Cool Paper

In: Business and Management

Submitted By realmacfan
Words 1073
Pages 5
Case #1 Accounting Fraud at WorldCom

1. The objective of financial reporting is to provide useful information to capital providers, which are also known as the shareholders and investors. At WorldCom, the managers not only failed to provide useful information to the investors, but the fraud they created in their financial statements lead to misjudgment for a lot of the capital providers. The actions of accrual releases that the managers performed completely ignored the objective of financial reporting that describes the uncertainty of prospective cash flows. As for the expense capitalization, Sullivan ignored another objective of financial reporting to clearly portray the economic resources of an enterprise. They recognized the unused line costs as assets, instead of liabilities.

2A. WorldCom transferred funds from the accrued expenses back to current assets by claiming that they were overstated. It disregarded the basic concept of conservative accounting. Expenses are supposed to be recognized when accrued, not when actually paid. Releasing accrued expenses takes away money that was set aside to pay for line costs, putting the money back into assets and overstating the amount of current assets on hand.
Expense Capitalization categorizes operations expenses as capital investments, which are expenses over a longer period of time. Expense capitalization is usually reserved for investment projects that provide value over time and expenses are written off over time. Instead, WorldCom categorized operations expense over time, which would lower expenses in the short run and inflate net income.
B. Released accrued expenses allowed the company to understate liabilities, and overstate current assets. Expenses that are incurred that have not been paid, essentially were not recognized.
Expense Capitalization allowed WorldCom to understate their expenses, because…...

Similar Documents

Seans Ultra Cool Paper

...‘Why according to Russell can we not be sure of the table’s existence?’ Russell begins by asking his reader to consider what knowledge exists that can be known beyond reasonable doubt. His purpose is to produce the realization that doubt soon brings even the most simple assumptions in our everyday lives under reconsideration. Russell describes a scene: "I am now sitting in a chair, at a table of a certain shape, on which I see sheets of paper with writing or print." All of these "facts" are easily called into question. In order to consider ordinary assumptions at issue, Russell concentrates on one example, the table. Walking around the table, he sees different colors from different points of view, in places some reflect more light, a brighter shade of brown appears. In reality we assume that there is only one color of the table, yet the appearance of many colors contradicts our belief. The color seems to vary depending on the observer and conditions like "the way the light falls on the table." Since it seems clear that no two people could share one identical point of view, Russell addresses a doubt as to whether one real color of the table even exists. Russell continues his investigation of color by reasoning that in ordinary language, when we refer to the color of an object; we actually refer to something perceived from the usual perspective of observer. However, there is no reason to assume that the normal view should be considered real and other perspectives, under......

Words: 1087 - Pages: 5

Cool

...proofs of something that you have is implemented. This is because an adversary may be able to steal or find a purse or a briefcase containing multiple authentication devices. Consequently, multiple instances of something that you have offer lesser access control assurance than do combinations using multi-factor authentication techniques. 75 UNCLASSIFIED Access Control in Support of Information Systems STIG, V2R2 26 December 2008 DISA Field Security Operations Developed by DISA for the DoD Increased assurance is achieved by using two proofs of something that you know. While it may be possible to gain access to a single written password or PIN, it is less likely that more than one password or PIN will be written on a single slip of paper obtained by the adversary. It is possible that an adversary may overcome a user and force them to divulge all of the information required to compromise the security of a system, but this is no greater risk that forcing the authorized user to hand over tokens and divulge passwords or PINs. Consequently, multiple proofs of something that you know offer greater assurance than does multiple usages of something that you have. However, multiple uses of something that you know provide equivalent assurance to a combination of multiple authentication techniques. The maximum assurance that is achieved by two proofs of the same personal authentication technique would be attended use of something that you are. For example, personal recognition......

