Revenue Recognition Essay Example

Revenue Recognition Essay Example Revenue Recognition Essay Revenue Recognition Essay The gross acknowledgment rule is a foundation of accrual accounting and one of the chief rules of GAAP. The gross acknowledgment rule is a set of guidelines that helps comptrollers to place when a gross event has taken topographic point and how to suitably enter hard currency exchanges before. during. and after the gross event. Harmonizing to the gross acknowledgment principal. gross must ( 1 ) be realized or realizable and ( 2 ) earned. in order to be recognized. Harmonizing to the SEC gross is realized when ( 1 ) Persuasive grounds of an agreement exists. ( 2 ) Delivery has occurred or services have been rendered. ( 3 ) The seller’s monetary value to the purchaser is fixed or determinable. and ( 4 ) Collectability is moderately assured. It is indispensable for the users of fiscal statements to cognize that the existent grosss are recorded and disclosed and non deceitful grosss. A restraint of GAAP that is relevant to the gross acknowledgment rule is the materiality rule. Fraudulent grosss will make misstatements that could hold a material consequence on the determinations of fiscal statement users. In 2002. WorldCom a telecommunication company. filed for bankruptcy. It was subsequently revealed that the company was involved with improper accounting in two major signifiers. First WorldCom inflated grosss to increase net incomes. thereby increasing stock monetary values. and increasing the satisfaction of stakeholders. Second. the company unostentatious line costs. Gross is of import to users of fiscal statements because it helps them measure a company’s public presentation and chances. WorldCom violated the gross acknowledgment rule by making an history that did non come from the operating activities of the company’s gross revenues channel. WorldCom named this fabricated agenda corporate unallocated history. This action was unethical and illegal. and gave the company a really bad repute. Harmonizing to paragraph 25 of PCAOB Auditing Standard No. 5. because of its importance to effectual internal control over fiscal coverage. the hearer must measure the control environment at the company. As portion of measuring the control environment. the hearer should measure the followers. Does management’s doctrine and operating manner promote effectual internal control over fiscal coverage? Has the company developed sound unity and ethical values. and more significantly. make all employees understand these values. peculiarly top direction? Does the Board or scrutinize commission understands and exercisings oversight duty over fiscal coverage and internal control? The control environment is what sets the tone for an organisation and is the foundation for all other constituents of internal control. It provides subject and construction and reflects the ethical values. unity and competences of the organisation. The control environment is really of import to effectual internal control over fiscal coverage to an audit client like WorldCom. because good designs can forestall and observe frauds and mistakes. But because WorldCom had such a hapless control environment. the company would necessitate more testing for an audit. This shows that the board did non exert inadvertence duties over fiscal coverage or internal controls. Harmonizing to PCAOB Auditing Standard No. 5 paragraphs 26 A ; 27. the top-side adjusting diary entries are when the executives record the entries. or when the comptrollers are asked by the executives to enter the entries. A valid usage of top-side journal entries is to apportion income or disbursals from a parent company to its subordinates. However. top-side accommodations can besides be used to improperly cut down liability histories and increase gross or lessening disbursals. Companies undergoing amalgamations. acquisitions or reconstituting are peculiarly susceptible to the deceitful abuse of top-side journal entries. Necessary grounds to obtain include gross revenues bills. recognition memos. client maestro file list. analytical processs. and accounting systems. In the auditing of WorldCom. we would necessitate seting journal entries. the MonRev spreadsheets detailing gross. the corporate unallocated agenda. the machine-controlled procedure for shutting and consolidating operational gross Numberss. and properness of a top-side diary entry made to their gross history. We would besides necessitate the mandate of the CFO or any officers. Good moralss is really important for an organisation. When ethical quandary are non recognized there could be serious effects that could take to imprisonment. In add-on. a company will lose its repute immediately. Assuming that Lorenzo and Taranto knew that the entries being proposed by Scott Sullivan were deceitful they should non hold recorded the diary entries as they were directed. If WorldCom had a control environment where it took more than three employees to cabal to perpetrate such a big fraud. and where the board checked on the corporate adjusting entries. this could hold been prevented. Employees should be trained and guided by a codification of moralss and observed with appropriate influences for misdemeanor

