management personnel at Waste Management. Top-level employees manipulated transactions and the financial statements to minimize expense recognition. This was accomplished through a variety of ways. These ways include: “Avoided depreciation expenses on their garbage trucks…‚ assigning arbitrary salvage values to other assets…‚ failed to record expenses for decreases in the value of landfills as they were filled with waste‚ refused to record expenses necessary to write off the costs of unsuccessfully
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points) Factory insurance Interest on bank loan Eggs‚ salt‚ water used for baking Depreciation on bake ovens Paper wrappers for bread Delivery truck costs Advertising costs Factory supervisor salaries Sales Commissions Flour used in baking bread 2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each‚ total 5 points) Factory insurance Baker’s wages Eggs used for baking Depreciation on bake ovens Paper wrappers for bread Cleaning materials for bake ovens Utilities
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Waste Management Scandal Dean Buntrock established Waste Management‚ Inc. in 1968. Its main purpose is to pick recycling and garbage up from residential housing and businesses. WM also disposes of the garbage in landfills. It has grown to be the largest garbage disposal company in the U.S. today. This company has managed to survive “one of the most egregious accounting frauds we have seen” said Thomas C. Newkirk of the SEC. This accounting scandal lasted from 1992 to 1997 and was the result
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Executive Summary “Clean-City” a waste management and recycling business with the tagline “Today’s Waste‚ Tomorrow’s Wealth” is going to be introduced experimentally in Chittagong city with a view to utilizing the household waste in an eco-friendly way by recycling them and thus making the city clean. Previously it was quite difficult to convince lower class/ lower middle class people as they have got to pay for the waste. But our attempt will ensure ultimate collection of those wastes
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complaint says the company’s revenues were not growing fast enough to meet its earnings targets‚ so the defendants instead resorted to improperly eliminating and deferring current period expenses. Specific tactics: * Avoiding depreciation expenses on their garbage trucks by both assigning unsupported and inflated salvage values and extending their useful lives. * Assigning arbitrary salvage values to other assets that previously had no salvage value. * Failing to record expenses for decreases
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| |anti-clockwise |counter-clockwise | |articulated lorry |trailer truck | |autumn |autumn‚ fall | |barrister |attorney
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Waste Management Inc. Fraud I. BRIEF HISTORY Waste Management Inc is a company in North America that provides waste and environmental services. This company was founded by Larry Beck in 1894. The company ’s operations also involved managing air and gas‚ environmental and groundwater protection as well as environmental engineering. By 1971‚ the company became more public after the 133 acquisitions and the $82M in revenue that were made and soon became the largest waste hauler in the
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Fraud Cases: Violations of Generally Accepted Accounting Principles (GAAP) Section 1 In July 2002 the Sarbanes-Oxley Act was passed by the U.S. Senate by a vote of 98 to 0. The bipartisan support for the legislation emanated directly from the investing public’s lack of tolerance for financial statement fraud. Not surprisingly‚ when formulating its post-Sarbanes technical audit guidance‚ the Public Company Accounting Oversight Board (PCAOB) made it clear that detecting fraud must be the focus
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Historical Research on Waste Management Sean Depkin Jones International University Abstract Waste management is a necessary industry and has been traced back to 3000 B.C. It originally started off garbage dumps or landfills and has progressed to recycling facilities and incinerators that produce both heat and energy from the burned waste. It has been influenced by both motorized transportation and the advances in technology. The most influential person in the waste management industry in the
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Assignment method: Running record Date of observation : October 18‚ 2012 Time of observation : 9:05-9:35 Setting : Observation took place in a classroom of Richmond Preschool . There were 18 children who are 4 years old‚ 3 ECE teachers and 1 volunteer during this observation. Child’s name : Tom Child’s age : 4 years old Tom spins his jacket into the air and drops it on the floor. He picks up and hangs on the hook under his name tag. He asks his mom to take out his indoor
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