The accounting statements were capital spending schedules, which differed in spending amounts (Mintz & Morris, "Case 2-1 Cynthia Cooper and WorldCom," 2011). When audit personnel, Cynthia Cooper, required an explanation for the difference in the capital spending schedules; finance directors explained it as “prepaid capacity”, but had no knowledge of what “prepaid capacity” meant (Mintz & Morris, "Case 2-1 Cynthia Cooper and WorldCom," 2011). The case from here became even more tainted with dishonest practices and explanations. Cynthia Cooper and Glyn Smith meet with numerous WorldCom directors, executives, and external partners to gained a more in depth understanding of the situation; but continued to receive the run around. There were some WorldCom directors who made entries, but didn’t know what they were for and GAAP support (Mintz & Morris, "Case 2-1 Cynthia Cooper and WorldCom," 2011).
1. Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world. A few important concepts that this course covered are gross income inclusions, gross income exclusions, deductions and losses, and itemized deductions. The ones I believe have made me a stronger citizen in general are employee expenses and deferred compensation, itemized deductions and capital gains and losses. Capital gains and losses are important to understand because it can directly affect and individual or a business adjusted gross income.
This is an implausible trend on the Balance sheet that BDO should have investigated further, especially with Leslie Fay’s outstanding Income Statement. 2.) First of all I would want to investigate vendor and customer accounts to reconcile payable and receivable amounts. Also, I would obtain bank statements and other lines of credit since the long term debt to equity ratio shows the company being highly leveraged.
To achieve the objective of serving many customers and acquiring a significant market, share the cash connections embarked to not only meet the financial needs of the company, but the needs to transfer the said funds. Some of the benefits realized by cash connections in applying broad differentiation strategy were as follows: * The company was able to charge a profitable price on its products. * The company was able to attract new customers who were interested in the new as well as the old products. * The company was able to achieve customer loyalty because the new features that differentiated it from other players were of interest to them. Differentiation is not borne out of sheer PR efforts and it is not limited to service and quality.
These statements now may be used in evaluating the performance of Lee College. Evaluating the performance and financial position for not-for-profit organizations and governments is difficult because they vary greatly in size. Their relative performance based on gross amounts reported in the financial statements does not provide a clear picture and in order to facilitate comparisons; many that use the financial statements often calculate ratios. The most commonly used measure of not-for-profit efficiency is the program expense ratio. This ratio is calculated by taking a total of the program expenses and dividing by the total expenses for an organization.
The responsibilities of an audit partner in an accounting firm is to review the accounting actions performed by their client and notify them of any corrections that are required. The CFO of a large public company should oversee all of the company’s finances so that it is steered in the right direction. The audit partners role is weighted heavier in that their responsibility is to the public, not just one company. If the CFO is unable to do his/her duties, then the audit partner should find and report those inaccuracies. The stress of the audit partner is tremendous and choosing that profession is one that I would prefer not to undertake.
* Groupon provides access to great deals and discounts which are usable at customer's local and/or national companies. * Groupon creates a powerful communication channels between customers and merchants as well as providing a personalized customer experience. * Groupon develops and maintains customer profiles in order to improve interactions between them and merchants. I believe that these features, which I think is called customer-centric, can be considered as contemporary as it considers the needs and benefit of both customers and merchants. It also keeps up with the recent technologies and helps boosting the e-commerce sector.
The competition for the allocation of resources between developing regions become a source of conflicts that draw the attention of the headquarter managers from real problems faced by the firm. The main problem is that because each region is fully autonomous and does not report immediately to top-management, problems related to their financial results has remained unsolved for a while, which create a major financial disruptions at higher level. So, Schering-Plough was facing those problems because it was being
INTRODUCTION At times we may wonder what is meant by ethics, why accountants need ethics in their business life or even how they are related. As we may know, definitions of ethics vary with time but in most cases it is defined” With these definitions we can understand that basically ethics is knowing what is right (Mitchell 2009). Ethics in accounting and finance a global concern today (Onyebuchi, 2011). However, the accounting and finance sector has over the past years developed a culture of ethical misconduct (Gianneti & Yue Wang, 2014). According to Anup & Chadha (2005), Ethical misconducts often lead to corporate scandals that come with serious consequences e.g.
Beside that the PEST also easy to 99 Speedmart to make analysis for the business future such as in business and strategic planning, marketing planning, organizational change, business and product development. By analysis all that 99 Speedmart can maximize the opportunities and minimize the threats to the organization. Political The political is one factor that will affect the business. This is because the political is one component that dictates on success of the business. In term of politic that will affecting the 99 Speedmart is government policy.