Biography of Atlanta Mass Murderer Mark Orrin Barton

Biography of Atlanta Mass Murderer Mark Orrin Barton Known as being one the largest mass murderers in Atlantas history, day-trader Mark Barton, 44, went on a killing spree on July 29, 1999, at two Atlanta-based trading firms: All-Tech Investment Group and Momentum Securities. Upset over seven weeks of big losses in day trading, which had brought him to financial ruin, Bartons killing spree resulted in 12 people killed and 13 injured at the two companies. After a daylong manhunt and surrounded by police, Barton committed suicide by shooting himself at an Acworth, Georgia, gas station when his capture became imminent. The Killing Spree At around 2:30 p.m. on July 29, 1999, Barton entered Momentum Securities. He was a familiar face around there and just like any other day, he began chatting with the other day traders about the stock market. Dow Jones was showing a dramatic drop of about 200 points adding to a week of disappointing numbers. Smiling, Barton turned to the group and said, Its a bad trading day, and its about to get worse. He then took out two handguns, a 9mm Glock and a .45 caliber Colt, and began firing. He fatally shot four people and injured several others. He then went across the street to All-Tec and began shooting, leaving five dead. According to reports, Barton had lost an estimated $105,000 in about seven weeks. More Murders After the shooting, investigators went to Bartons home and discovered the bodies of his second wife, Leigh Ann Vandiver Barton, and Bartons two children, Matthew David Barton, 12, and Mychelle Elizabeth Barton, 10. According to one of the four letters left by Barton, Leigh Ann was murdered the night of July 27, and the children were murdered on July 28, the night before the shooting spree at the trading firms. In one of the letters, he wrote that he did not want his children to suffer without having a mother or father and that his son was already showing signs of the fears that he had suffered with throughout his life. Barton also wrote that he killed Leigh Ann because she was partly to blame for his demise. He then went on to describe the method he used to kill his family. There was little pain. All of them were dead in less than five minutes. I hit them with the hammer in their sleep and then put them face-down in the bathtub to make sure they did not wake up in pain, to make sure they were dead. The body of his wife was found under a blanket in a closet and the childrens bodies were found in their bed. Prime Suspect in Another Murder As the investigation into Barton continued, it was revealed that he had been the prime suspect in the 1993 murders of his first wife and her mother. Debra Spivey Barton, 36, and her mother, Eloise, 59, both of Lithia Springs, Georgia, went camping on Labor Day weekend. Their bodies were found inside their camper van. They had been bludgeoned to death with a sharp object. There was no sign of forced entry and although some jewelry was missing, other valuables and money had been left behind, leading investigators to put Barton on top of the list of suspects. A Lifetime of Trouble Mark Barton seemed to make bad decisions most of his life. In high school, he showed great academic potential in math and science, but started using drugs and ended up in hospitals and rehabilitation centers after overdosing several times. Despite his drug background, he got into Clemson University and, in his first year, he was arrested and charged with burglary. He was placed on probation, but that did not deter his drug use and he ended up leaving Clemson after suffering a breakdown. Barton then managed to get into the University of South Carolina, where he earned a degree in chemistry in 1979. His life seemed to level out some after college, although his drug use continued. He married Debra Spivey and in 1998 their first child, Matthew, was