDueOnDate(String date)

            A method that returns an Array List of books due on the given date.

Public double lateFee(Person p)

            This method will calculate the late fee the person owes. The late fee is based on the value of the book and the number of days the book is overdue. The fee is 1% of the book value for every day the book is overdue. For example if a book is worth $20 and is nine days late the late fee will be $1.80. If the Person has multiple books overdue then the late fees are simply added together.

To calculate the number of days between the current date and the date the book is due, we recommend that you look at the GregorianCalendar class. Google the API for help. If you want to use/write another method to calculate the number of days between the current date and the due date you are welcome to do so! If you get ideas from online, please remember to site your sources at the top of your .java file(s).

Testing

You will need to write at least two JUnit tests for each of the following methods in the Library class:

checkNumCopies

checkOut

booksDueOnDate and

lateFee

You are encouraged to write tests for the other methods but we will not require it. You will need to submit these to Web-CAT along with the rest of your code. Use standard naming conventions for these JUnit tests (include the word 'test' in the name somewhere - such as "testCheckOut"), otherwise we do not mind what you call them. Remember, it would be best if you do not have more than one assert statement per JUnit test case (method). There is no upper limit on how many JUnit test cases you write. Place all your JUnit test cases in one single file ("JUnit Test Case") - you do not need separate files to test Book.java, Person.java, and Library.java.

Constraints

Each .java file must have the assignment name (Homework 3)

Do not put your classes into a package - leave it as default. (If you don't know what this means, don't worry about it.)

Observe the basic naming conventions you've been shown in class.

Your code must be correctly indented. Most code editors have a way of doing this for you. In Eclipse, select all text with CTRL-A (Command-A on the Mac), and then do Source->Correct Indentation (which is CTRL-I on Windows and Command-I on the Mac).

If two methods share identical logic, you should factor that out into a separate method (a helper method).

Part 1 – Create a Stock Class

Write a class named Stock.

Stock Class Specifications

Include member variables for name (string), price (double), shares (double).

Write a default constructor.

Write a constructor that takes values for all member variables as parameters.

Write a copy constructor.

Implement Get/Set methods for all member variables.

Implement the CalculateValue function. This function should multiply the prices by the shares and return that value. Use the following function header: double CalculateValue().

Add a member overload for the assignment operator.

Add a non-member operator<< overload. Prints the values of all member variables on the given ostream.

Stock Class Updates

The Stock class should implement all the specifications from the first assignment plus the updates and features listed below.

Change all member variables to pointers. You will need to update code in any functions that use these member variables. Do NOT change any function signatures for this class. All functions should operate the same as before from the user of the classes’ perspective. For example, assume the get/set functions for title have the following signatures:

std::string GetName();

void SetName(std::string n);

These signatures should remain exactly the same. The same goes for any other functions that use these member variables. Only the internal implementation of the functions will change to accommodate the use of pointers.

Update the constructors. The constructors should allocate memory for the pointer member variables.

Add a destructor. The destructor should deallocate memory for the pointer member variables.

Update operator= and copy constructor. The operator= and copy constructor should be updated to perform deep copies.

Update operator<<. Make sure it prints out the values and not the addresses.

Add a non-member operator>> overload. The >> operator is used for input. Reads the values of all member variables from the given istream.

You can assume that a one word string is being used for name in order to make it a little easier to code. This is important because if you did not make that assumption you could not use the >> operator to read a string value. The >> operator only reads up until the first whitespace it encounters.

Part 2 – Create a Portfolio Class

Write a class that will store a collection of Stock. This class will be used to keep track of data for multiple Stock class instances. You MUST implement ALL of the specifications below.

Portfolio Class Specifications

Create a private member variable that is a static array of Stock. The size of the array can be whatever you want it to be.

Your class must implement all of the following functions (use the given function prototypes):

void Set(int index, Stock s) – Sets the value at the given index to the given Stock instance. You should test the index to make sure that it is valid. If the index is not valid then do not set the value.

Stock Get(int index) – Return the Stock located at the given index in the array.

int PriceRangeCount(double lowerBound, double upperBound) – Returns the count of the number of Stocks that fall within the given range. For example, assume the following number of Stock prices: 10, 20, 15, 25, 30, 40

If lowerBound is 20 and upperBound is 30 then the returned value should be 3. Any values that fall on the boundaries should be included in the count. In this example we are getting a count of the number of stocks that have a price between $20 and $30. Remember, this function is using price and not value.

Stock MostShares() – Returns the Stock in the Portfolio that has the most shares.

bool FindByName(string name, Stock &v) – Returns true if the Stock with the given name is in the array and false otherwise. If the Stock is in the array you should copy it into the Stock reference parameter.

double TotalValue() – Returns the sum of all Stock values (not prices) in the collection.

int Size() – Returns the size of the array.

void Initialize() – Initializes all of the elements of the array to reasonable default values.

string GetAuthor() – Returns your name. Just hard code your name into the function.

Create a default constructor that will initialize all elements of the array to default values.

Portfolio Class Updates

The Portfolio class should implement all the specifications from the first assignment plus the updates and features listed below.

Dynamic array. Change the internal implementation of the array so that the array is dynamically allocated.

Add a size member variable to the class. This member variable should ALWAYS contain the number of elements in the array (size of the array). Some functions may cause the size of the array to change so make sure that this member variable is updated to reflect the new size.

Update all the necessary code in the class so that it is usable with a dynamic array. One example of this is to change the ending condition of loops that visit all elements of the array. The ending limit should not be hard coded. They should use the new size variable as the ending condition.

Add a one parameter constructor that takes a size. This constructor should dynamically allocate an array of the given size. It should also set the size member variable to reflect the size.

Add a copy constructor. This function should make a deep copy of the passed in instance.

Add a destructor. This function should perform any necessary cleanup.

Add a member overload of operator= (assignment operator). This method should perform a deep copy of the passed in instance. After this function ends the size of the current instance’s array should be the same as the other instance’s array and all the data from the other instance should be copied into the current instance’s array.

Hint: C++ arrays have a fixed size. You may need to delete and then reallocate memory for the current instance’s array in order to make the current instance’s array the same size as the other instance’s array. Be careful for memory leaks.

Add a non-member operator<< overload. Prints the values of all elements of the array on the given ostream.

Add a Resize function. Here is the function signature:

void Resize(int newSize);

This function should create a new array that has the passed in size. You MUST retain any values that were previously in the array. The new array size can be larger or smaller. If the new array size is SMALLER just retain as many elements from the previous array that can fit.

Hint: C++ arrays have a fixed size. You may need to delete and then reallocate memory. Be careful for memory leaks.

Add a function named Clone with the following signature:

Portfolio *Clone();

This method should allocate a new dynamic instance of Portfolio that is a deep copy of the current instance. This method should return a pointer to the new instance.

Part 4 – Main Function

Main should create instances of Stock and Portfolio and contain an automated unit test for both of them.

Automated Test

Part 2 – Console Application - Main Function

Create a C++ console application that imports and uses the static library solution that you created. The console application should have a main function. In main you should create instances of the updated Portfolio class and demonstrate that ALL functions work properly. You can write unit testing code if you want but you are not required to.