Words: 38488 - Pages: 154

Cool

...candidates to Directorate of Sports. The candidates are required to appear for trial in a proper sports kit along with their original sports certificates on University Grounds as per schedule between 8.7.2013 to 11.7.2013 (For Schedule contact office of the University Director of Physical Education). Presence of candidate in the field at appointed time is mandatory. No separate intimation will be sent. Following documents are needed along with duly filled in prescribed admission form:a) self attested photocopies of sports certificates b) class X, class XII and B.A.DMC showing date of birth c) The Affidavit of sports achievements (ANNURE-III) available in Handbook of Information-2013 duly attested by a Notary/ Magistrate ClassI/II on a Stamp paper of Rs. 3/-. d) Roster Form/ list of players duly attested by the competent authority of concerned tournament/championship. The photograph of the player should also be pasted on the certificate duly attested by the competent authority of concerned tournament/ championship. LAST DATE FOR RECEIPT OF APPLICATION FORMS: 1. All Courses (Other than 2 below ) : 3.7.2013 2.Certificate/ Diploma Courses: 17.7.2013 5.00 p.m. 5.00 p.m. Notes: 1. Panjab University shall not take any responsibility for any delay in receipt of application form sent through post, courier or any other means or for loss in transit of the Application Form. 2. For admission to B.Ed and M.Ed.(Regular and through University School of Open Learning a separate......

Words: 2231 - Pages: 9

Cool

...Cool ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij ij The terms "satire" and "parody" are often confused, but the purpose of satire makes it generally very different from parody. When people do a parody of something, they may rely on many of the same techniques that a satirist would use, including exaggeration, but their primary purpose is to make people laugh, and if the author doesn’t really care if there is a real political effect or not The terms "satire" and "parody" are often confused, but the purpose of satire makes it generally very different from parody. When people do a parody of something, they may rely on many of the same techniques that a satirist would use, including exaggeration, but their primary purpose is to make people laugh, and if the author doesn’t really care if there is a real political effect or not. Some The terms "satire" and "parody" are often confused, but the purpose of satire makes it generally very different from parody. When people do a parody of something, they may rely on many of the same techniques that a satirist would use, including exaggeration, but their primary purpose is to make people laugh, and if the author doesn’t really care if there is a real pol The terms "satire" and "parody" are often confused, but the purpose of satire makes it generally very different from parody. When people do a parody of something, they may rely on many of the same techniques that a satirist would use, including exaggeration, but......

Words: 303 - Pages: 2

Cool

...Lewis And Clark Paper I was very excited and nervous when I was picked to explore the land west of the Mississippi river. The goal was to get to the western ocean. There was a very good chance I would not come back alive. If I came back alive I would be a hero. This was definitely a great chance to take. When I heard the leader was Captain Meriwether Lewis I knew I had to go just to be in his presence of the great leader. It was to begin next week. The year was 1803. I had to leave all my fears behind and believe in myself in order to survive. I was ready. The first day we left we were all very excited. We started going up stream in our newly made boats. That day I met the Captains trusted companion named Clark. The men were very different, but they worked very well together. I also met Captain Merriweather’s slave. His name was York. York had to carry all the bags and do the dirty work. Also Captain Meriwether had a beloved dog named Seaman. That night Captain Meriwether told us we were going to encounter many Indian tribes. He told us always to stay friendly with them. We should never act violently around them he told us. He said that the Indians were a vital role in survival on our journey. During our journey up stream we had many incidents of both sadness and happiness. The boats had to survive many hardships. There were points when the boat was stuck and men had to get out and push. We met many Indians Travelling up the Mississippi river. We met the Mandan tribe....

