Accounting Essay Examples

Our team is given the task to account for a pending litigation. We are to determine how pending litigation should be reported on the current and future financial statements. M Corporation was sued for patent infringement and we will present whether M Corporation should accrue a liability, disclose a liability, do both, or do nothing….

Group Assignment Annual Report Project Introduction of Bossini Bossini established its first retail in 1987 with its headquarter located in Hong Kong. It has a total of 1,314 stores in the world, which 523 of them are directly controlled stores in Hong Kong, mainland China, Taiwan and Singapore.1 According to the disclosed annual report of…

Insurance Companies generate revenues by selling insurance policies. These policies provide a known amount of revenue for an unknown amount of losses offsetting that revenue. This can make the matching principle difficult. Some of the potential losses can come years after the insurance policy was written and the premiums received. The liabilities for these future…

WorldCom, now named MCI, late emerged from bankruptcy protection after describing accounting abnormalities of $ 11 billion. These accounting abnormalities have resulted in many of WorldCom ‘s old executives being prosecuted on securities charges. In the past 18 months MCI once known as WorldCom has fired the CEO, COO, CFO, accountant, general advocate, the full…

There were two really typical functions for the hearers in the WorldCom dirt. One function being that of the Whistle-blower played by Cynthia Cooper a former head audit executive at WorldCom. She blew the whistling on an $ 11 billion accounting fraud strategy. Since bring outing the dirt, Cooper has been talking publically about her…

         This paper seeks to make a critique on the Article entitled “Did Kaplan and Johnson get it right?”  (Otley, 2008) by determining whether the author has supported his claims, assumptions and recommendations compared with the declared objectives of the article.  The criteria to be used is whether the recommendations are appropriate and practical in relation…

On December 17, 2003, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 104, Revenue Recognition, corrected copy, which amends parts of SAB No. 103 (in part, recognizing that many prior SEC standards are no longer necessary due to private-sector developments in U.S. generally accepted accounting principles [GAAP]). SAB No. 104 also…

As stated in the book, International Accounting: A User Perspective, harmonization is defined as “the process by which differences in financial reporting practices among countries are reduced with a goal of making financial statements more comparable and decision-useful across countries. ” Harmonization would require that all countries comply with an international set of standards. There…

Accountants use generally accepted accounting principles (GAAP) to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession and the Securities and Exchange Commission (SEC). Two laws, the Securities Act of 1933 and the Securities Exchange Act of 1934, give the SEC…

The Enron Corporation was established by integrating two major gas pipelines in 1985. The Company provided products and services related to natural gas, electricity, and communications and it was one of the world’s leading organizations at these sectors with claimed revenues of nearly $101 billion in 2000. Throughout the 1990s, Chair Ken Lay, chief executive…