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Insolvency, 2002.
A critical evaluation of the English right of set-off and combination in the circumstance of insolvency.
4,592 words (approx. 18.4 pages), 5 sources, APA, $ 119.95
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Abstract
This paper discusses how the right of combination and set-off, as developed under English law offer a number of safeguards to banks and creditors in general. It looks at how these rights were expanded under the principles that they were necessary to effect substantial justice and that they would stimulate economic growth and trade. It suggests that the judicial application of these rights has tended to unfairly favor banks at the expense of the individual customer, which may initially stimulate growth by encouraging banks to provide loans, but in the long term may serve to deteriorate trade, particularly at the international level. It demonstrates how customers in other countries, particularly civil law countries, experience much more risk when they do business with an English bank and hence may be better off refraining from bringing their enterprises there, or at any rate must be extremely careful in drawing up contracts to insist on settlement of disputes in other jurisdictions.
From the Paper
"Basically, English set-off allows a creditor to use any money it owes an insolvent debtor to pay off the debtor?s liabilities that have become due to the creditor. Thus, when liquidation commences, only the party that had the larger claim is still owed the net balance. Liquidation legally occurs when the company passes a resolution to voluntarily wind up or is judicially wound up. Effectively, eligible creditors (those that meet the mutuality requirement) are positioned alongside secured creditors to the extent of their debt to the insolvent party. Simultaneously, they continue to be placed within the pool of unsecured creditors who (as a result of the speeding of the recovery process for those creditors eligible for set-off, recover a diminished amount themselves) receive dividends on the portion of debt still owed to them by the insolvent party."
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Management at Enron, 2002.
A brief paper on the management style at Enron.
823 words (approx. 3.3 pages), 4 sources, MLA, $ 29.95
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Abstract
This paper examines how the organizational culture and management style at Enron contributed to this culture of silence that both silenced critics and forced employees to go along with management?s questionable decisions. It focuses particularly on the organizational style of Jeffrey K. Skilling, whose tenure as Enron?s Chief Operating Officer is largely credited with sowing the seeds of Enron?s destruction.
From the Paper
"Skilling?s micro-management style and rank and yank policies resulted in an intense competition among Enron executives. Robert J. Hermann, Enron's former tax counsel, described the culture of Schilling's Enron as ?me first, I want to get paid...There were always people wanting to do deals that didn't make sense in order to get a bonus? (cited in Behr and Witt, ?Visionary's Dream Led to Risky Business?). Whenever possible, Schilling reportedly used such financial incentives to shore up his ?loose-tight? management style."
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Sarbanes-Oxley Act, 2002.
An overview of this 2002 law following a period of corruption in America's corporate world, as well as how the act impacts the accounting profession.
1,193 words (approx. 4.8 pages), 3 sources, MLA, $ 40.95
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Abstract
Corporate greed and corruption has changed the face of American business forever. Corporate greed was the primary factor in the downfall of Enron, Global Crossing and MCI WorldCom. The paper shows that the governing bodies, the Securities and Exchange Commission, the Senate, NASD and other powers that be decided to act and in 2002, the Senate introduced the Sarbanes-Oxley Act of 2002. The paper describes how this new law impacts CPA?s, CPA firms auditing public firms, publicly traded firms and their employees, lawyers, brokers, dealers, investment bankers and financial analysts who work for or have as clients as publicly traded companies. The paper looks at the mission and purpose of the law and examines its affect on the accounting industry.
Table of Contents:
Abstract
Executive Summary
Introduction
Purpose and Mission
What it does
The Effect of Sarbanes Oxley on the Accounting Profession
New Rules, New Practices
From the Paper
"In addition to the mandates outlined above, Sarbanes Oxley Act allows for additional provisions that seek to prevent conflicts of interests that can be a precursor to corporate corruption. The Act bans what is known as the ?revolving door?, prohibiting registered CPA firms from auditing any SEC registered client whose chief executive, CFO, controller or equivalent was on the audit team of the firm within the past year. This Act is crucial to help lessen the ?you wash my back, and I?ll wash yours? mentality. Another significant rule calls for auditors to be rotated every 5 years. This way, no auditor can audit a client for more than five consecutive years."
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American Corporate Fraud, 2002.
