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McPhee Distillers: Accounting Policy Choices in the Preparation of Financial Statements
內容大綱
In 2014, the master distiller from an established Scotch whisky producer founded McPhee Distillers on Vancouver Island, Canada, hoping to capitalize on the growing demand for whisky in the Asia-Pacific region in particular. Rather than competing with larger producers selling by the bottle, McPhee planned to sell whisky exclusively by the barrel, hoping to differentiate McPhee Distillers in the industry. As a first-time entrepreneur, the master distiller was surprised by the amount of overhead costs, but she was determined that there were no costs she could cut without compromising the quality of the whisky. Was her business model profitable, or had she made an error by focusing on barrel sales? Could she improve her operations?
學習目標
This case should be introduced after students have attained a baseline understanding of generally accepted accounting principles and are comfortable with some of the fundamental concepts of accounting. After completing the case, students will be able to do the following:<ul><li>prepare financial statements for the new business by recording the relevant transactions;</li><li>identify various accounting issues, including revenue recognition, inventory valuation, accruals, capitalization of assets, amortization, and accounts payable; and</li><li>understand how fundamental accounting issues affect the financial statements.</li></ul>