Keishla Diaz C Block‚ Mr. Willard Sept 16‚ 2010 “ IF I COULD ONLY HAVE THREE WISHES”…. If I could find something/someone who could grant me three wishes I would have many thoughts going through my mind. It would be a great‚ yet very indecisive moment. I would have to think of what that wish can do to my future‚ if it would make it better or make it a bad future that no one would like to have. My 1st wish would be to have a great future not only me but my family as well‚ because I know that by
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WorldCom Sunday‚ November 07‚ 2010 10:27 PM The following entries are hypothetical and intended to illustrate the initial recording‚ and subsequent ‘release’ and ‘capitalization’ of line costs. a. Prepare a journal entry to record $3‚500 million of estimated line costs for quarter 1. DR - Accrued Line cost $3‚500 CR - Cash and Cash Equivalents $3‚500 b. Assume that you find out in quarter 2 that the prior quarter’s estimate was too large by $100 million. Prepare the necessary journal entry
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April 2013 “Can Teen Pregnancy be Prevented?” Nationwide‚ 50% of high school students have had sexual intercourse. Approximately 25% of adolescent females report using no contraceptive method at the time of first intercourse (Pollack 1). Even though sex education is almost universal in U.S. schools‚ its content varies and is very basic. In order to prevent rising teen pregnancy rates communities should allow more sex education in schools‚ teens should also have easier access to contraceptives‚ “Well
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1. The Enron debacle created what one public official reported was a “crisis of confidence” on the part of the public in the accounting profession. List the parties who you believe are most responsible for that crisis. Briefly justify each of your choices. a. Kenneth Lay‚ Jeffrey Skilling‚ and Andrew Fastow. A common theme of the allegations leveled at the three executives was that they had created a corporate culture that fostered‚ if not encouraged‚ “rule breaking”. b. Andersen
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Q1- Who were the key stakeholders involved in‚ or affected by the collapse of Enron? How and to what degree were they hurt or helped by the actions of Enron management? Ans- The key stakeholders affected by the collapse of Enron were its employees and retirees. Stakeholders and mutual funds investors lost $ 70billion market value. Banks were also affected by the meltdown of the company. They included big banks like J P Morgan Chase and Citigroup. Not only the stakeholder and bondholder lose out
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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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KAPLAN DAVID KIRON Accounting Fraud at WorldCom WorldCom could not have failed as a result of the actions of a limited number of individuals. Rather‚ there was a broad breakdown of the system of internal controls‚ corporate governance and individual responsibility‚ all of which worked together to create a culture in which few persons took responsibility until it was too late. — Richard Thornburgh‚ former U.S. attorney general1 On July 21‚ 2002‚ WorldCom Group‚ a telecommunications company with
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Could the Spanish Armada have succeeded? The relentless decline in relations between Spain and England post 1558 engender a feeling of certain inevitability within the hostilities that broke out in 1585. Although tension between the two countries was extremely high it took years of preparations to actually instigate war. When Mary Queen of England died Philip lost all attachments with England and when Elizabeth came to power England no longer remained Catholic‚ Philip felt that England had
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Question 1 At the time Cynthia Cooper discovered the accounting fraud‚ WorldCom did not have a whistle-blower hotline process in place. Instead‚ Cynthia took on significant risks when she stepped over Scott Sullivan’s head and notified the audit committee chairman of her findings. Discuss the key criteria for the operation of an effective corporate whistle-blower hotline. Be sure to highlight potential pitfalls that should be avoided and reference professional codes‚ legislation and academic
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Introduction 2 2. History 3 a. Formation 3 b. Operations 3 c. The Success 4 d. All that glitters is not gold 4 e. The Fraud 4 3. Products 5 4. Enron Scandal – The Company Fraud 8 f. What Happed? 8 5. Techniques used in the Company Fraud 9 g. Revenue Recognition 9 h. Mark-to-market accounting 9 i. Special Purpose Entities 10 j. Executive
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