Assignment # 3 WorldCom Accounting Fraud By Mark A. Cowan Strayer University ACC 499- Accounting Capstone May 15‚ 2011 The purpose of this paper is to discuss the aspects of the WorldCom accounting scandal and the effects that this scandal had on the accounting world as we know it. We will discuss the corporate culture at WorldCom and how it contributed to the accounting fraud‚ how the CEO’s desire to be the #1 stock on Wall Street contributed to the fraud‚ pressures on accountants to book
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Week Two Exercise Assignment Revenue and Expenses 1. Recognition of concepts. Jim Armstrong operates a small company that books entertainers for theaters‚ parties‚ conventions‚ and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense‚ (2) unearned revenue‚ (3) accrued expense‚ (4) accrued revenue‚ or (5) none of the foregoing. a. Interest owed on the company’s bank loan‚ to be paid in early July Prepaid expense
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Week 2 Homework 4-8 |Under SEC rules‚ your close family members include your spouse (or equivalent) and dependents and your parents‚ nondependent | |children‚ and siblings. If you are a covered person‚ your independence is affected if your close family member has an accounting | |role or financial reporting oversight role with the SEC Audit Client (for example‚ the family member is a treasurer‚ CFO‚ | |accounting supervisor‚ or controller) or owns more than 5 percent of a client’s
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Figuring “fixed costs‚ variable costs‚ and” (Oppapers.com‚ 2012) BEP Week 4 Tina Whittington HSM/260 May 11‚ 2014 Laura Huffaker Figuring fixed costs‚ variable costs‚ and BEP Week 4 10.1 The highest number of meals served was 4‚900 in December‚ with the lowest of meals being 3‚500 in July making a difference of 1‚400 of meals served‚ between the two months. The cost per meal variable is 1400÷$5500.00 for a total of $3.93 (WHDM’s) fixed cost is computed as follows $20‚500.00-(3‚500*$3.93)
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Sandra Wilson Week 2 Discussion 1 Dreams Do Come True Imagine that you have decided you need a new car‚ but not any car will do; you have decided to purchase the car of your dreams. Conduct some research as to the cost of this car. You have determined in this imagined scenario that you could afford to make a 10% down payment. You can borrow the balance either from your local bank using a four-year loan or from the dealership’s finance company. If you purchase from your dealership’s finance
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E9-1 The following expenditures relating to plant assets were made by Spaulding Company during the first 2 months of 2011. 1. Paid $5‚000 of accrued taxes at time plant site was acquired. 2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit. 3. Paid $850 sales taxes on new delivery truck. 4. Paid $17‚500 for parking lots and driveways on new plant site. 5. Paid $250 to have company name and advertising slogan painted on new
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the period in which the sale was made. There are three essential accounting features to the allowance method: 1. Uncollected debt for accounts receivable are matched against revenues within the same accounting period in which they are recorded. 2. Estimated uncollected debt are debited to bad debts expense and credited to Allowance for Doubtful Accounts via an adjusting entry at the end of each period. 3. Allowance for Doubtful Accounts are actually debited and credited to accounts receivable
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Accounting Fraud at WorldCom Vanessa Gail Woods Strayer University Connor-Green/ACC 576 March 21‚ 2010 Accounting Fraud at WorldCom The break up of AT&T opened the long distance service market to small companies during the mid- to late-1980s and 1990s. Long Distance Discount Service (LDDS) opened in 1983 with moderate growth until its stock went public in 1989. CEO Bernie Ebbers decided to grow the organization through acquisitions (70 companies over the course of its lifetime)
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Consider all of the presentations from the employees’ perspective as a whole‚ as so forth. Rank as high‚ medium‚ or low. Importance: An overall ranking of the importance of taking into consideration the stakeholders’ concerns. 1 equals high importance; 2 equals medium importance; 3 equals low importance. |Stakeholder |Interest in the Issue |Influence |Urgency |Persuasiveness |Importance |
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The Mayor should instead build a new nursing home and then knock down the old one to build the mall and resort in the town The Mayor who may only look at choices as a one-way street should accept the decision of the proposal only because if the community needs the economic boost it should be looked upon as a positive upbringing rather than a negative effect on the town. The Mayor faces a hard decision because he does not want to leave anyone behind. Even though the mall may be nice‚ both sides
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