Accounting Irregularities at Groupon Introduction In September 23 2011‚ Groupon (the Company)‚ a rapidly growing online coupon merchant was forced by the SEC to file a restated S-1 registration statement. The reason for the restatement was that the SEC objected to the accounting methods that Groupon used in the calculation of its revenue‚ causing it to be overstated. According to Villanova University (2012)‚ Groupon’s auditors at Ernst & Young stated that Groupon was not setting aside sufficient
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system.” Do you agree? Explain. I agree because I think Accounting is part of our economic system specifically in business and we all know that in order to maintain the competitiveness of our economic system all over the world is to uplift the business society that’s why Accounting is vital to our economic system. 2. Identify and describe the steps in the accounting process. 1. Identifying the financial transaction a business may perform several transactions. Of which‚ only financial transactions
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TASK 1: Financial statements are used by both internal and external users to make economic decisions. The information within the financial statement aims to provide information about the financial position‚ performance and any changes in financial position of an enterprise. Financial statements should be understandable‚ relevant‚ reliable and comparable. Reported assets‚ liabilities‚ equity‚ income and expenses are directly related to an organization ’s financial position. AstraZeneca
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It is FALSE Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. It is TRUE that the primary governmental body that has influence over the FASB is the SEC. It is FALSE the FASB has a government mandate and therefore does not have to follow due process in issuing a standard. CA1-2 It is True the objective of financial statements emphasizes a stewardship approach for reporting financial information
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Chapter 1--The Nature of Fraud MULTIPLE CHOICE 1. One way that criminal law differs from civil law is that it: a. | Provides remedies for violations of private rights. | b. | Must yield a unanimous verdict. | c. | Can have a jury of fewer than 12 persons. | d. | Allows for various claims in one action. | ANS: B | Feedback | A | Incorrect. This is a characteristic of civil law; criminal law deals with crimes against the public. | B | Correct. Criminal trials must
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PHILIPPINE LONG DISTANCE TELEPHONE COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS AT MARCH 31‚ 2013 (UNAUDITED) AND DECEMBER 31‚ 2012 (AUDITED) AND FOR THE THREE MONTHS ENDED MARCH 31‚ 2013 AND 2012 (UNAUDITED) F-1 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in million pesos‚ except par value per share amounts and number of shares) As at January 1‚ As at March 31‚ As at December 31‚ 2012 2012 2013
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The Uniform Electronic Transactions Act (UETA) is one of the several United States Uniform Acts proposed by the National Conference of Commissioners on Uniform State Laws to provide a legal framework for the use of electronic signatures and records in government or business transactions. UETA makes electronic records and signatures as legal as paper and manually signed signatures. Approved by the National Conference of Commissioners on Uniform State Laws in 1999‚ Forty-seven states‚ the District
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instructor website at www.wiley.com/college/weirich. Other excellent sources of longer and more detailed cases include the Deloitte Trueblood cases and cases provided by various other firms. Topical Index of Student Cases INTERMEDIATE ACCOUNTING Case 1: Reporting acquisition and repayment transactions in the Statement of Cash Flows Case 2: Recording a forfeited payment Case 3: Revenue and expense recognition associated extended warranties Case 4: Accounting for “due on demand” note payable
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CLEAN WATER ACT 1. Overview: a. Congress’s Overall Objective with the Federal Water Pollution Control Act (later CWA): (§101): “restore and maintain the chemical‚ physical‚ and biological integrity of the Nation’s waters.” National Goals: i. To completely eliminate the discharge of pollutants into the navigable waters by 1985. 1. Not going to happen without stronger standards ii. Interim goal (101(a)(2): to make the water quality such that it’s fishable/swimmable
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Graduate School Theses and Dissertations Graduate School 6-1-2008 Detecting financial statement fraud: Three essays on fraud predictors‚ multi-classifier combination and fraud detection using data mining Johan L. Perols University of South Florida Follow this and additional works at: http://scholarcommons.usf.edu/etd Part of the American Studies Commons Scholar Commons Citation Perols‚ Johan L.‚ "Detecting financial statement fraud: Three essays on fraud predictors‚ multi-classifier combination and
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