The paper looks at the scandal surrounding the bankruptcy of leading energy company Enron and the ensuing allegations of fraudulent corporate practices.
1,351 words (approx. 5.4 pages), 10 sources, APA, $ 45.95
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Abstract
The paper traces the rise and fall of Enron from its humble beginnings as an energy company to becoming the U.S.'s largest electricity trader. The paper analyzes key points relevant to the unravelling of the company and examines how Enron's collapse not only destroyed the lives of thousands of its employees, it brought down one of the world's top accounting firms, Arthur Andersen.
From the Paper
"Prosecutors are questioning why top CEO?s were quietly unloading their company stock while at the same time urging employees to buy more. The government's widening prosecution of Enron is reaching down to the lower levels of management, hoping that without company-paid legal counsel, the pressure to cooperate with the government will increase."
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Cash-Based vs. Accrual-Based Accounting, 2002.
An examination of the advantages and disadvantages of cash accounting over accrual-based accounting.
1,394 words (approx. 5.6 pages), 2 sources, MLA, $ 46.95
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Abstract
This paper presents the basic forms and methods of accounting for cash accounting and accrual-based accounting and compares the two. It examines which form of accounting is more beneficial to specific sectors of the economy and looks at the advantages and disadvantages of each.
From the Paper
"In the cash basis of accounting, the business records are "cash in" (deposits to the bank account) called cash receipts, and "cash out" (checks) called cash disbursements. Cash receipts - Cash disbursement = Cash flow. Each month's cash flow is added to the preceding month's cash balance yielding the current month?s cash balance.
The cash basis of accounting is more likely to be used by service businesses than by retail or manufacturing businesses. Service businesses usually do not need equipment and can sell a service they perform with nothing more than their own hands and minds. Think of people who are lawyers, writers, public relations and advertising personnel, and accountants."
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The Enron Debacle and the U.S.Economy, 2002.
This paper discusses that although when Enron collapsed many feared it would plunge the economy into a tailspin; the debacle really had both bad and good effects on the economy.
1,445 words (approx. 5.8 pages), 6 sources, MLA, $ 47.95
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Abstract
This paper explains that the crisis at Enron has had a negative impact on the United States economy but not the total impact that many believed it would have. The author states that, when Enron began to collapse, it started an avalanche or economic panic and activity nationwide, which the U.S. managed to level out; but the lack of confidence remained heavy for more than a year afterwards. The paper concludes that, from the Enron debacles, a blue print for a better check and balance system was developed and now provides a governmental watchdog.
From the Paper
"The key to Enron?s undoing was about stock mistakes. ?The company committed to put $1.2 billion of Enron stock into the Raptors to make them more creditworthy. It did not promise a fixed number of shares -- it promised $1.2 billion worth, regardless of the share price, a seriously dumb move for a company that talks about hedging risks. In return for that commitment, the Raptors gave Enron $1.2 billion of promissory notes. Enron put them on its balance sheet as an asset. When a company adds to its assets and nothing else changes, its net worth rises. Hence, Enron marked up its net worth by $1.2 billion. But, as the stock prices of Rhythms, NewPower and Enron all sank, Enron faced having to fork over a ruinous number of new shares." This was the beginning of the end and the ripple affect on the stock market caused a negative impact on the nation?s economy."
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E-Commerce, 2002.
Examines the advantages and disadvantages of electronic commerce in the accounting world.
872 words (approx. 3.5 pages), 5 sources, MLA, $ 31.95
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Abstract
As information technology (IT) rapidly increases and globalization becomes the wave of the future, the accounting profession is undergoing major transformations. The paper shows that there are many advantages to this increase of information technology in the accounting profession such as the ability to provide clients with enhanced web-based products and services. Disadvantages of the system examined in the paper include less personalized services and its threat to smaller businesses.
From the Paper
"The increase in IT in the accounting industry also has its disadvantages. Accountants often become so wrapped up in the automated world of IT that they fail to realize that there is a great need in today?s accounting environment for a personalized and client specific oriented service. IT often robs the client of this experience, which may cause the client to take his or her business elsewhere.
In addition, as IT promotes globalization, smaller businesses are in danger of competition from larger ones. As globalization increases, the limited audit assignments are going to large accounting and auditing firms, as these businesses are in a better position to service clients that are located in many areas of the world."
