statements for 2002‚ 2003‚ 2004 and quarterly reports for 2004 and 2005‚ and the subsequent SEC investigation in which they were cleared of wrongdoing. It also covers a second restatement from 2009‚ in which the financial statements for 2009 and 2008 were restated and another SEC investigation related to those restatements. The paper details a glaring problem for Overstock related to its accounting controls and even the company’s admittance in its annual report that it does not have an appropriate
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Bad Accounting 101: Fannie Mae Background on Fannie Mae Fannie Mae is the common name of the Federal National Mortgage Association‚ also abbreviated as FNMA. It is one of two of America’s largest mortgage companies‚ along with Freddie Mac (Federal Home Loan Mortgage Corporation – FHLMC).1 Fannie Mae guarantees and purchases loans from mortgage lenders to help ensure families can buy new homes or refinance.2 Fannie Mae was founded in 1938 as part of Franklin Delano Roosevelt’s New Deal during the
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Persuasive Speech Parts Explained PERSUASIVE OUTLINE Begin with an Attention Step that is an Opening statement of interest: (use one or more of the following) * A rhetorical question * A startling statement * A quotation * An illustration or story * A reference to the subject * A reference to the occasion Motivate audience interest in your subject by alluding to: (use one or more of the following) * The practical value of the information for your audience * A reason
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Related Cases 4. Other Information Children – Restatement 2d Section 283A • In order to determine if a child is behaving negligently‚ a child must conform to what a reasonable person of like‚ age‚ intelligence‚ and experience under like circumstances. • Adult Activity - An exception to this rule
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Airport Expansion”‚ 2003‚ Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) Karthik Balakrishnan‚ Daniel A. Cohen‚ “Product Market Competition‚ Financial Accounting Misreporting and Corporate Governance: Evidence from Accounting Restatements”‚ 2009‚ Stern School of Business‚ New York City. Laurent Fresard‚ “Financial Strength and Product Market Behavior: The Real Effects of Corporate Cash Holdings”‚ 2010‚ The Journal of Finance. Vol LXV‚ No 3 Xavier Giroud and Holger M. Mueller‚ “Corporate
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making substantial investments in a variety of large-scale projects. Although some of these were initially successful‚ others resulted in Enron incurring large economic losses. Then it appears to have embarked on covering up losses and manufacturing earnings. This succeeded for a time‚ but was ultimately unsustainable. These efforts allowed Enron to disguise the losses and not report debt for which it was contingently liable. They also apparently afforded certain Enron managers the opportunity of extracting
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Schuster. Fama‚ E.F. and K.R. French‚ 1992‚ “The Cross Section of Expected Stock Returns‚” Journal of Finance 47‚ 427-465. Fuller‚ J. and M.C. Jensen‚ 2002‚ “Just Say No To Wall Street: Putting A Stop To the Earnings Game‚” Journal of Applied Corporate Finance 14‚ 41-46 Glater‚ J.D.‚ 2005‚ “Restatements‚ and Lawsuits‚ are on the Rise‚” New York Times‚ January 20. Graham‚ J.R.‚ C.R. Harvey‚ and S. Rajgopal‚ 2005‚ “The Economic Implications of Corporate Financial Reporting‚” Journal of Accounting and Economics
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(Note: This is a continuation of the Cookie Chronicle from Chapters 1 through 3.) CCC4 Cookie Creations is gearing up for the winter holiday season. During the month of December 2011‚ the following transactions occur. Continuing Cookie Chronicle 219 Dec. 1 5 8 9 15 16 19 23 23 23 28 Natalie hires an assistant at an hourly wage of $8 to help with cookie making and some administrative duties. Natalie teaches the class that was booked on November 25. The balance out- standing is received.
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capital it needed by Sept. 30 in 2005 to meet its minimum requirement. Fannie Mae also received a notice from the Securities and Exchange Commission‚ which opened an informal inquiry into the company’s accounting practices. SEC also has ordered a restatement of the company’s results for the past several years. And now the Office of Federal Housing Enterprise Oversight (OFHEO) and the Department of Justice are both investigating Fannie Mae’s accounting irregularities. The latter is conducting a criminal
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Enron: The Smartest Guys in the Room The Enron scandal‚ revealed in October 2001‚ eventually led to the bankruptcy of the Enron Corporation‚ an American energy company based in Houston‚ Texas‚ and the de facto dissolution of Arthur Andersen‚ which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time‚ Enron was attributed as the biggest audit failure. Enron was formed in 1985 by Kenneth
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