APPENDIX B-211 Analysis of Business Transactions for Business other than Mixed Supplier Receipts/Other income & P ayments/E xpen ditu res Rii‚iffiMti*‚.{f‚‚Ei‚;**.: Sales- [ocal I-/ lales - lcal Sales - Exoort Sales - Croup Sales - Foreign Country : ‚.‚.‚‚ ‚ljl E*‚’’+.lEi ‚{‚tt:it-i;ii:::::i:=. .. ‚‚ ‚.. :‚‚. \-tsN Standard mted suooly iuoolv of taxable soods/seruices toJocal clienl ZKL iupply broic necessity such as foods‚ bread‚ fruits’ Zero rated supply - in accordance with GST (Zero-mte
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Settled a shareholder class-action suit for $457 million. SEC fined ArthurAndersen $7 million. Fun fact: After the scandal‚ new CEO A. Maurice Meyers set up an anonymous company hotline where employees could report dishonest or improper behavior. Enron Scandal (2001) Company: Houston-based commodities‚ energy and service corporation What happened: Shareholders lost $74 billion‚ thousands of employees and investors lost their retirement accounts‚ and many employees lost their jobs. Main players: CEO
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practices came about because one corporation‚ Enron‚ took risks their company could not withstand without taking some rather extreme measures in its accounting to hide the risk. Tyco International went down a different path in that the CEO used corporate accounts as his personal bank account. He placed certain business associates on the Board of Directors to ensure his behavior would not be found out nor questioned. As corporate ethics goes‚ Enron and Tyco International are prime examples of bad
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hear the word Enron‚ they immediately associate it with the most important accounting scandal of our lifetimes. Enron was an American gas company that began as the Northern Natural Gas Company in 1931. Internorth‚ a holding company in headquartered in Omaha‚ Nebraska‚ purchased the Northern Natural Gas Company and reorganized it is 1979. Enron arose from the 1985 merger of Houston Natural Gas and Internorth. After building a large‚ new corporate headquarters in Omaha‚ the new Enron named former
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of Enron were the large number of highly complex accounting entries. For example energy traders were required to book all the projected profits from a supply contract in the quarter in which the deal is made. Such accounting procedures are inherently risky as they make assumptions about price forecasts which can drastically affect earnings. Another inherent risk factor is the frequency of related party transactions. The special purpose entities Enron was trading with were created by Enron and
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LAW 332 COMMERCIAL TRANSACTIONS 2 NATIONAL OPEN UNIVERSITY OF NIGERIA SCHOOL OF LAW COURSE CODE: LAW 332 COURSE TITLE: COMMERCIAL TRANSAC TIONS 2 1 LAW 332 COMMERCIAL TRANSACTIONS 2 COMMERCIAL TRANSACTIONS 2 Course Developer/Writer Prof. Justus A. Sokefun National Open University of Nigeria Victoria Island‚ Lagos. Prof. (Mrs.) Chioma K. Agomo University of Lagos‚ Akoka Ifidon Oyakhiromen‚ Ph.D‚ BL National Open University of Nigeria Victoria Island‚ Lagos. Mr. Ayodeji
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IBT OUTLINE—Karamanian‚ Spring 2008 I. Modern Forms and Patterns of IBT a. Types of IBTs‚ categorized by penetration: i. export-import transaction ii. agent or distributor sells goods abroad iii. licensing to a foreign entity to manufacture and distribute products abroad iv. Joint ventures b. Forms of Trade i. Goods ii. Services iii. FDI iv. Knowledge/Technology
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firms responsible for their actions. The lack of regulations also allowed companies to partake in misleading transactions. These transactions were perfectly legal at the time‚ just not necessarily ethical. Companies did not have to be 100% honest when sharing earning results and company structure with shareholders. Arthur Anderson & Co. was also to blame as they were the accountants for Enron. They were the ones with the expertise who should have known better and looked to fully explain and disclose
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Enron – The Ken Lay Indictment Questions/Answers for Discussion: 1. Is there sufficient evidence of fraudulent intent to convict Ken Lay for stock manipulation "beyond a reasonable doubt"? Why or why not? If we are answering the question with the given facts presented in this case study‚ there are only allegations. To convict Ken Lay for stock manipulation ’beyond a reasonable doubt’ means that a trial must happen and both sides: Prosecutor and Defense will present a case to convince the jurors
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officers (CEO) of LDDS. The company became public in August 1983 with the acquisition of Advantage Companies Inc. In 1993 LDDS acquired long distance providers Resurgens Communications Group and Metromedia Communications in a three-way stock and cash transaction that created the fourth-largest long distance network in the United States. The company was changed to LDDS WorldCom in 1995 and later just WorldCom when LDDS acquired voice and data Transmission Company Williams Telecommunications group in an all-stock
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