0
When World Com used intentional accounting irregularities to make the company look more profitable than it actually was?
WorldCom, once a major telecommunications company, engaged in accounting irregularities in the late 1990s and early 2000s to inflate its profitability. By improperly capitalizing operating expenses and manipulating financial statements, the company falsely reported earnings, leading to a reported profit when it was actually incurring significant losses. This deception ultimately resulted in one of the largest bankruptcies in U.S. history in 2002, revealing the extent of corporate fraud and prompting regulatory reforms such as the Sarbanes-Oxley Act. The scandal underscored the need for greater transparency and accountability in financial reporting.
What else can I help you with?
What accounting method does accounting firms use?
Accounting firms use two accounting methods viz., cash basis and accrual basis. In the cash basis method, income is recorded upon receipt of funds rather than based upon when it is actually earned and expense is recorded as they are paid, rather than they are actually incurred. Conversely, in accrual basis, income and expenses are both recorded at the time they are actually earned or incurred.
How accounting information help different stakeholders?
it doesnt actually affect stakeholders
Is Accounting is actually an easy subject for most people to understand because almost everyone is exposed to bascisc accounting concepts in their everyday life?
yes
Accrual basis accounting vs Cash basis Accounting?
Under accrual basis of accounting, transactions are recorded when they actually occurred while in cash basis accounting transactions are recorded when actual cash is paid. Accrual accounting follows the matching concept according to which all revenues in one period should be match with expenses.
What is the difference between cash accounting profit and loss and accrual accounting profit and loss?
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
What do you call an illegal intentional fumble in football?
its when the ball pops out of a players hand actually.
What is the abbreviation of Accounting?
The abbreviation for the word Accounting is ACCG, while at first I thought it may be ACC, ACC actually in accounting stands is the abbreviation of Account.
Do you agree that trespass torts are tort of intension?
- depending on how you look at the offense, not actually.
Managerial accounting places considerable weight on?
Managerial accounting places emphasis on how the numbers actually affect the organization. In managerial accounting, managers want to know what is important to decision making.
Do remedies differ for negligent torts and intentional torts?
You actually approach torts of negligence and intentional torts in much the same way. you still have to prove the four main elements of any tort. Beyond that-for an intentional tort-you must prove that it was intentional rather than negligent but that would be the only difference.
What accounting method does accounting firms use?
Accounting firms use two accounting methods viz., cash basis and accrual basis. In the cash basis method, income is recorded upon receipt of funds rather than based upon when it is actually earned and expense is recorded as they are paid, rather than they are actually incurred. Conversely, in accrual basis, income and expenses are both recorded at the time they are actually earned or incurred.
How accounting information help different stakeholders?
it doesnt actually affect stakeholders
Is Accounting is actually an easy subject for most people to understand because almost everyone is exposed to bascisc accounting concepts in their everyday life?
yes
What are the 11 intentional torts?
The 11 intentional torts include assault, battery, false imprisonment, intentional infliction of emotional distress, trespass to land, trespass to chattels, conversion, defamation, invasion of privacy, fraud, and interference with contractual relations.
Why Accounting is a means to an end and not an end in itself?
I think the accounting statement indicates that accounting is merely a tool, or a means, for measuring and determining the state of a business. Accounting is not an end in and of itself. Accounting doesn't define a business' purpose or goal. It's strategy and financing of a business plan that is actually the main purpose.
Where can I get accounting lessons?
You may find several books on an introduction to accounting. The "For Dummies" series is actually very good and outlines the basics of accounting knowledge in an easy to understand format. This will enable you to understand and work with advanced topics.
Accrual basis accounting vs Cash basis Accounting?
Under accrual basis of accounting, transactions are recorded when they actually occurred while in cash basis accounting transactions are recorded when actual cash is paid. Accrual accounting follows the matching concept according to which all revenues in one period should be match with expenses.
