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Accounting Scandals: WorldCom Scandal 2002
The WorldCom scandal can be called the worst case of accounting fraud in the NSE, and it prompted the initiation of radical reforms that continue to determine how publicly traded companies conduct various transactions. WorldCom was an international telecommunications company with the second largest long-distance telephone connections.
Tesco Accounting Fraud
Tesco PLC is British general merchandise and a multinational grocery store that has its headquarters located in the United Kingdom (the UK). Based on its profits, it is the third largest retailer in the world. Revenue wise, it is the second largest retailer in the world. It is a leading grocery store in the UK with stores in 12 countries across Europe and Asia. In the UK, it has a market share of around 40%.
Alumasc Group Plc Financial Analysis
Alumasc Group Plc is one of the leading companies in the United Kingdom that manufactures, designs and markets construction and building products. The company was established in 1984 and is located in Kettering, the United Kingdom. Further, Alumasc conducts its operations across Europe, the United States, the United Kingdom and the Far East.
Many companies use the traditional budgeting techniques. Drury (2009) defines traditional budgeting as the one where the central managers are required to prepare detailed annual budgets of organisations that they serve (Drury 2009). Traditional annual budgets can be rigid and risky, since they deal with estimates which are uncertain. As budgetary control focuses mainly on internal processes, organisations must seek to balance between the changing patterns from both the internal and external business environments. One of the major external contexts is the capital market (Röhm, 2004).
GM Annual Report Analysis
General Motors manufacturer’s different motor vehicle brands and has outlets indifferent countries in the world. It’s one of the most popular brands with a presence in both developed and developing countries due to its reliable vehicles which fit both the rich and the middle class. The financial statements used in this analysis are those of the period ended Dec 31, 2013.
International Financial Reporting Standards
International financial reporting standards (IFRSs ) are a set of standard procedures designed for use by business globally so as to enable uniformity in financial reporting. IFRS are of high importance to companies that have subsidiaries or partners from across several nations. IFRSs are slowly taking over from the various national reporting and accounting standards, and this procedure comprises of directions that should be followed by accountants to keep financial books that can be understood, compared and are significant to all users, both nationally and across the borders. The emergence of IFRS came as an effort to synchronize accounting across Euro Union, but their value became appealing and the standards spread worldwide. This paper considers the importance, structure and some examples of IFRSs.
Ethical Issues in Managerial Accounting
Accounting essay example on topic Ethical Issues in Managerial Accounting. Elements of a Balanced Scorecard and How They Are Used. How Can EEC Avoid Unethical Behavior
Characteristics of Successful Entrepreneurs
One can identify three characteristics of a successful entrepreneur exhibited in Bill Skees. The first one is being studious. Skees manifested this quality in that he did not make a quick decision to leave his former job and start his own business of selling books, although it was the dream of his life.
Accounting Sample Essay
Let me start by considering the very nature of accounting. Accounting is a routine process of systematization business transactions recorded in the primary documents with the double purpose: a) to control the presence, movement and rational use of assets, timely execution of its obligations to suppliers and contractors, financial and credit agencies, etc., and b) forming data to make internal and external reporting.
Taxation is a source of government revenue collected through levying or imposing charges on corporate organizations and citizens of the country. The government may use taxation to encourage or discourage the country's economic decisions.