Words: 755 - Pages: 4

Cool Paper

...above-mentioned weightage guidelines. Department of Economics Delhi School of Economics Minutes of the Meeting Subject: B.A. (Hons.) Economics Date: 27.7.2011 Minutes of the course meeting for Paper number 03 “Statistical Methods in Economics I’’ Convenors: J.V. Meenakshi and Param Jit Purpose: To determine course readings and marks distribution for the semester-long course The following members present: 1. Malini Sharma, Daulat Ram College 2. Archana Jain, DCAC 3. Kamlesh Gupta, IP College 4. Ratika Datta, PGDAV College 5. Sangya Ranjan, Satyawati (Eve.) 6. Stuti Gupta, Shyam Lal (Eve.) 7. Ajay Gupta, Shyam Lal (Eve.) 8. Ravish, Hindu College 9. Kamlesh Aggarwal, SPM College 10. Chandra Goswami, Dyal Singh College 11. Gurpinder Kaur, SBSC 12. Harish Dhawan, Ram Lal Anand (Eve.) 13. N. Raghunathan, St. Stephen’s College 14. Bijoyata Yonzon, Janaki Devi Memorial College 15. Devika S. Tewari, Lady Shri Ram College 16. V.A. Rama Raju, Sri Venkateswara College 17. Ashish Taru Deb, College of Vocational Studies As noted in the syllabus passed by the Academic Council, the semester system would entail the following contact hours and scheme of assessment: Contact Hours: Each course will have 5 lectures and 1 tutorial (per group) per week The size of a tutorial group will be 8-10 students Assessment: Each paper will caryy 100 marks of which the End Semester Examination will be 75 marks and the Internal Assessment will be worth 25 marks. Internal Assessment will comprise 2 Class......

Words: 2480 - Pages: 10

Cool

...cool Contrast between Lebanon and Saudi Arabia Culture is one of the treasured traits the some countries carry on throughout centuries, even during our time today. However, although some countries cherish their culture and value it, humans get so caught up with their everyday life routine that they tend to forget their culture and diminish their traditions. Culture is what makes us different that everyone else. Each country has its own culture and celebrations. For example, Lebanon and Saudi Arabia are two Middle Eastern countries that share the same language. Although these countries have some similarities, there is a wide variety of differences between them when it comes to politics, tradition and religion. Both countries share a common religion: Islam. Moreso, there are plenty of other religions in Lebanon. Islam is portrayed in more strict and conservative way in Saudi Arabia. In Saudi Arabia, religion plays a huge role in culture, traditions, and even politics. Religion is used as a way of living more than just a belief. For example, religion is tied in with women’s right and politics. No matter what religion they practice, women have to be covered from head to toes even if they were tourists visiting the country. It is the law. According to the editor Tore Kjeilen, “Officially Muslims constitute 100% of the population, but considering the considerable expatriate community, 90% is a better estimate. Even among citizens, there are......

Words: 320 - Pages: 2

Cool

...– 18 can participate Registration The Registration fee is fixed at: Delegate and Faculty Advisors Fees   Indian Schools : Rs. 3000/- per delegate International Schools: US $100 / Euro 75 per delegate Accommodation   Option 1 – Amity University Hostel : Rs. 3000 / US $ 65/ Euro 50 for 5 days per delegate Option 2 – Limited Home Stay (For International Delegates Only) Registration Fee once submitted will not be refunded. Dress Code   Business Attire The National Costume of Country Assigned (No Casuals Allowed) Awards and Certificates The following awards will be given:   Best Delegate and High Commendation (These awards will be given to outstanding delegates in each committee) Best Position Paper (This award will be given to delegates who write the best position paper in their respective committees prior to the conference) Best Delegation (This award will be given to the delegation, which excels in all areas) All delegates shall be given a participation certificate Amity International Model United Nations 2014 3  Committee Structure  General Assembly (ECOFIN) o International Strategy for Disaster Reduction o Sustainable Energy for All United Nations Security Council (UNSC) (Crisis Session) o Agenda will be disclosed in October Historical General Assembly (HGA) (November 1956) o Suez Crisis International Atomic Energy Agency (IAEA) o Nuclear Terrorism o Iran’s Nuclear Program Economic and Social Council (ECOSOC) o Drug Trafficking and Rise of Informal Money......

