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Question - Discussion for Ethics/Fraud/Legal Issues Accounting
Arthur Andersen LLP was the auditor for Enron, WorldCom, Waste Management and other companies that committed fraud. Andersen was forced to shut its doors forever after a U.S. Department of Justice lawsuit against the firm that it had obstructed justice and lied to the government in the Enron case. One thing Andersen had done was to shred documents related to its audit of Enron before the government could get its hands on them. Some in the profession thought the government had gone too far given the facts and mediating circumstances including top management's deception; others believed the punishment was unjustified because most accounting firms got caught up in similar situations during the late 1990s and early 2000s (pre-Sarbanes-Oxley).
What do you believe? Use ethical reasoning to support your answer.
Hamby Inc. has sales of $2,016,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable
(Future Value): To what amount will $4,800 invested for 10 years at 11 percent compounded annually accumulate?$4,800 invested for 10 years at 11 percent will accumulate to $_______ (Round to the nearest cent)
Do any of these firms appear to have a cash flow problem?
Explain 2 different types of budgets, and discuss why a company would choose one type of budget over another.Discuss the advantages of zero-based budgeting
Find What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2017?
Which tests for the exclusion of gain on the sale of a home may a servicemember suspend? They may not suspend either the use test or the ownership test.
15,000 shares of 5 percent preferred stock outstanding currently selling for $93 per share. What is the cost of your preferred stock?
Describe the 3 main categories of ratios and provide a specific example of a ratio that is used in each category. For each of the 3 ratios
The national elections in 2008 appar- ently drew more interest and debate among voters than prior U.S. elections. A national sample of 2020 U.S. adults, aged 18 and older
In 2012, the first year of operations, Cutting Edge produced 25,000 units and sold 20,000 units. Compute the net income under variable costing for each year
How did participating in discussions help your understanding of the subject matter? Is anything still unclear that could be clarified - What approaches could have yielded additional valuable information?
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