beta decay were not emitted with the full reaction energy of the nuclear transition. In order to preserve the conservation of energy‚ conservation of momentum‚ and conservation of angular momentum (spin) in beta decay‚ it was done by adding an undetected particle that Pauli termed a "neutron" to the proton and electron already known
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1.0 SUMMARY OF FACTS OF THE CASE STUDY After understanding the overall of case study‚ Arthur Andersen: Questionable Accounting Practice‚ we have identified a few facts. The following subsection will present the facts. 1.1 ARTHUR ANDERSEN Arthur Andersen LLP was founded in Chicago in 1913 by Arthur Andersen and partner Clerence DeLeny. Over a span or nearly 90 years‚ the Chicago accounting would became known as one of the “Big Five” largest accounting firms in the United States together
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The Enron scandal was one of the largest corporate disasters in the 20th century‚ with millions affected and billions of dollars found to have been tied up in practices that were subsequently deemed by some analysts to have been foolhardy. Until Worldcom went bankrupt in 2003‚ the bankruptcy of Enron was the largest bankruptcy in US corporate history. As the Enron scandal gathered pace‚ Arthur Andersen bosses are said to have instructed employees to shred documents ahead of an expected investigation
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as accounting irregularities and fraud. More seriously‚ it developed a number of lawsuits from1997 to 2005‚ which impelled the SEC to keep a close watch on‚ from its client such as Baptist Foundation of Arizona‚ Sunbeam‚ Waste Management‚ Enron‚ WorldCom‚ Global Crossing‚ and Qwest Communications. Especially Enron’s bankruptcy was a deadly strike of Andersen. Andersen’s collapses made an effect on the regulation on accounting ethics‚ for instance‚ the Sarbanes-Oxley Act passed by the congress in
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observe. But‚ when things go wrong‚ they can become the center of attention. Certainly this was true of the Enron‚ Worldcom‚ and Parmalat scandals. The directors of Enron and Worldcom‚ in particular‚ were held liable for the fraud that occurred: Enron directors had to pay $168 million to investor plaintiffs‚ of which $13 million was out of pocket (not covered by insurance); and Worldcom directors had to pay $36 million‚ of which $18 million was out of pocket. As a consequence of these scandals and
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executives expect to get away with it. They also fit the financial-corporate culture described above. And earnings manipulation is part of (and usually central to) most of the scandals. Some of them used brazen and unsophisticated approaches (such as WorldCom)‚ while others used new‚ sophisticated devices to defraud (like Enron). Determining the existence of criminal acts takes years. Two industries were particularly prominent in the scandals: the energy companies and telecommunications. Deregulation
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1. Arredondo‚ Inc. has current assets of $2‚170‚ net fixed assets of $9300‚ current liabilities of $1350‚ and long-term debt of $3980. Building a balance sheet for this company‚ address the following questions: a. What is the value of the shareholders’ equity account for this firm? b. How much is net working capital? Arredondo‚IncBalance Sheet | Assets Liabilities and Owener`s EquityCurrent assets $2‚170 Current
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many factors that inspire organizations to assure and push ethical policies. In the last seven years‚ the world has witnessed stunning financial collapse in many companies that were ranked among the most admired in America. Companies like Enron and WorldCom‚ left an impact the way ethics is valued and viewed among companies. What went wrong? The question that arises is what form of ethics or education training did the involved auditors‚ accountants and managers receive? Ethics training and study
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mechanical‚ and electronic controls so that when jobs are segregated‚ there are more than one opportunities for a final verification of accuracy (Weygandt‚ Kimmel‚ & Kieso‚ 2008). Large events of fraud have happened within companies such as Enron and WorldCom (Weygandt‚ Kimmel‚ & Kieso‚ 2008). People generally remember only these because they are some of the most popular scandals in business history (Weygandt‚ Kimmel‚ & Kieso‚ 2008). However‚ there are many more reported each year. Because of
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Ms Vinson was the Senior of Corporate Reporting Department; for two years she chooses to continue to misrepresent and inflate figures that were to be used on WorldCom Financial Reports. Perhaps in the beginning it was strongly encouraged to her inflate the figures by Mr. Ebbers so that the Financial Reports would be favorable for WorldCom. And perhaps she convinced herself that she was just following orders and had no choice‚ but she had a choice and chooses the one most conducive to her career
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