Accounting is more than just adding numbers and being good at math. Accountants have to “ensure that financial records are accurate and that taxes are paid properly on time.” (Bureau of Labor Statistics [BLS]‚ 2012‚ para. 1). There are several different types of accounting. These types include‚ auditors‚ forensic‚ public‚ tax professional‚ financial advisor‚ and consultants. It takes a lot of hard work and dedication to become an accountant. You have to go through years of school to earn your degree‚ already
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while he’s not around for business trip and outstation. 2. The participants of the governors are rarely active in managing the direction and strategy of the business compared to other organization. 3. Justin’s’ brother‚ Freddy which is the chief accountant held majority of a local amateur sports team‚ which struggled to sell tickets and is facing bankruptcy. 4. Meanwhile Justin’s auntie‚ Mary Ann the Senior Manager in Human Resource Department always made her own decision without prior opinion and
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Enron Case ACC 304 1. What led to the collapse of Enron under Lay and Skilling? There were various reasons as to why Enron collapsed under Lay and Skilling. One reason Enron collapsed under Lay is because Lay simply did not practice what he preached. Lay did not live by his code of ethics and neither did his corporation. Not only that‚ but Lay and top management gave Andrew Fastow an exemption to the code of ethics to continue doing business. Another reason that Enron collapsed‚ under Skilling
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What were the business risks enron faced‚ and how did those risks increase the likelihood of material misstatements in enron’s financial statement Enron faces most of the risk ordinarily faced by any energy company‚ including price instability and foreign currency risks. Enron operated in many different areas of the world with different regulatory and political risks. Enron faced business risks such as a complex business model‚ extensive use of derivatives and special purpose entities‚ aggressive
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Enron History Special Purpose Entities (SPEs) were used and often abused by most large corporations in the late 1990’s. Enron was likely the corporation that abused the accounting treatment the most‚ but certainly not the only one. The Enron SPEs were not hidden from the auditors or the investing public‚ but were so extensive‚ invasive‚ and complex that no one‚ including primary architect‚ Andrew Fastow‚ was able to understand the total implications. The 2000 financial statements for Enron included
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Forensic Chemistry and Forensic Chemist Forensic chemistry is becoming an increasingly popular topic. It is being used quite often in the real world with police investigations‚ cases‚ and is also being magnified in television shows including Forensic Files‚ CSI‚ and Bones (What is Forensic Chemistry?). Forensic chemistry is important because without it we wouldn’t know the outcome of a crime. The forensic chemist’s job is to examine evidence given to them from a crime scene‚ when it happened‚ and
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1.What are the main reasons that Enron collapsed? I think the reasons for the collapse are three fold. Firstly Enron’s accounting practices(mark to market accounting- companies estimate how much revenue a deal is going to bring in and state that number in their earnings the moment the contract is signed) Its managements goal was to maintain the appearance of value by always having rising stock prices rather than focus on creating real value for the company. Secondly its reliance on Special
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Enron Case Study [pic] Part A: Problem Focused Analysis and Recommendations. 1. Brief Case Background. List key events‚ use timeline. Case Background At one time Enron was one of the world’s largest producers of natural gas‚ oil‚ and electricity. It also appeared to be one of the most profitable companies‚ taking shareholders from $19.10 in 1999 to $90.80 by the end of 2000. Enron’s top management answered to a Board of Directors whose responsibility was to question and challenge new partnerships
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Bedfordshire University Mental Health Nursing The role of the mental health nurse MHN) while always having the same basic skills set will have a different emphasis within the various service settings such as Community‚ Acute or Forensic which is the topic of this essay The forensic MHN specialises in the assessment and treatment of people who may be mentally ill and are normally in the criminal justice system with the service provided in a secure environment. They may also work with
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Overview Enron Corporation‚ once the 7th largest company in US and a global leader of electricity and natural gas industries‚ filed for bankruptcy protection in late 2001. It was revealed that the company had been hiding investment losses and created fictitious revenue through several complicated accounting gimmicks. Besides Enron’s senior management who created the whole fiasco‚ many people believed that several other parties‚ such as the Board of Directors and the external auditors should also
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