EXECUTIVE SUMMARY Revenue Recognition and Wareham SC Systems‚ Inc. Wareham SC Systems‚ Inc. is a capital equipment and testing instrument manufacturer and supplier comprised of three divisions: the Glendale Division‚ the Advanced Technology Division and the Technical Devices Division (Anthony‚ Hawkins‚ & Merchant‚ 2011‚ p. 137). In 1999‚ Somai Desai‚ the company’s chief financial officer‚ received news that the Security Exchange Commision (SEC) issued a new set of revenue recognition and reporting
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OTTAWA UNIVERSITY FINANCE ADMINISTRATION POST-CLASS ASSIGNMENT MODULE 5 FAHRIAN C.H. CHOE STUDENT ID: 128370 MELAKA # 03 DUE: JULY 5‚ 2004 FINAL CASE IN FINANCIAL DECISION MAKING SUNBEAM CORPORATION AND CHAINSAW AL Prepared For Richard Brewington Instructor Ottawa University International Prepared by Fahrian C.H. Choe Student Ottawa University International June 30th‚ 2004 CONTENTS
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company’s revenue. This paper explains the fraud occurred in recognizing the revenue and how it overstated the financial statements and increased the stock price. It also explains the fraud theory applied to the revenue recognition and the auditor’s failure in discovering the fraud and reports it to the SEC. This paper will provide methods that auditors should follow in auditing public companies and the best practices they should follow if the company changed the revenue recognition. Background
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Sunbeam Healthcare A Business Proposal to Improve Efficiency and Customer Service by Focusing on Teamwork Prepared for Mary Ivyland Senior Vice President‚ Business Development Sunbeam Healthcare Prepared by Manager‚ Call Center Operations Sunbeam Healthcare May 06‚ 2013 Sunbeam Healthcare A Business Proposal to Improve Efficiency and Customer Service by Focusing on Teamwork Executive Summary Background Sunbeam Healthcare
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Q3: Should Apple lobby the FASB to change the revenue recognition rules for smartphones? In our opinion‚ Apple should lobby FASB to change the revenue recognition rules for smartphones‚ given the following reasons:- 1. Under “non-GAAP measures”‚ Apple’s performance looked much better than that under GAAP measures. Please find below a table1 summarizing the differences of key financial data between GAAP and non-GAAP measures for the fourth quarter of 2008:- Q4 2008 GAAP ($ billions) Non-GAAP
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This is the Most Environmentally Friendly Lighting‚ What Kelebihanya? The light bulb is no ordinary lamp‚ lamp output Phillips has won the L Prize and received a $ 10 million gift from the U.S. government. What advantages. The light bulb is a new unique shape will go on sale on World Earth Day‚ April 22‚ but has received an award from the U.S. government. This lamp L Prize awarded as is claimed as the most environmentally friendly lighting and can last up to 20 years . L Prize contest started
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(1) summarizes the factual situation The company was started off by Amelia. The company is a family software company that Aunt Amelia started. She started working in a spare room in her house and was able to bring other relatives together to invest together and form a company. The company was a success that is became part of Wall Street just three years ago. The company has being profitable and there haven’t being any issues associated with the accounting records or any financial data associated
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Case Study “Al Dunlap at Sunbeam” Response to Dunlap’s view of shareholder privacy I don’t agree with Dunlap’s view that shareholders are the only constituencies about which corporate directors and executives should be concerned. In light of agents’ obligations to principals‚ managers are supposed act in the best interest of the company’s shareholders‚ the major capital providers‚ when making decisions; however‚ as shareholders and stakeholders interests are to a large extent compatible‚ especially
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Bob wasn’t always our clan leader. Originally‚ we had Bob and Bob‚ the progenitors of this clan. They had bought Bob along with many other dragons‚ and they all started fitting in with the clan‚ and getting to know each other. It was a calm autumn day when it happened. No one expected it. Bob and Bob had put up most of the clanmates in the Auction House‚ and it wasn’t long until they were dragged out of their home. Bob and Bob exalted themselves to the Lightweaver‚ leaving only Bob and Bob to deal
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EXPENSE RECOGNITION The production‚ sales‚ or cash receipts method can be used to assign revenues to periods of time. Expense recognition involves assigning or matching expenses to periods of time. Some expenses are closely related to the revenues assigned to periods of time. For example‚ the costs of goods sold during a period reflect the costs of materials‚ labor‚ and manufacturing overhead incurred to produce units of product that were sold. These costs are called product expenses. Other expenses
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