The Accounting Scandal Enron Corp. Collapse and WorldCom Accounting Scandal 11/18/2020 The Enron Corp. collapse Formed in 1985 from a merger of Houston Natural Gas and Inter-north‚ 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
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ENRON Enron shocked the world from being “America’s most innovative company” to America ’s biggest corporate bankruptcy at its time. At its peak‚ Enron was America ’s seventh largest corporation. Enron gave the illusion that it was a steady company with good revenue but that was not the case‚ a large part of Enron’s profits were made of paper. This was made possible by masterfully designed accounting and morally questionable acts by traders and executives. Deep debt and surfacing information about
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Ayusarita Satriani 311368 – IUP BUSINESS UGM Financial Management ENRON Resources: http://en.wikipedia.org/wiki/Enron_scandal ; http://news.bbc.co.uk/2/hi/business/1780075.stm; http://finance.laws.com/enron-scandal-summary Enron is an energy company that successfully grew from nowhere to be America’s seventh largest company‚ which has 21‚000 staff in more than 40 countries in 15 years. It was one of the world’s leading electricity‚ natural gas‚ communications‚ and pulp and paper companies
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to act ethically. When an individual is asked to do something that they may even suspect would be detrimental to their livelihood‚ then they have all the rights given to them to not follow through with that action. In the case of Betty Vinson of WorldCom‚ while she had the clear understanding that her actions were wrong‚ she clearly kept personal financial safety ahead of her moral and ethical standards. This eventually translated into an even more detrimental result‚ which was jail time. She clearly
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Behind Closed Doors at WorldCom: 2001 1. Two General Accounting employees—Dan Renfroe and Angela Walter—made journal entries in the amount of $150 million and $171 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. Though this may not be out of the ordinary for WorldCom‚ this is not a correct accounting practice. The way the entries were made does not comply with the proper
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capitalization of operating expenses • management promoted culture fixed on the numbers • board of directors’ failure to scrutinize billion-dollar acquisitions • excessive loans to executives in order protect stock prices Financial Overview of WorldCom (in Billions) Financial Highlights 1994 1999 2001 2004 Revenues $2.2 $37.1 $35.2 $20.7 Total Assets $3.4 $91.1 $103.9 $17.1 Employees $7.5 $97.6 $87.8 $40.4 Market Cap. $3.3 $150.5 $42.8 $6.4 Debt $0.8 $13.1 $30.0 $5.9 Total Capitalization
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Company Name: DEVRY UNIVERSITY - HEALTH INFORMATION TECHNOLOGY Order Date: 07/10/2013 Company ID: DE10 Order ID: 9013-0710-1529-3900 password A8SK8J date 07-15-2013 First Name: JESSICA Middle Name: Last Name: BROWN Date of Birth (DOB): 09-20-1983 Social Security Number (SSN): ***-**-5611 ssn ***-**-5611 name BROWN‚ JESSICA date of birth 09-20-1983 status COMPLETED records found YES NO NO NO name BROWN‚ JESSICA BROWN‚ JESSICA BROWN‚ JESSICA BROWN‚ JESSICA location
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receive an email from Aon Hewitt’s background screening partner‚ HireRight‚ to complete a background check. You will be provided a link of secure website along with unique ID and password to access. • Closely monitor email as this will be primary vehicle for communication with HireRight. • If email has not been received within 1-2 business days‚ check SPAM‚ junk mail and “safe senders” list. (If email is not located‚ notify your recruiter immediately). • Background check information must be completed/
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Copyright Financial Times Information Limited Jul 9‚ 2002 Ron Beaumont‚ chief operating officer of WorldCom‚ is one of several senior executives who should have been aware of discrepancies in the telecommunications company’s books before the near-$4bn fraud was revealed last month‚ according to people close to the company. The fraud that was allegedly engineered by Scott Sullivan‚ the chief financial officer who was fired the day the scandal was announced‚ led to a massive overstatement of WorldCom’s
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“Where you have the most armed citizens in America‚ you have the lowest violent crime rate. Where you have the worst gun control‚ you have the highest crime rate.” -Ted Nugent. One of the biggest political issues today is gun control. There have been so many shootings in the streets‚ in schools‚ in federal buildings‚ colleges‚ and movie theaters. There are many theories on gun control from both conservative and liberal sides; I believe the answer in somewhere in the middle. In 1791 the Constitution
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