born. Bartons next brush with the law happened in Arkansas, where the family had relocated to due to his employment. There he began to show signs of severe paranoia and often accused Debra of infidelity. As time went on, he became increasingly controlling over Debras activities and exhibited strange behavior at work. In 1990 he was fired. Furious by the firing, Barton retaliated by breaking into the company and downloading sensitive files and secret chemical formulas. He was arrested and charged with felony burglary but got out of it after agreeing to a settlement with the company. The family moved back to Georgia where Barton got a new job in sales at a chemical company. His relationship with Debra continued to deteriorate and he began having an affair with Leigh Ann (later to become his second wife), who he had met through his work. In 1991, Mychelle was born. Despite the birth of a new child, Barton continued seeing Leigh Ann. The affair was no secret to Debra, who, for unknown reasons, decided not to confront Barton. Eighteen months later, Debra and her mother were found dead. Murder Investigation From the start, Barton was the prime suspect in the murders of his wife and mother-in-law. The police learned of his affair with Leigh Ann and that he had taken out a $600,000 life insurance policy on Debra. However, Leigh Ann told the police that Barton was with her over Labor Day weekend, which left investigators without evidence and a lot of speculation. Unable to charge Barton with the murders, the case was left unsolved, but the investigation was never closed. Due to the murders being unsolved, the insurance company refused to pay Barton, but later lost a lawsuit Barton filed and he ended up getting the $600,000. New Beginnings, Old Habits It was not long after the murders that Leigh Ann and Barton moved in together and in 1995 the couple married. However, just like what happened with Debra, Barton soon began showing signs of paranoia and distrust towards Leigh Ann. He also began losing money as a day-trader, big money. The financial pressures and Bartons paranoia took a toll on the marriage and Leigh Ann, along with the two children, left and moved into an apartment. Later the two reconciled and Barton rejoined the family. Within months of the reconciliation, Leigh Ann and the children would be dead. Warning Signs From interviews with those who knew Barton, there were no obvious signs that he was going to flip out, murder his family, and go on a shooting spree. However, he had earned the nickname Rocket at work because of his explosive behavior while day trading. This type of behavior was not all that unusual among this group of traders. It is a fast, high-risk game, where gains and losses can happen quickly. Barton did not talk much about his personal life with his fellow day traders, but many of them were aware of his financial loses. All-Tech had stopped allowing him to trade until he put money in his account to cover his losses. Unable to come up with the money, he turned to other day-traders for loans. But still, none of them had any idea that Barton was harboring resentment and about to explode. Witnesses later told police that Barton seemed to purposely seek out and shoot some of the people who had loaned him money. In one of the four letters he left in his home, he wrote about hating this life and having no hope and being terrified each time he woke up. He said that he did not expect to live much longer, just long enough to kill as many of the people that greedily sought my destruction. He also denied killing his first wife and her mother, although he admitted that there were similarities between how they were killed and how he killed his current wife and children. He ended the letter with, You should kill me if you can. As it turned out, he took care of that himself, but not before ending the lives of many others.