Words: 1802 - Pages: 8

Cool

...looking towards niche market entry. However, commercialisation has been unsuccessful thus far and there is a limited amount of literature that can guide their market entry. In this paper a historical case study is undertaken which looks at Tesla Motors high-end encroachment market entry strategy. FCVs have been compared to Tesla vehicles due to their similarities; both are disruptive innovations, both are high cost and both are zero emission vehicles. Therefore this paper looks at what can be learned form Tesla Motors successful market entry strategy and proposes a market entry strategy for FCVs. It was found that FCVs need to enact a paradigm shift from their current market entry strategy to one of high-end encroachment. When this has been achieved FCVs will have greater potential for market penetration. Copyright © 2014, The Authors. Published by Elsevier Ltd on behalf of Hydrogen Energy Publications, LLC. This is an open access article under the CC BY license (http:// creativecommons.org/licenses/by/3.0/). Introduction Previously [1] a market entry strategy for Fuel Cells Vehicles (FCVs) was described based on successful historic examples of disruptive innovations entering markets. The study briefly discussed Tesla Motor's method of market entry for Battery Electric Vehicles (BEVs). This paper presents the case of how Tesla Motors achieved high-end encroachment market entry with a disruptive technology in more detail. This historical case study is important for FCVs......

Words: 10965 - Pages: 44

Cool Is Cool

...Cool is Cool To be cool or not to be cool… That is actually the issue, which almost all teenagers live by. Cool means pretty much the same as being “in” or to be popular. Some People Thinks it is cool smoking, other people thinks skateboarding is cool. But what is cool? Is it the way you act? The way you dress? The way you talks? There are a lot of opinions about that subject, what do you think is cool? The companies do a lot to make you think that their products are cool. They pay celebrities to wear their products and make commercials. It’s different what people do to look cool, some people read fashion magazines other peoples dress like their idols and the celebrities got stylists to dress them. The most people buy the popular brands and dress like celebrities or just using special words or slang in their sentences. Some walks on a special way or have a distinct style. Cause being cool is not just the way you dress, it is also your attitude and the way you act. But being cool is different from age to age. When you are a little child it’s about having the newest toy car or Barbie-doll. As a teenager it’s about wearing the right brands, having the newest cell phone and things like that. And when you grow up it’s about having the biggest car, eating on the right restaurants and having biggest house. All the companies that makes clothes today are doing a lot to get the people think it’s they’re product that is in right now, they make commercial and thinks like that,......

Words: 322 - Pages: 2

Cool

...Guidelines for the Audience Analysis Paper Effective public speaking requires that a speaker consider the various characteristics of the audience and utilize insights from that audience analysis during the development and presentation of the speech. This paper provides an opportunity for you to conduct an analysis of the audience for your speeches in this course and discuss the ways in which you might use conclusions derived from that analysis in the development and presentation of a speech to them. Although the focus of your analysis is up to you, all papers should meet the following expectations: • The paper should provide 1) An analysis of the classroom audience (including a description of selected, relevant characteristics (demographic or situational) and how those characteristics may affect the audience’s reception of the speech you are planning in COMM 3; 2) A discussion of techniques you would utilize in the development and/or presentation of a speech to take those specific audience characteristics into account; and 3) Some consideration of the limitations or potential problems that might accompany the conclusions you have reached during your analysis of the audience. • In addition to whatever other evidence you use to support your claims in the paper, you must also make reference to the textbook in the form paraphrases or direct quotations. The textbook is the only source required for this assignment, although you may include additional......

