Michael Dobe Jr. Bernie Ebbers(left) 5340–Ethics CEO Timothy McCoy 4/6/2015 Scott Sullivan(right) CFO&CPA 1. Two General Accounting employees-Dan Renfroe and Angela Walter-made journal entries in the amount of $150 million and $771 million, respectively, without detailed support. It was noted that this was not out of the ordinary at WorldCom. In your opinion, was this a proper accounting practice? Explain. Normally at the end of each month, Worldcom
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FIN4801/101/0/2012 Advanced Financial Management FIN4801 YEAR COURSE Department of Finance, Risk Management and Banking Tutorial letter 101/0/2012 This tutorial letter contains important information about your module. Bar code CONTENTS 1 1.1 2 2.1 2.2 3 3.1 3.2 4 4.1 4.2 4.3 5 6 7 8 8.1 8.2 8.3 INTRODUCTION AND WELCOME ....................................................................................................... 3 Tutorial matter ...................................................
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1.Define the term: Restating Financial Reports” It is well known that over the past decade the amount of errors being discovered within the financial statements of publicly held companies has risen. One such error was announced by the internet sales company Overstock.com in early 2009. Due to an accounting error, partners of the company were under billed by $1.8 million dollars over the course of 2008. Overstock chose to record this entry incorrectly which falsely ballooned the company’s revenues;
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ACCT 201 Pre-Quiz #3 (Ch. 5 and 6) - Professor Farina Student: ___________________________________________________________________________ CHAPTER FIVE True / False Questions: Circle True or False. 1. Revenue is not recognized under the realization principle unless the earnings process is complete or virtually complete and there is reasonable certainty about collectability of the asset received. True False 2. Use of the installment sales method indicates little uncertainty
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Introduction Accounting conservatism is traditionally defined by the adage “anticipate no profit, but anticipate all losses” (e.g., Bliss, 1924). Anticipating profits means recognizing profits before there is a verifiable legal claim to the revenues generating those profits. Conservatism does not imply that all revenue cash flows should be received before profits are recognized. Thus the issue is one of verifiability. In the empirical literature the adage is interpreted as representing “the
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Software Revenue Recognition A Roadmap to Applying ASC 985-605 Third Edition December 2011 Subtopic 985-605, Software—Revenue Recognition, from the FASB Accounting Standards Codification®, is copyrighted by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, and is reproduced with permission. SOP 97-2: Copyright 1997–2009 by American Institute of Certified Public Accountants, Inc. Used with permission. This publication contains general information only
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Recent Activities at the FASB Presentation Transcript 1. Recent Activities at the FASB Corporate Reporting and Governance Conference California State University, Fullerton September 2005 Katherine Schipper, Financial Accounting Standards Board The views expressed in this presentation are my own, and do not represent positions of the Financial Accounting Standards Board. Positions of the Financial Accounting Standards Board are arrived at only after extensive due process and deliberation.
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FTSE 250 companies which the 101st to the 350th largest companies within the UK. This follows on from the FTSE 100. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 LSE Code RDSA+RDSB HSBA VOD BP. GSK BATS LLOY DGE SAB RIO BLT BG. AZN GLEN STAN BARC ULVR RB. PRU TSCO NG. BT.A AAL RR. IMT CNA RBS CPG ABF SSE Name Royal Dutch Shell HSBC Holdings Vodafone Group BP GlaxoSmithKline British American Tobacco Lloyds Banking Group Diageo SABMiller Rio Tinto BHP Billiton BG
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Growing Pains at Groupon As an undergraduate music major at Northwestern University, Andrew Mason eagerly sought a version of rock music that would fuse punk with the Beatles and Cat Stevens. Little did he imagine that within ten years he would be the CEO of one of history’s fastest growing businesses. After Northwestern and faded dreams of rock stardom, Mason, a self-taught computer programmer, was hired to write code by the Chicago firm InnerWorkings. InnerWorkings was founded in 2001 by Eric
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negocios, el reconocimiento de ingresos resulta de suma importancia, pues esto significa el momento en el que una entidad debe dar por hecho o no que ha materializado la obtención de los mismos, contablemente, esto es regulado por el US GAAP con su SAB 101, ya que este contribuye a reafirmar muchos otros conceptos contenidos en las normas sobre el reconocimiento de ingresos como los contenidos en las IFRS. En el ámbito de gestión de negocios el contar con reportes de ingresos y tener claro el momento
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