ETHICS IN ACCOUNTING: THE WORLDCOM INC. SCANDAL Conf.univ.dr. Lucian Cernuşca “Aurel Vlaicu” University, Arad, str. Piaţa Sporturilor, nr. 10, bl. 25, apt. 7, 310167 Arad, Phone: 0730468534, luciancernusca@gmail.com What is ethics? What does ethics have to do with accounting? How does a scandal affect the business environment and the society? This article will explain just those questions by analyzing a “famous” fraud scandal: WorldCom Inc. The article discusses the chronology of events
Words: 3896 - Pages: 16
Management Accounting Research, 2002, 13, 1–39 doi: 10.1006/mare.2001.0175 Available online at http://www.idealibrary.com on The association between activity-based costing and improvement in financial performance Douglass Cagwin* and Marinus J. Bouwman† This study investigates the improvement in financial performance that is associated with the use of activity-based costing (ABC), and the conditions under which such improvement is achieved. Internal auditors furnish information regarding company
Words: 17068 - Pages: 69
because at this current time the system does not inform the company the quantity and the cost for each item that they have in their inventory. Decision and Rationale Kudler Fine Foods needs to update their current out of date accounting system. The current accounting system has four modules, including General Ledger Module, Accounts Payable Module, Accounts Receivable Module, POS Module, and Bank Reconciliation Module. Kudler currently uses an ERP known as Retail Enterprise Management System
Words: 868 - Pages: 4
furture rates of return. 2. Even given a probability distribution of returns, they often make inconsistent or systematically suboptimal decisions. Information Processing Errors in information processing can lead investors to misestimate the true probabilities of possible events or associated rates of return. Forecasting errors People give too much weight to recent experience compared to prior beliefs when making forecasts (memory bias) and tend to make forecasts that are too extreme given the uncertainty
Words: 654 - Pages: 3
Paper Title: Break Even Analysis Managerial Accounting Break Even Analysis LASA case M3A2: In this scenario in order to ensure that we identify all levels of sales where the profit is zero. Manager’s has to ensure that they perform a comprehensive Break Even Analysis between the number of units sold for three different products using the, variable cost, unit price and the fixed cost. This will be accomplished
Words: 405 - Pages: 2
Process of AIS Kudler Fine Foods is a company that is looking to expand and integrate their accounting software. Accuracy and the ability to have all locations communicate are essential in the decisions of the direction the company. Software that caters to the majority needs of the company will facilitate the recording process and increase the accuracy of such action. There are several types of accounting information systems the company could use. Each type has their advantages and disadvantages
Words: 1103 - Pages: 5
Securities and Exchange Commission (SEC). His or her job was to streamline accounting practices and create rules to assist organizations in the proper preparation on financial statements. The SEC’s chairman created a nine-point action plan to assist in the detection of fraud. This action plan is outlined as follows: 1. Improved disclosure regarding the impact of changes in accounting assumptions. 2. Clarified accounting rules regarding purchased in-process restructuring charges, large acquisition
Words: 1016 - Pages: 5
Executive Summary Student Name August 14, 2010 PURPOSE/OBJECTIVE: The purpose of this executive summary is to outline the outsourcing / contracting process for Travel Magazine. This process will ultimately be used to determine which business processes at Travel Magazine will be outsourced and which will remain in-house. In addition, this summary will include various vendor selection considerations, such as evaluation criteria and performance measurements, for those processes that will be outsourced
Words: 2722 - Pages: 11
The General Ledger has been the basic bookkeeping tool of double-entry accounting since the Green Eyeshade days. It records financial transactions as both Credits and Debits in balance sheets, which before the advent of software were bound together in huge volumes like something out of a Dickens novel. BS1 General Ledger from Davis Business Systems brings the General Ledger up to cyber speed with a variety of easy-to-use accounting tools that can track budgets and financial data and generate income
Words: 3603 - Pages: 15
follows EXCEPT a. b. c. d. the operating system must protect itself from users the operating system must protect users from each other the operating system must protect users from themselves the operating system must be totally free from errors 2. One of the criteria for accessing the firewall effectiveness is _______________ a. authorization b. flexibility c. supervision d. access control 3. Electronic fund transfer is adopted by EDI trading partners due to implication on ________
Words: 3159 - Pages: 13
