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ACC-502 Accounting Practices Assignment - Grand Canyon University, USA

Title - Analyzing Liabilities - The purpose of this assignment is to analyze liabilities when making business decisions.

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Task - Read Case Study Accounting for Contingent Assets: The Case of Cardinal Health and write 250 word executive summary to the Cardinal Health CEO, address the following.

1. Explain the justification that could be given for deducting the expected litigation gain from cost of good sold and explain why Cardinal Health chose this alternative rather than reporting it as a nonoperating item.

2. Explain what the senior Cardinal Health executive meant when he said, "We do not need much to get over the hump, although the preference would be the vitamin case so that we do not steal from Q3." Include specific clarification of the phrase "not steal from Q3."

3. Explain specifically what Cardinal Health did to get into trouble with the SEC.

4. Justify the timing of the $10 million and $12 million gains, and explain how Cardinal Health's senior managers defend these decisions.

5. Cardinal Health received more than $22 million from the litigation settlement. Discuss whether the actions of Cardinal Health senior managers were so wrong that they justify the actions of the SEC. Classify Cardinal Health's behavior on a scale from 1-10, with 1 being "relatively harmless" and 10 being "downright fraudulent." Justify your rating.

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Solution - Executive Summary

The justification for the deduction of the expected litigation gain from cost of goods sold is that the vitamin makers overpriced the vitamin from the year 1988 to 1998 (Crowther, 2018). The cardinal health chose to file its separate claim rather than reporting it as a non operating item in the hope of acquiring a bigger amount as payout.

The senior executive of Cardinal Health stated that Cardinal Health needs to use vitamin gain instead of using other earnings initiatives to meet the desired earning level (Crowther, 2018). The chief executive expressed that the using of vitamin gain will provide a scope for earning in the third quarter, Q3.

Cardinal Health being the world's largest distributor of pharmaceuticals products committed fraudulent that led them to the trouble with the SEC. The business organization, cardinal Health violated the generally accepted accounting principle (GAAP) stated from all business organization (Crowther, 2018). The organization recognized a premature gain from provisional settlement of a law suit filed against several vitamin manufacturers.

The timing of the $10 million and $12 million gain by Cardinal Health is in the second quarter of FY 2001 and first quarter of FY 2002 respectively (Crowther, 2018). The senior managers defended the earning by advising the organization to record the earning as non operating income on the grounds of earning arousing from the litigation.

The receiving of more than $22 from litigation settlement by Cardinal Health was ethically wrong that the senior managers of attempted to justify themselves to the SEC (Crowther, 2018). The behavior of Cardinal health is 10, "downright fraudulent". The behavior of the organization depicted unethical business attitude towards its suppliers along with the customers.

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