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A Costing System for Software Project, 2002.
Discusses a costing system proposed for a computer hardware manufacturer who is also going to develop computer software to be sold along with the hardware.
2,854 words (approx. 11.4 pages), 7 sources, MLA, $ 84.95
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Abstract
This paper first recommends a costing system and then states how variances from budget would be identified. It further goes to state how the budgets for the cost centers should be set. Then it mentions some possible sources of funds for financing the project and, in conclusion, mentions how the financial ratios of the company will be affected.
Method of costing
How variances can be identified
Method of budgeting
Sources of finance
Effect on ratios
Comparison with system in operation
From the Paper
"There are many methods of costing that could be applied to this scenario. The current system in place is absorption costing. This is a very traditional approach, in which it is assumed that the total overhead expenses of the company are related in some way to the number of labour hours or machine hours used. In this case, all the overheads are allocated on one basis. If labour hours are used, then it the total overhead amount is divided by the total labour hours expected, and then the amount of overhead is allocated to each product based on the total amount of labour hours it uses."
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Business Ethics: An Article Review, 2002.
Analytical essay that summarizes and reviews a web-based article on business ethics in the field of finance or accounting.
956 words (approx. 3.8 pages), 0 sources, MLA, $ 33.95
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Abstract
A review of ?Ethics in Accounting? by Ireen Baset and how it addresses the contemporary ethical issues related to the accounting and financial decision-making process. Examines how the article treats the challenge, faced by employers, managers, administrators and employees alike, of adequately incorporating ethical values into the daily work schedule.
From the Paper
"On the same account, a real estate company where the entire corporate dealings depend upon the efficiency and the sense of morality of the accountants must make relentless efforts to effectively communicate corporate ethics. This can be best done through the planning and implementation as well as the continuous maintenance of a sound and a pragmatic internal ethical program, that is putting down ethical rules in black and white for the organizational staff, employees and the first-line supervisors."
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Corporate Fraud, 2002.
A brief account of recent financial scandals and their impact on businesses in America.
1,068 words (approx. 4.3 pages), 6 sources, MLA, $ 37.95
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Abstract
This paper reviews the recent events in corporate America which have created a hype about fraudulent activities in businesses. The paper offers recent examples of such activity including the Enron scandal, America's biggest corporate collapse. The paper includes a background on the developments in legislature and politics put in place to curb the rising levels of unethical practice. The writer concludes that while to date, unethical business has been passed over, today there are means in place for ensuring businesses are accountable to the American public.
From the Paper
"The boom of the 90's has changed the business environment in ways that will require a reshaping of corporate leadership. Financial scandals and out-of-hand executive compensation demonstrate not only a lapse of ethics and unprecedented greed, but also a disdain for the rule of law. Thus, the most pressing leadership issue for today is how to ensure that corporate officers behave in an ethical manner. The Sarbanes-Oxley Act is a legislative effort designed to promote ethics by holding executives accountable for financial reports."
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The Changing Role of Organizational Accounting, 2002.
An examination of the changing role of the accountant and his importance in a rapidly changing business environment.
1,445 words (approx. 5.8 pages), 6 sources, MLA, $ 47.95
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Abstract
This paper discusses how the accountant in a modern organization must be able to perform many more functions than in the past. Managerial accountants are important in assuring that the organization is on target for meeting strategic goals. It looks at how it is no longer enough to have a basic understanding of receivables, payables and cash flow and how accountants now play an active role in management and decision making. They are responsible for goal setting, forecasting and many other activities that were previously in the realm of management and must consider corporate culture and be able to adapt their techniques to meet specific company needs.
From the Paper
"Corporate culture and accounting used to be two terms that should never occur in the same sentence. Accounting was a separate entity from other systems in the organization. Now accounting is an integral part of every phase of the business including legal, political and social systems within an organization (Shraddha and Sidney, 1997). As the needs of an organization change, so do the accounting system change to meet these changing needs. A modern accountant must be more flexible in practice than in the past. Modern accounting practices must be able to adapt a trait that was not synonymous with accounting in the past. Accounting used to adhere to a rigid set of rules and procedures, but now they must remain flexible and willing to change on short notice. "
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The Effect of Short Term Interest Rates on Unemployment, 2002.