E books and its ease and convience in our society Research Paper

E books and its ease and convience in our society - Research Paper Example Ebook readers are conventionally how ebooks are read. They are digital mechanisms with micro processing technology, and operating system, and a screen that function much like computers. For example, book retailers like Amazon have their own book reader known as the Kindle and Barnes and Noble who is another book retailer, have until recently marketed a reader known as the Nook (Smith and Smith 299). The fact that book sellers themselves see the value of marketing a reader for digital books, suggest very obviously that (a) they understand the transformation away from conventional books and that (b), they understand the potential profit of marketing digitized books. There are a number of different types of ebook readers, and they vary with regard to cost but also technological efficiencies. For instance, the two readers mentioned, namely, the Nook and the Kindle are very limited as tools beyond just reading. That is, while they can handle and efficiently display a good range of file fo rmats for reading books, they are limited when compared to the basic functions of a computer. A strong new presence in the market for ebook readers are computer tablets. For instance, the Ipad which was introduced April 2010 had already reached sales of over 3 million units within two months of its release (Ashley 1).

Molds and Yeasts in Microbiology Essay Example | Topics and Well Written Essays - 500 words

Molds and Yeasts in Microbiology - Essay Example They also differ in colour in that the molds are colourful while yeast is just white and thread. Molds are in most cases live in moist, shadowy or steam-filled parts while yeast can be found in the stomachs of mammals, on fruits, on skin, etc.( Burton & Engelkirk, 2000; 25) In spite of the fungi’s role in causing diseases, they still are beneficial and useful organisms to the human beings and are utilized both commercially and industrially. For example, the use of yeasts in the fermentation process in brewing, bread making and wine making. Yeasts and other fungi also play a significant part in bio-control agent, food processing, enzyme biotechnology, drug manufacture, as well as research and development. People risk fungal infections when the stability of microorganisms in the vagina, mouth, intestines and other places in the body is interfered with, and results in an overgrowth of fungus. Pathogenic fungi cause human infectious diseases which are classified according to their degree of tissue involvement and means of entry to the host. (Cowan & Talaro, 2009; 403). Superficial mycoses are restricted to the outmost cover of the skin, the hair, and nails. Some common examples are ringworm, athletes foot, jock itch, and yeast infections. Cutaneous mycoses go deep into the epidermis, and also comprise invasive hair and nail infections. Subcutaneous mycoses infections are localised to the dermis, subcutaneous tissue or adjacent structures such as; muscle and fascia. However, systemic mycoses mainly involve deep infections of the internal organs because primary pathogens that are inherently virulent originate primarily in the lungs, and may spread through to many organ systems (Jucker, 2003; 18). Pathogenic fungi produce infections that are classified into two: systemic and superficial. Systemic infections involve internal organs. Fungi can transmit a disease to deeper tissue causing septicemia, which

How to Play Hockey Essay -- essays papers

How to Play Hockey Ice Hockey is believed to have begun during the Middle Ages, when northern Europeans played games on makeshift ice skates. The French explorers who watched the Indians, who would also play this stick and ball game, called it "hoquet". Before beginning to play hockey you must know the rules of the game. A hockey team consists of a goal tender, two defenders, and three forwards ( a center and two wings ). Hockey is played in three twenty-minute periods. The team that hits the most pucks into the opponent's goal wins. The game is played in an ice-covered rink shaped like a rectangle. Wooden walls about three or four feet high surround the rink. At each end is a cage, or goal which the players try to hit the puck into. They hit the pucks with wooden or graphite sticks with curved ends. The puck is a disc-like object made of black rubber. In order to begin the game each player must be appropriately dressed. A hockey uniform consists of a series of pads and a helmet to protect you from the lighting fast pucks, the rock hard ice floor and of Course the aggressive players. The helmet is the most important thing to wear. It protects your head in case of a direct impact like airbags protect your head from hitting the dash in a car. There are many brands and sizes to choose from. The most reliable and well known is a company called "Bauer." The size usually depends on the shape and measurements of your head. The next impo...

