Accounting Essays

The case discusses the accounting frauds committed at the US-based telecommunications giant, Lucent Technologies Inc. (Lucent) during early 2000. It provides an insight into the ways by which the financial statements were manipulated at Lucent. It examines the loopholes in the financial management of the company and the price it had to pay for circumventing […]

a. What is a ceiling test? Identify two IASB accounting standards that contain a ceiling test and describe the test. (7 marks) The ceiling test is an accounting standard that stipulates that capital assets such as property, plant and equipment must be written down if their net carrying value exceeds the net recoverable amount. This […]

A. What is the nature of General Mills’ business? That is, based on what you know about the company and on the accompanying financial statements, how does General Mills make money? i. General Mills is the leading producer of packaged consumer goods. The company has 3 segments US Retail, International, and Bakeries and Foodservice. General […]

Before Kim Fuller start to manage his business, he need to identify two kinds of information which is can categorized to accounting information and non-accounting information. Accounting Information Accounting Information is a set of financial data indicating an organization’s resources, revenues, debts or expenses. Information about accounting information system is responsible for providing timely and […]

If I were in Hamilton Wong’s position, I would feel compelled to report every single one of my hours worked on the Willie & Loman audit. The practice of underreporting your hours or “eating time” as Wong called it, is highly unethical and can lead to many future problems in the workplace. Although it is […]

The notion of exporting dangerous jobs is one that is deeply associated with business and organisational ethics, especially in the contemporary global condition wherein corporate outsourcing on an international and trans-cultural scale is becoming a burgeoning reality. From this perspective, we can see a rationale for businesses exporting such jobs. In terms of the key […]

1. Given strong profit growth, has there been any damage to Baidu.com’s reputation? 2. What would future reputational damage affect, and how could it be measured? 3. What steps could Baidu.com take to restore its reputation, and what challenges will it have to overcome? 4. Governments throughout the world have been slow to react publicly […]

In the time before Lenin’s death and in the years after, Stalin seemed to have a disadvantage compared to his rivals. People doubted his role in the Revolution and questioned his skills as a Party leader. However, several factors played a part in Stalin ultimately becoming successful, although their significance differed. Despite the odds appearing […]

Health care managers have many responsibilities, which support their roles in creating and maintaining successful organizations. A key responsibility managers undertake is the ability to manage financials appropriately. “First and foremost, financial management is a decision science. Whereas accounting provides decision makers with a rational means by which to budget for and measure a business’s […]

Jim Turley has been identified by many as one of the most successful corporate leaders across the globe. Since his ascended to the role of the chairman in 2001 and later in 2003 to become the Chief Executive Officer of Ernst & Young, Jim has been on the forefront in striving to make the organization […]

There are nine steps one must follow when concerning accounting. These steps are as follows within the accounting cycle and their functions: 1. Analyze Transaction- This process is done daily and classifies transactions accordingly to debit or credit. 2. Journalize Transactions- The recording process of the recorded information. 3. Post to Ledger Accounts- Last phase […]

In June 2002, the SEC found that WorldCom had engaged in a significant accounting fraud. This resulted in an overstatement of pretax income by around $7 billion since 1999. The deception committed by WorldCom is considered the most substantial deliberate misrepresentation seen in American companies. This case study focuses on Betty Vinson’s role as the […]

The accounting process consists of dealing with many matters which includes judgment and resolving conflicts between challenging approaches to the presentation of the results of financial transactions. This flexibility provides opportunities for manipulation, deceit and misrepresentation and is widely known as creative accounting (Harris n. d. ). Creative accounting can be defined as a process […]

The purpose of this report, prepared by George Bartlett, the finance Director and partial owner of Sandwich Master Ltd (SML), is to analyze the effectiveness of SML’s internal controls, accounting systems, and procedures. The report seeks to identify areas of concern within the organization as well as any issues in communication or relationships between different […]

It was discovered that Stumacher did not follow the professional guidelines and standards laid down by the professional bodies governing the audit of financial statements, when he undertook the job of auditing Video’s financial statements – for the fiscal year 2002 and fiscal year 2003. The depth to which he did not follow the guidelines […]

This paper will provide a comparison of the accounting implications of valuing inventory under the First-in, First-out (FIFO) and Last-in, First-out (LIFO) methods. With very few exceptions, every business depends on an inventory to operate. Whether the business provides a service or sells products to its consumers, supplies and stock are required to operate. In […]

Question 1 Three conditions are often present when fraud exists. First, management or employees have an incentive or are under pressure, which provides them a reason to commit the fraud act. Second, circumstances exist – for example, absent or ineffective internal controls or the ability for management to override controls – that provide an opportunity […]

When considering the controller job description, it is crucial to grasp the accounting function’s role within the organization. Previously, this involved a simple process in which clerical staff processed transactions to support business operations. However, managing a larger clerical staff required a small team of individuals trained in transaction processing techniques. This often resulted in […]

Situated in downtown Cologne, Haefren Baum is high-end retailer of home furnishing. When it comes to marketing, Haefren Baum could not have picked a better company to establish a partnership because the Wiegandt company has established its name in the industry, and is highly advertised. Competition is evident in all industries of business. Haefren Baum […]

To ensure growth and development of any organisation, the efficiency of people must be augmented in the right perspective. Without human resources, the other resources cannot be operationally effective. The efficient and effective utilization of inanimate resources depends largely on the quality, caliber, skills, perception, and character of the people, that is human resources working […]

The concept of Social Accounting originated in different forms by Adam Smith in 1776, Later on, Karl Marks and Engel also expressed their views about social costs in 1844. Pigou in 1920 also elaborated the divergence of Social and Private Costs. The concept of social accounting was clearly introduced in the 1970’s and later this […]

Hannah Webster Foster’s intention for writing The Coquette was to show that everyone is given a choice in life, good and bad; it all depends on what direction you choose to take as to how your life will turn out. The main character Eliza is given two choices with substance, has to make a decision, […]