The paper looks at the way in which the rise of interest rates will effect the already serious issue of unemployment in the United States.
611 words (approx. 2.4 pages), 3 sources, MLA, $ 21.95
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Abstract
A large increase in rates could deter new investment and signal a slowdown for the booming economy; nevertheless, the government may persist in raising the rates. This paper looks closely at the various effects this rise will have on the market, employment, and investment.
From the Paper
"To combat inflation, the Fed adjusts the Federal Funds rate and the discount rates to tighten the money supply. This is the rate of interest the Fed charges major financial institutions. When the Fed increases the prime rate, this signals a rise in other interest rates. Long-term interest rates are affected more by the expectations of investors; if they believe inflation will rise in the future, they will demand a higher return on their fixed income investments, causing long-term interest rates to rise. Inflation triggers further rises in interest rates because lenders want to be compensated for inflation when they lend money. The greater the rate of inflation, the faster real purchasing power decreases."
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Corporate Taxation, 2002.
This paper proposes that the system used in the United States to tax business income no longer meets the needs of the American economy, as it discourages investment and encourages inefficiency.
1,414 words (approx. 5.7 pages), 7 sources, MLA, $ 47.95
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Abstract
The writer traces the defects of the current corporate tax system, outlining areas in which the system of taxation fails both businesses and individuals. The paper finally proposes a system of integration that would allow the system to run more efficiently.
From the Paper
"Through the 1960s, 1970s and 1980s, the corporate tax was amended repeatedly to reflect national economic sentiment of the time, to stimulate productivity and growth or advance social purposes, or provide broad economic development. President Kennedy?s Tax Act of 1962 and President Regan?s Economic Recovery Tax Act of 1981 can be seen as growth-oriented, while the Tax Reform Acts of 1976 and 1986 were ?fairness?-oriented. The Bush Administration attempted to convince Congress to substantially lower capital gains rate to stimulate investment. (Hufbauer and van Rooij, 1994)."
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Accounting Career Profiles: CPA and CMA, 2002.
Description and discussion of the CPA and CMA career designations for accountants.
975 words (approx. 3.9 pages), 6 sources, MLA, $ 34.95
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Abstract
Accountants and auditors prepare, analyze and verify financial reports crucial to all business and government organizations. Two of the major accounting specialties are public accounting and managerial accounting.
This paper discusses the differences between chartered public accountants (CPA) and chartered managerial accountants (CMA) including the clients they serve and the examinations they have to pass before becoming qualified. The paper also examines the differences in wage earnings and career opportunities.
From the Paper
"The professional designation of Certified Management Accountant (CMA) is achieved through the CMA Professional Program, a demanding training process in emerging business practices, which fosters management and leadership abilities, interpersonal and communication skills. CMAs are employed at all corporate levels, mostly in middle, senior and executive management positions which include but are not limited to: Chief Financial Officers (CFO), Controllers, treasurer, director of internal audit, chief accountant or cost accountant, director of taxation, managers or supervisors. Other CMAs are employed as accountants, auditors, analysts and consultants, with careers for management accounting professionals in all sectors of business and industry. (Rosenberg, pp.55-69.)"
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Aid to Dependent Corporations, 2002.
This paper is an essay which discusses the heavy U.S. revenue losses because of corporate subsidies and other special rebates.
875 words (approx. 3.5 pages), 1 source, $ 31.95
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Abstract
This paper discusses that business are taking undue advantage of favorable federal revenue policies. The paper points out that businesses are using government money to develop products that they then turn around and sell to the public at very high prices. The author feels that these advantages must be eliminated to support the common welfare of the country.
From the Paper
"One by one our leading business corporations are reeling under accounting scams. I need not mention how well such a giant corporation like ?Enron? managed to disguise its financial information from the government and the stockholders. In the prevailing scenario I agree with the author that the government needs to exercise care before granting corporate privileges. Businesses are exploiting the loopholes in tax laws by clever manipulations. One such debatable issue is the ?Foreign tax credit? scheme. The government of United States has lost billions of dollars from multinational corporations in the name of deductions for taxes paid to other nations. "
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