Students work in groups to collectively represent the Chief Financial Officer of a company with the task of producing the 2003 annual report.

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Students collaborate in groups to collectively represent the Chief Financial Officer (CFO) of a company that markets its products to general purpose stores (Target, Wal-Mart, department stores) throughout the United States.

The simulation takes place in February of 2004 and includes a full set of financial statements (Income Statement, Balance Sheet, and Statement of Cash Flows). The current year information in the financial statements is based on the preliminary adjusted trial balance for the year ending Dec. 31, 2003, which the controller of the company presumably presented to the CFO. The historical information in these financial statements is fixed. The controller states that there are five events/transactions, the effects of which he/she has not (or only partially) incorporated into the trial balance. All other events and transactions related to 2003 have been recorded (properly).

As the representative CFO, each group’s task is to produce the company’s 2003 annual report. The completion of this task involves:

Deciding how to account for the five events/transactions.
Adjusting the trial balance to reflect group decisions.
Prepare an annual report for the company based on the adjusted trial balance.

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