My Autobiography Essay

MY AUTOBIOGRAPHY I am Gene Geralde Gonzales, I was born on May 2, 1971 at Baguio City, Philippines. We are seven siblings in the family. I am the seventh child. My mother’s name is Fe Geralde Gonzales, she is from Cebu City and my father’s name is Mario Dy Gonzales, he is from Legaspi, Albay. I took my elementary education as well as my secondary education at Saint Louis School of Campo Filipino located at Naguilian Road Baguio City. I have a happy childhood living with my parents and with my siblings. During weekends, we usually spend our day in the park. And we help each other in our daily activities. My family is a happy and a loving family. During my high school days, I usually spend my free time in the library together with my friends. Our school is exclusively for girls and because of that I find it hard to communicate with the opposite sex. We usually spend our summer vacation in the hometown of my mother, which is located at Minglanilla Cebu City. My hobbies are reading books, biking, watching movies and also cross stitching. I also spend my free time hanging out with my friends. My dream was to become a nurse. I was able to pass the entrance examination given at Saint Louis University and I had my first year as a nursing student. I wasn’t able to pass one of the major subjects. I have to transfer to another school. I had to take a summer class for my back subject at Pines City Educational Center and from that time I continued my studies and graduated in the year 1992 with a Bachelor of Science in Nursing. After graduation, I have my self review and took the exam for Civil Service Professional Level, wherein I was able to pass the exam. By the year 1993, together with my college friends we went to Manila to have our review and took our board exam for nursing. While waiting for the result of the board exam, I worked as a volunteer nurse at Antamok Mines. My interpersonal skills and nursing skills were developed during my stay at Antamok Mines Hospital. After I passed the Board Exam for Nurses, by the year 1994, I worked as a private duty nurse employed by Miss Cheen Tan, wherein I took care of her father, who is 82 years of age and with Parkinson’s disease. I assisted him with his daily activities, give him bath and feed him, and also I make sure to take all his medications in time. My salary as a private duty nurse is not enough to support my family financially so I decided to apply as a caretaker in Taiwan. By March 1996, I went to work in Taiwan. It was my first time to  live away from my family. I had a hard time in adjusting to a new environment, with different culture and dialect as well. After six months, I can communicate with the family members of my employer in Mandarin, their native language and also I can do well with my daily activities especially cooking their Chinese dishes. I worked as a domestic helper and a s a caretaker. My employer has seven family members. I took care of my employer’s mother who is a stroke patient, 87 years of age and a hemiplegic. I assist her to sit in the wheel chair and also give her daily bath. I worked there for three years. My employer wanted me to extend my contract, but unfortunately that time only three years is the maximum unless I changed my passport and use another name. I enjoyed working in Taiwan because my employer treated me not as a domestic helper but as one of their family members. I went back home to Philippines. By January 2001, I applied in Dubai as a private duty nurse, employed by Sheikh Marwan Maktoum Bin Al Maktoum. I worked in a royal family where in I took care of their first child. We are three people looking after her, two registered nurses and one registered midwife. I worked there until December 2004. By February 2005, I was hired to work as trainer at Philippine Caretaker Training Center. It is a training center for females who want to work in Hong Kong, Malaysia and Singapore as a domestic helper. I worked there until June 2006. By July 2006, I took a month course of reflexology at AKSEM Homes Foundation and by August 2006 I worked there as a reflexology therapist until December 2006. On January 1, 2007 I was employed as a trainer at Cebu Asia Training Specialist Inc. located at Dian, Makati City. It was a training center for females who wants to work as a domestic helper for Hong Kong. By September 16, 2007 until October 25, 2011, I worked as a staff nurse in Dar Elhekma Clinic located in Salihia Street, Riyadh Saudi Arabia. After working in Saudi Arabia for 4 years I decided to go home since both of my parents passed away in the same year. I spend my whole life working for my family especially for my parents, because they are sick and they need to take medication for their maintenance. After I came home from Saudi Arabia, with my savings my family house was renovated. I have to work to support myself and my two sisters; by August 13, 2012, I was re-hired as a trainer in Philippine Caretaker Training and Assessment Center Inc. I worked there until June 29, 2013. I resigned because of the poor management; the manager  tends to bring down the staff instead of encouraging them to grow professionally. My plan is to save for my future since I have no family and I am single.

Sexual Harassment By The Gale Encyclopedia Of American Law

Sexual harassment, as defined by the Gale Encyclopedia of American Law is defined as â€Å"unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature that tends to create a hostile or offensive work environment.† An early and extreme case of sexual harassment in the United States was the sexual assault of African American women slaves by their owners, without any form available for legal recourse for the victims. Sexual Harassment wasn’t considered a crime until the Civil Rights Act of 1964 was passed, specifically Title VII, whose main purpose is to protect women from discrimination in the workplace. Unfortunately, Federal Courts didn’t recognize sexual harassment as an actual crime until the late 1970’s with Williams v. Saxbe, when a â€Å"female employee was humiliated and terminated for rejecting the sexual advances of her male supervisor.† Before that case sexual harassment claims were usually regarded as isolated incidents of flirting, and not considered criminal. The Equal Employment Opportunity Commission (EEOC) was also created by the Civil Rights Act, which works to eliminate unlawful employee discrimination. It wasn’t until the 1980’s that the Equal Employment Opportunity Commission started to enforce the act, through stating that sexual harassment is a form of sexual discrimination. As time went on, more amendments and legislation was passed, making it easier to prosecute and also making it safer for people to file claimsShow MoreRelatedSexual Harassment By The Gale Encyclopedia Of American Law1814 Words   |  8 PagesSexual harassment, as defined by the Gale Encyclopedia of American Law is defined as â€Å"unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature that tends to create a hostile or offensive work environment.† An early and extreme case of sexual harassment in the United Sta tes was the sexual assault of African American women slaves by their owners, without any form available for legal recourse for the victims. 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