ABC offers separately priced extended warranties for appliances sold that are non-refundable and have no limits to the potential cost of honoring the warranty. Although ABC does track warranty profits and losses by appliance type, assume that no analysis has been performed to determine the rates at which cost are incurred throughout the warranty period. Assuming that manufacturer warranties provide coverage for the appliance for 1 year from the date of purchase, when should revenues and expenses of such warranties be recognized? FASB Accounting Standards Codification (ASC) topic 605-20-25-3 (Revenue Recognition) states that in regard to extended warranties “revenue shall be recognized in income over the period in which the seller is obligated
Accounting and auditing firm The scandal's consequences would primarily be a professional embarrassment for auditing and accounting firms. The American Institute of Certified Public Accountants quickly altered the auditing standards of the accounting profession in the United States, prompting auditors to become more proactive in combating fraud. The shareholders
Actions which were taken by the company to cover unethical behavior of bribery and
A sad day for the family of a young woman named Wykesha Reid, evidence conducted from an ongoing investigation lead to her death from butt-injections. The suspect being charged with the Homicide of Mykesha are Jimmy Clarke and Denise Rochelle. The two suspect operate a business which provide eyelash extensions to the public. Nevertheless, up until the death of Wykesh Reid it seems their business have been performing butt-injections on the Black Market. Upon questioning Jimmy Clarke a transgender woman told detectives that.
1. Dodd-Frank Act: The Dodd-Frank Act which is known in full-form as Dodd-Frank Wall Street Reform and Consumer Protection Act is a type of United States federal law which will define regulation of the financial industry within the perimeter of the federal agencies. The legislation that was defined way back in July 2010, which can avoid the significant financial crisis by defining new financial regulatory methodology which can insist clarity and authorization while defining rules for protecting the financial data of several users. The Dodd-Frank Act is adopted by most of the investment banking organizations across the world. 2.
The Disclose Act of 2010, was one of the most polarizing pieces of legislation to be debated during the 111th Congress controlled by Democrats. Regardless of its polarizing nature, the act was able to pass the House, where it then was halted in the Senate due to the filibuster. The failure to pass S.3628 the Disclosure Act of 2010 in the Senate displays how much polarization can inhibit Congress, as well as the severity of the institutional frameworks that protect minority parties in the Senate. The Disclose Act of 2010 were pieces of legislation introduced by Democrats into both the House and Senate after the decision of Citizens United v. Federal Election Commission 558 U.S. 310, which ruled that “under the First Amendment corporate funding
Ms. Yates has argued that punishing individuals is one of the most effective ways of actually causing a corporation to rethink their actions, but this is also difficult to do. When a corporation is investigated, the Justice Department requires them to hand over any documents related to the case and the individuals who were involved in specific crimes. Obviously, the individuals involved are less inclined for this to happen and are often in management roles at the company. In the average case, the corporation and the individuals at fault admit to wrongdoing—as Credit Suisse and five other global banks did in May of 2014--, but they do not disclose the names of the individual people responsible. At this point in the game, the Justice Department faces a dilemma.
Innocent citizen have been placed in jail for no absolute reason. Everyone should have a fair treatment in court. I ask the United States Congress to please put an end to this. We should have an individual authority that’s loyal to the law and knows the laws by heart, other than a judge, in the proximity of the court. This way, whenever someone blameless is being accused wrongly in the court, the person can acknowledge it and report the incident.
Most people in the state of Alabama are aware of the HealthSouth scandal due to former Alabama Governor Don Siegelman being convicted of crimes of bribery, and honest services fraud along with former CEO Richard Scrushy. The HealthSouth fraud case was also one of the first fraud cases tried under the Sarbanes Oxley Act of 2002. HealthSouth officers were cooking-books and shell games trying to mask the fraud that was occurring by acquiring companies, overstating cash balances, falsifying financial statements earnings releases as well as annual reports. The fraud also involved booking the accounts receivable amounts as income instead of collectable income, fictitious fixed assets such as office equipment, recording the sale of shares in another
Now focusing on cyber security and communication security which are the following parts that make up the national security. Each one of these parts are responsible for a specific function. Cybercrime is attacking the information systems, sometimes identity theft, but in some cases fraud. By providing insight into causes of cybercrime, its participants their motivations, then we identify some of the major issues dealing with these crimes. With cybercrime being nondiscriminatory, also dramatically increase.
President Jimmy Carter signed the Foreign Corrupt Practices Act of 1977 into law on December 19, 1977. The law was a reaction to bribery and corruption occurring in United States businesses. This paper will address many questions such as how does the Foreign Corrupt Practices Act of 1977 impact society and business? Is the policy ethical? Has the policy been successful and efficient since its implementation?
Its Oversight Agency According to Law The U. S. Department of Health & Human Services is the government agency that oversees the effective implementation of the Affordable Care Act that is aimed to enhance and protect the health and well-being of all Americans. Inclusive of this objective is also to foster the advancement of medicine, public health, and social services (Health & Human Services, 2015). It has 11 operating divisions, with eight agencies in the U. S. Public Health Service and three human services agencies. They operate a variety of health and human services that are geared towards conducting researches on saving lives of people for the good of the nation.
The fraud triangle is made up by three distinguished elements. These elements in the fraud triangle consist of pressure, opportunity, and rationalization. The overall representation of the fraud triangle can be seen as the specific model to spot any type of high-risk unethical and fraudulent performances being conducted by a company, in this case Cendant Corporation. Cedant Corporations actions can be analyzed by the fraud triangle by the way that their senior management/top management decisions fell into the three categories of pressure, rationalization, and opportunity. Cendant Corporation had the pressure to comply with their shareholders and to maintain a stable financial status to prove that they were a profitable organization with a bright company image.
Background WorldCom, once known as one of the most powerful telecommunication organizations of the world, is now studied as a case of a fraudulent company that carried out unethical financial activities to cover its weakening position in the market. After some aggressive investment decisions, the company started to witness huge financial pressure. The management used various forged accounting entries to conceal its weakening position. Cynthia Cooper, Vice President Internal Audit, discovered the unethical activities and raised the issue with the management and relevant departments and received bitter responses. She carried out internal audits in her own capacity with her colleagues and compiled evidence against fraudulent activities.
Financial reporting laws have attempted to curb money laundering and our financial
