objectives and the roles of financial accounting “Accounting is an information system that identifies‚ records‚ and communicates the economic events of an organization to interested users.”1. The basic objective of accounting is to provide information to the interested users to enable them to make business decisions and “Financial statements are the primary means of communicating financial information to parties outside the business organization.”2. Moreover‚ accounting can give the essential information
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The Second Chance When she came to‚ there was only the cold. She was on her side‚ against something hard‚ and it was draining the heat out of her‚ from the very marrow of her bones. She tried to raise her head‚ but had not yet come far enough into consciousness. She relaxed‚ and only then came to understand that she was lying on concrete. Thoughts flashed randomly‚ scattered and incomplete. She realized she could not remember her name‚ and that sudden insight sent her into panic. How did
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A Second Chance We often imagine about how see our lives go by in seconds when we placed in life or death situations. This was no exception‚ I recalled the most important moments in my life as I spun on that ATV bike. Everything came to my mind‚ my most treasured memories that reminded me how I had lived my life to the fullest. As other people spent their spring break at the beach or watching movies‚ I was being medically treated‚ due to my severe scrapes. What was supposed to be a perfect vacation
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the future. As a small business owner you just need to know the accounting basic principles. As your business grows‚ you can jump into the deep end of the accounting pool with ratios and monetary unit assumptions later. Let’s just get our feet wet first because accounting is one of the most important components of your small business. Without it you are just setting yourself up for failure. The most basic definition of accounting is the documentation of a transaction. Paying your website fee
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remaining deadlocked on most of the counts against him. Because the Adelphia scandal emerged after the one at Enron‚ and the company was smaller in size than WorldCom or Tyco‚ it has garnered less public attention. But for the sheer audacity of the fraud‚ it ranks high up on the list. Adelphia executives testified that they routinely made up numbers that they gave to investors and lenders‚ even while the Rigases regularly withdrew money from the company without making reimbursements. Testimony at the
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BS2003-01b Collegiate Case Study Adelphia founder‚ 2 sons‚ 2 others arrested in fraud By David Lieberman and Greg Farrell www.usatodaycollege.com Accounting fraud Part II: The results “Creative accounting” is not a new technique‚ but it can certainly be a costly one. Businesses feel the pressure to appear profitable in order to attract investors and resources‚ but deceptive or fraudulent accounting practices often lead to drastic consequences. Are these so-called creative practices
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Inventory-Related Fraud Detection: • Beside revenue related fraud‚ the Antars also overstated their inventory. If inventory is overstated‚ the cost of goods sold is understated‚ and gross margins and net incomes are overstated. o Crazy Eddie had a close relationship with one of their vendors known as Wren Distributors. Crazy Eddie was Wren’s largest customer‚ accounting for 35% of their revenues. o Crazy Eddie ordered 10% of their total inventory from Wren so Sam Antar asked Wren to ship $3
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Corporate Fraud I. Introductions a. Fraud in the accounting environment is on the increase. b. Fraud takes place in different forms in the accounting environment. II. The growing risk of fraud and corruption a. Local problems‚ global pain b. Awareness is crucial c. Tailoring efforts to avert damage III. Preventing Fraud a. Background checks and enhanced due diligence b. Monitoring and evaluating preventive controls c. Continuous controls monitoring IV. Can we eliminate fraud and corruption
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go back to living their life as before not realizing that this is their second chance at life to make things right. Phil manages to do so only by breaking through and becoming a person of intimacy‚ creativity and compassion which sets him free from his exile of living in the same day over and over again. As for Gregor‚ going from someone everyone depends on to something no one wants to care for‚ he doesn’t get a chance to have everything go back to normal. He dies and his family‚ for once‚ is relieved
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commit fraud because of financial pressures‚ vices‚ or because of work-related pressures. As well‚ perpetrators of fraud can be motivated by a perceived opportunity to commit fraud and the ability to rationalize that what they are doing is not wrong. Their motivations are usually combined into the fraud triangle of perceived pressure‚ perceived opportunity‚ and rationalization. 3. The fraud triangle includes three elements that almost always must be present in order for someone to commit fraud: a
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