HEAT TRANSFER MECHANISMS Heat energy is being transferred from one location to another because of a temperature difference. The three mechanisms for heat transfer are: • Conduction. When you grip the hot handle of a pan on a stove‚ you feel conduction in action. Heat flows from the pan and along the length of the handle to its cooler free end. This is because one end of the rod is held at the high temperature‚ and the other end stays at the lower temperature. Although the rod itself doesn’t
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Enlightenment is the time period from 1650 to the 1800’s where a period of time that challenges the society and old ideology‚ where the traditional ideas about god and human’s place on earth became mixed with new ideology about science‚ logical reasoning and freedom. New understanding about human behavior which could rectify human failings which leading to unlock the sources to increase liberty and prosperity‚ shaping the human nature into more acceptable form such as opening schools. Education provided
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company. These factors continually impact the planning process performed at each level of management. An organization that neglects to establish and monitor plans can become disorganized and ultimately lose control of practices performed throughout the corporation. A prime example of poor planning due to disregard of legal‚ ethical‚ and social issues were the executives employed at WorldCom. Before 2002‚ WorldCom was one of the top telecommunication businesses in its industry because of many acquisitions
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Concepts No 6‚ paragraph 80‚ expenses are outflows or other using up of assets or incurrences of liabilities (or a combination of both) during a period from delivering or producing goods‚ rendering services‚ or carrying out other activities that constitute the entity’s ongoing major‚ or central‚ operations. Expenses are gross outflows incurred in generating revenues. (ii.) SCON No. 6‚ paragraph 148‚ states that costs should be expensed when they are used up or have expired and when they have no future
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Worldcom appeared to be a great success story. However‚ the success began to unravel with the accumulation of debt and expenses‚ the fall of the stock market‚ and long distance rates and revenue. It would take 2 years for the extent of these problems to become public‚ and accounting scandals like that of Worldcom would make history in the finance and telecommunication areas. While the intent is to make money to benefit a person or a group of people through illegal acts while disguising their illegal
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WorldCom Ethical Scandal In the late 1990’s‚ WorldCom was a successful company and leader in the telecommunications world. They had merged with MCI and the company was regarded for being innovative and growth hungry. However‚ in the midst of all the mergers WorldCom CEO Bernard Ebberly began to mismanage the company. WorldCom was no longer meeting their numbers and it looked like stock prices would fall. Rather than letting this happen‚ executives at WorldCom doctored the books. CFO Scott
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CASE NAME: WorldCom: Keeping Planes In the Air 1. Briefly describe the important aspects of the situation. WorldCom had asked its accountant to make accounting entries dipping into reserves to help the company to meet its earnings target. WorldCom had been done these financial reserves for three quarters and intended to do so thereafter. The telecommunications industry was in a severe slump. WorldCom had a slow growth and rising cost. Vinson‚ who had done WorldCom’s accounting
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Accounting Fraud at WolrdCom Introduction WorldCom‚ US second largest telecommunication company shocked the world by filing bankruptcy at 21 July 2002. The WorldCom filing surpassed Enron and became the largest bankruptcy filing in United States history. Due to its rapid growth‚ WorldCom is also heavily in debt as they finance the company growth with debt. The collapse of WorldCom did not just affect their employees‚ retailers‚ the government but also bankers. WorldCom was a multi-billion dollar telecommunications
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Q 1 Explain the nature of accounting fraud? A1. Background: The origin of WorldCom can be traced to the breakup of AT&T in 1983. The company began as Long Distance Discount Services Inc during 1983. LDD name was changed to WorldCom in 1995. To build the economies of scale that were critical success factor in long distance market it was imperative for WorldCom to grow its available volume off bandwidth as it lowered the per unit costs. Also the Telecommunication act of 1996 permitted long
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7/22/13 WorldCom Search » Ethics Home Page About the Center Focus Areas Bioethics Business Ethics Campus Ethics Character Education Government Ethics Internet Ethics More... Publications Ethics Articles Ethics Cases Ethical Decision Making Videos Ethics Blogs Podcasts E-letter/Subscribe Contact Us Site Index WorldCom1 By Dennis Moberg (Santa Clara University) and Edward Romar (University of MassachusettsBoston) An update for this case is available. 2002 saw an unprecedented number of
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