Governmental and Nonprofit Accounting Nicole Tanner March 2‚ 2012 1-2. Five environmental differences between governments and for-profit business enterprises. 1. Organizational purposes – Commercial is to generate profit for its owners and government is for the well being of citizens. 2. Sources of Revenue – Business generate its income from sales. Government derives its income from taxes. 3. Potential for Longevity – Government rarely go out of business and Business longevity is
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well as its management‚ and not be dissuaded from looking at the how and why those individuals ran Enron’s business the way they did. By looking at the relationship of Enron’s internal businesses without first looking at management and others with fiduciary responsibility would be putting the carriage before the horse we would be forgetting that the actual creation or structure of Enron’s business entities were put in place by the management responsible for running Enron and were the real reasons for
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would not have the proper knowledge to decide if it was right or not‚ and the fact that the issue would be looked at after a bad decision was made making it easier to pick apart. The courts get involved when a crime or fraud has been committed by a fiduciary. Shlensky lost in the trial court and appealed the case. The reason he lost the case was that‚ according to Justice Sullivan‚ from Wheeler v. The Pullman Iron and Steel Co ‚ 143 ILL 197‚ 207‚ 32 NE 420 case " It is fundamental in the law of corporations
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Comprehensive Annual Financial Report (CAFR) Brief for the City of Topeka‚ Kansas Abstract The comprehensive annual financial report (CAFR) is prepared by governments—state‚ city‚ county‚ or municipalities—that allows the citizenry the opportunity to review the performance of fiscal responsibilities with all funds and activities of the primary government. Although CAFR is not mandated‚ it is encouraged‚ with adherence and publication for prepared statements and disclosures in accordance with
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The Sarbanes Oxley Act‚ 2002 Impact on Enron Derrick Love California State University San Bernardino MGMT 355-01 Dr. Coates November 20‚ 2014 Abstract I have chosen “The Sarbanes Oxley Act‚ 2002” as my law and the Enron Company as my corporation. The Sarbanes Oxley Act‚ 2002 is a law that has been put in place in the public interest or for the protection of investors‚ and in furtherance of this Act. The law read as follows‚ The Commission shall promulgate such rules and regulations
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In a capitalist society‚ it is generally accepted that management has a fiduciary responsibility to further the interests of stockholders; interpreted as a requirement to maximize corporate profit. In the words of Milton Freidman‚ “The social responsibility of a business is to increase its profits”. The past few decades have given rise to the globalization of the apparel industry. With this globalization the competition has intensified‚ necessitating the leading apparel firms to develop extensive
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Case: John Borders v. KRLB 12 3. Case: Esplanade Oil & Gas v. Templeton 13 E. Best Efforts Clauses 13 1. Case: US Airways v. British Airways 13 F. Representations and Warranties 14 1. Seller’s Remedies – Case: CoEd v. Northeast Utilities 14 III. FIDUCIARY DUTIES IN TAKEOVERS I – RESISTING AN UNWANTED BID 15 A. Takeover Defenses I (Unocal) 15 1. Role of Takeover Defenses 15 2. Case: Unocal v. Mesa Petroleum 15 B. Poison Pills 16 1. Statutes & Logistics: 16 2. Case: Moran v. Household International
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Ethical Issues Relating to Insider Trading The recent news has sparked debate on whether KPMG will be another Arthur Andersen facing its recent insider trading issue. The ex-partner of KPMG‚ Scott London‚ revealed client’s confidential information to the third party in exchange for both cash and expensive gifts since 2010. For example‚ the third party gained nearly $200‚000 by selling 27‚000 shares of RSC Holdings after the announcement of merger because of the material information revealed to him
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Checkpoint Ethics in the Accounting Profession 13. Is a professional accountant a businessperson pursuing profit or a fiduciary that is to act in the public interest? This is a hard one to answer. Many accountants start off looking to make a living. The question is where do they want to go and what they see themselves doing. An accountant main goal is to a fiduciary that is to act in the public interest. We are here to help our clients with their business ventures and to keep things on
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When a business is conducted between a buyer and a seller via a representative‚ the legal relationship between the seller / the principal and the representative / the agent is governed by the Law of Agency. A fiduciary relationship created under the law of agency in which one person has a legal authority to act for another‚ can arise from1. 1. An oral or written expressed agreement‚ whereas agent is appointed by the principal for a particular task‚ 2. Ratification of an agent’s conduct
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