Adelphia Communications Accounting Scandal Description In spring of 2002 Adelphia Communications reported $2.3 billion in off- balance sheet liabilities. The owner John Rigas and his two sons Timothy and Michael are said to have deliberately hid the problems. The family was borrowing/ stealing the money to buy themselves extravagant things such a 6‚000 Christmas trees‚ expensive company cars and luxury homes. The family was also in the process of building their own golf course. This caused
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Assignment # 3 WorldCom Accounting Fraud By Mark A. Cowan Strayer University ACC 499- Accounting Capstone May 15‚ 2011 The purpose of this paper is to discuss the aspects of the WorldCom accounting scandal and the effects that this scandal had on the accounting world as we know it. We will discuss the corporate culture at WorldCom and how it contributed to the accounting fraud‚ how the CEO’s desire to be the #1 stock on Wall Street contributed to the fraud‚ pressures on accountants to book
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corporate accounting scandals of all time. Corporate giants like Waste Management (1998)‚ Enron (2001)‚ and Tyco (2002) were all caught in the unethical practice of generating fictitious financial statements. All these companies did this buy using fraudulent accounting entries. Assets were inflated‚ sales numbers were inflated and huge debts were omitted from balance sheets. Another company that used accounting to put out fraudulent financial statements was Worldcom. Being the largest accounting scandal
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Recent Scandals involving aid agencies The recent scandal in Chad involving European nationals allegedly in a scheme to abduct young African children under the pretext of medical emergency and to take them to Europe ostensibly to save them from the scourge of civil wars in Darfur and Chad so that the children would have a better life‚ has certainly put a searchlight on humanitarianism and on how Western non-governmental organizations (NGOs) operate in Africa. The scandal raises in particular
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were the actions taken by WorldCom managers not detected earlier? What processes or systems should be in place to prevent or detect quickly the types of actions ... . Prepare A Case Analysis Of The Accounting Fraud At | Chegg.com www.chegg.com › … › questions and answers › business › accounting What is the boundary between earnings smoothing or earnings management and fraudulent reporting? 3. Why were the actions taken by WorldCom managers not detected earlier? . The pressures that lead
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that there were no profits generated after 1987. This is how the problem began‚ because Monus and other executives did not want the truth about there losses to damage the success and favorable reputation of Phar-Mor‚ they began to use imaginative accounting practices to hide their losses on the financial statements. Phar-Mor’s cover up and fraud was very extensive and went on for many years without being uncovered. In fact‚ Phar-Mor was deemed a hot commodity and attracted many large investors.
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Case Study: Enron Corporation Accounting Scandal 1. What is Enron Scandal? Formed in 1985 from a merger of Houston Natural Gas and Internorth‚ Enron Corp. was the first nationwide natural gas pipeline network. Over time‚ the firm’s business focus shifted from the regulated transportation of natural gas to unregulated energy trading markets. The guiding principle seems to have been that there was more money to be made in buying and selling financial contracts linked to the value of energy
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Numerous organizations‚ nowadays‚ use the rite of degradation as a means of control. Many deliberately worsen the situation when dissolving a removed employee¡¦s social identity and power in attempt to disseminate the importance of complying with organizational rules and culture. Nonetheless‚ this type of ceremony is often not an optimal solution to get rid of inappropriate behaviors. From what I have learned in the course‚ the rite of degradation is actually a beneficial ritual which is important
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Gabriela Corona SOA1310.20 Nelly van Bommel October 1‚ 2012 Le Sacre du Printemps Today The Rite of Spring is regarded as a revolutionary piece of music and choreograph. Its choreographer‚ Vaslav Nijinsky‚ was born in 1889. He started his dance career after he joined the Imperial Ballet School in 1900‚ in which he studied under Enrico Cecchetti and Nicholas Legat. He took many lead roles until his dance career took a turning point‚ and met Sergei Diaghilev. He danced with famous Anna
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Libor Scandal What is Libor and why does it matter? Libor stands for London Interbank Offered Rate. “It is considered to be an average interest rate which is estimated by some leading banks in London that they would be charged if borrowing from other banks.” Libor rate is considered to be the primary benchmark for short term interest rates around the world. It is the average cost of borrowing and is estimated on a daily basis by a group of banks as mentioned above. Libor rate gained momentum around
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