Words: 426 - Pages: 2

Cool

...will use the straight- line method for depreciation. You estimate that about 90% of the computer and printer will be used for factory operations and 10% will be for selling and administrative activities. [b] A heat press machine: You will pay $4,500 (including taxes, shipping and handling) for a heat press machine. The machine is used for imprinting t-shirts only and is expected to last 3 years without salvage value. [c] Transfer paper: Each case of transfer paper costs $400 and contains 1,000 sheets of 8.5×11 transfer paper. You expect to use one transfer paper to print one T-shirt. [d] Ink-jet cartridges: On average, each cartridge costs $50 and can make 500 prints. Each Tshirt requires one print. You also need to print flyers, etc. for selling and administrative purposes. For this non-manufacturing printing, you will print about one page for every 5 T-shirts sold. [e] Laser paper: You will buy several reams of laser paper to print promotion flyers, etc. Each ream costs $20 and contains 200 sheets of 8.5×11 laser paper. 6) Wrapping paper and box: Each T-shirt costs about $0.20 to wrap and box. Wrapping and boxing are not considered as manufacturing. 7) You will hire three fellow students as part-time workers. They not only help you operate the machine, but also help fold, wrap and box T-shirts. Sometimes, three of them work at the same time. But, sometimes they don’t because of their different class schedules. On average, printing 10 shirts will take one......

Words: 1023 - Pages: 5

Cool Paper Number 1

...Salmon River Weekend Reflection On the weekend of April 22nd through the 23rd, the University of Idaho Recreation 224 class led by Bruce Saxman took a trip to the Lower Salmon River for a spring whitewater rafting trip. With a group of fourteen people, we brought two separate rafts for individuals to get different experiences piloting each style of boat. The first raft, which was slightly smaller, was a frameless paddle boat that could hold a few less people but was also more maneuverable. The second boat was a stern-framed raft that was a few feet longer and had quite a bit more capacity for both people and gear. Since the group was not camping on the river, the amount of space that was left was largely unused on account of all the gear being left in the vehicles. Participants had widely varying expectations of this trip and many were apprehensive about the river, weather, and other factors, but they pulled together and actually created an exceptional recreational experience. There was one student in particular, named Grant Curtis, who seemed to really enjoy himself during the entire trip. The outcome he excelled at the most was absolutely the river running portion. Though he had some experience with maneuvering through swift water, he had never experienced anything like the Salmon River. The water was running exceptionally high at an accelerated pace which made most of the rapids far less daunting. That being said, from the road, it seemed as if both boats would have an...

Words: 975 - Pages: 4

Cool

... outweighs the value of prolonging the dispute, or perhaps to allow staff to develop and learn from experience (Thomas, op.cit.). In some respects avoidance resembles accommodation. Accommodation at Don’t use ibid and op cit. Writer could have moved ‘Graham’ to position of ibid. Thomas should be given full citation to avoid reader having to refer back. least acknowledges that a conflict exists, though, whereas avoiding a conflict implies a refusal to deal it. It is not a strategy to be used readily because if the dispute has any substance then suppressing it will simply make things worse (Allred, 1987). Indeed there are probably only two instances where it is of use. First, if the conflict is trivial or secondly in order to let people cool down and allow the manager to assess the situation calmly (McGurn, 1990). Compromise has been described as a lose-lose strategy and yet still holds wide currency as an effective conflict resolution strategy (Graham, 1998). It is most likely where the conflicting parties carry equal weight and is a trade-off, with each making concessions but neither achieving its original aims. It is for this reason that the lose-lose tag applies - the conflict has not been resolved because differences are not fully explored and each side generally seeks to concede as little as possible (ibid.). Nevertheless, as a fall-back position or as a means of creating a temporary settlement to allow time for a more collaborative solution to be found, compromise can...

Words: 7262 - Pages: 30

Cool

...life because I love to stay active and fit, so when the sport seasons follow through I’m out there every day either playing soccer or another type of sport. While staying focus on being fit, eating is also an important attribute that I need to follow. These sacrifices besides playing soccer, relate me closest to the vocation of an athlete. I see myself in the present and future not involving work that would relate to be sitting in an office job, or a job that requires you to either write or study a lot, for example, mortgage broker, lawyer. Instead, I enjoy working with hands on projects that involve more skills then thinking and investigating jobs. Such as, Heating & Air this involves installing furnaces and sheet metal to heat and cool the house. It strictly focuses on more of the labour hands on idea which I enjoy because I’m used to working hard physically and have experience from working with dad. Being athletic and hands on variety type of person can explain and give a very good explanation and idea of who I strictly am....

Words: 253 - Pages: 2