Corporate ethical breaches in recent times have raised questions about whether the current business and regulatory environment is conducive to ethical behavior. Cases leading to regulatory changes through scandalous financial reporting include Enron‚ Worldcom‚ Tyco‚ HealthSouth and others (Enofe‚ 2010‚ p.54). Since the barrage of scandals in the early 2000’s‚ regulatory bodies like the Federal Accounting Standards Board (FASB)‚ Securities and Exchange Commission (SEC)‚ and law reform like the Sarbanes-Oxley
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The Annual Report Project General Electric Company (GE) General Electric‚ short as GE‚ is a leading multi-industrial company involving in energy‚ appliance‚ finance and transportation businesses. It has more than 100 years of history‚ and generally be viewed as one of the most successful product and service providers across continents. GE has gross revenue of more than 147 billion dollars‚ and is currently ranking No.6 in Fortune 500 U.S. by revenue. A. Introduction General Electric
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PART A: USING FINANCIAL STATEMENTS Business Environment Question 1: Briefly describe the main operation (activities) of the company. The main operation of the company Hallenstein Glasson Holdings Ltd is to sell men and women’s clothing. Question 2: For whom is the annual report prepared. Provide specific referenced information here from the Statement of Concepts. The annual report is prepared to provide information for external users such as‚ providers of resources to such entities for example
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control iv. Sketching fixed‚ variable and mixed cost curves ii. Raw Material costs i. Procurement function ii. Calculating Economic order quantity (EOQ) iii. Inventory or stock valuation valuations using Last In First Out (LIFO)‚ First In First Out (FIFO) and average costs (AVCO) iv. Disposal of hazardous materials iii. Labour Costs i. Direct and indirect labour ii. Remuneration (piece rate‚ hourly rate‚ commissions‚ fixed salary and combinations of these) iii. Changes in labour costs in light of
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MENG 3000 Engineering Management Semester 1 2009/2010 Tutorial Lecture 1 : Introduction to Engineering Management 09/09/09 1. Explain how’s Bloom’s Taxonomy can be used justify the perception that engineers are paid more than technicians. 2. What manager types and roles are best suited to middle managers? 3. Explain how engineers can be effective in the general management of a technically oriented organization. 4. What is the importance of forecasting in supply chain design
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accounting ratios as tools of financial analysis. ACCOUNTING POLICIES. It is difficult to use ratios to compare companies‚ because they very often follow different accounting policies. For example‚ one company may value stock under the LIFO principle‚ another may follow the FIFO principle. Similarly‚ one company may depreciate assets under the straight line method‚ while its competitors may be using reducing balance method. Also‚ one company may value their assets using the historical cost rule while another
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CHAPTER 2 SOLUTIONS TO B EXERCISES EXERCISE 2-1B (15–20 minutes) (a) True. (b) False – General-purpose financial reports helps users who lack the ability to demand all the financial information they need from an entity and therefore must rely‚ at least partly‚ on the information in financial reports. (c) False – Standard-setting that is based on personal conceptual frameworks will lead to different conclusions about identical or similar issues. As a result‚ standards will not be consistent
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Q 1 Explain the nature of accounting fraud? A1. Background: The origin of WorldCom can be traced to the breakup of AT&T in 1983. The company began as Long Distance Discount Services Inc during 1983. LDD name was changed to WorldCom in 1995. To build the economies of scale that were critical success factor in long distance market it was imperative for WorldCom to grow its available volume off bandwidth as it lowered the per unit costs. Also the Telecommunication act of 1996 permitted long
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Chapter 1 Accounting in Action: CM Corporation (CMC) CM Corporation (CMC) was founded in 2000 by Eric Conner and Phil Martin. The company designs‚ installs‚ and services security systems for high-tech companies. The founders‚ who describe themselves as "entrepreneurial geeks‚" met in a computer lab when they were teenagers and found they had common interests in working on security systems for critical industries. In January 2012‚ CMC hired you as an accounting intern. Lately Conner and Martin
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ACCOUNTING 1 FINAL EXAM Chapter 1 1. Which of the following best describes accounting? a. is an information system that provides reports to users regarding economic activities and condition of a business. b. is of no use by individuals outside of the business. c. records economic data but does not communicate the data to users according to any specific rules. d. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements
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