The multifaceted accounting design that the Linbarger Company faces is that it can't have the capacity to comply with the guarantees they made to the insurance agency. Because it associated with management of cash, the cash flow and the planning and management of the money. The Linbearger Company is unable to comply with the loan agreement made with the insurance company because their cash account balance is below the agreed amount (Cernuşca & Gomoi, 2015). The company should have considered an alternative, for example, short-term cash funding so that they could be all set on time. The company cannot raise the minimum amount they had agreed with the insurance company, breaching one of the principles of insurance-utmost good faith. This has …show more content…
As the credit was being conceded to the organization, there were contracts marked, and trustworthiness was a vital issue. The organization consented to cite the base of $200,000. On the off chance that there isn't sufficient money to report, it doesn't intend to begin concocting figures or broadening dates. This is losing respectability to the organization, all the more so when the insurance agency understands this. Trustworthiness ought to be kept up in each business exchange at all cost, independent of the …show more content…
To start with, I will rupture my trustworthiness. I will never again be trusted at whatever point genuinely will be required since I have a record of the exploitative business exchange. All the more thus, the organization is put at the most noteworthy hazard. Whichever the condition, the insurance agency will at present understand that this month, the organization had neglected to raise the sum expected of them, since they too do their reviewing. By defaulting on the credit, will implies the organization can be shut as expressed by the budgetary VP. Conclusion of the organization will state the representatives will lose their
In addition, by deciding not to inform the limited partners of Ed’s deceit, Andrea would be disregarding the American Institute of Certified Public Accountants Code of Professional Conduct in her being unreliable, dishonest and deceitful. Andrea has the responsibility of protecting her client, which involves encouraging the correction of financial statements in order to prevent suspicion during audits that could lead to fines and imprisonment.
In the second year of business at Golf Challenge Corporation the company is struggling. The cost of their inventory is rising, and they are in grave danger of losing their bank loan (their prime source of financing) due to not meeting the required financial ratios agreed and set forth by the bank at the time the loan was given. The owner comes up with a solution, and figures that instead of using Last in-First out (LIFO) the company can use First in-First Out inventory cost system (FIFO) and meet their required financial ratios set forth by the bank. Ultimately, Golf Challenge Corporation should not submit documents to the bank using FIFO as opposed to their previous system LIFO in order to meet the bank requirements
There are several transgressions done upon an innocent civilian named Kalief Browder. The justice system failed him; he faced eight different judges and yet none were able to prove his innocence, violated his Sixth Amendment, and the system robbed him of his well-being that it eventually led to severe implications such as the PTSD Browder is experiencing.
The Fruitvale Branch of Manzana Insurance is experiencing loss of business due to late renewals, and long lead times on new policies and quotes. These problems have created an opportunity for a competitor to take market share. Incorrect interpretation of company income for new policy versus policy renewals has placed an overemphasis on new policies that is causing loss of profitability.
Rousmaniere, Peter. “Facing a tough situation.” Risk & Insurance 17.7 (June 2006): 24-25. Expanded Academic ASAP. Web. 23 March 2011.
Butler was one of many to be accused of a crime he didn’t commit. In 1993, a woman got
Lets put ourselves into the shoes of a London resident, shall we? Walking down the road, a fellow civilian begins a conversation with us, soon inquiring on the area which we reside. Simple question, correct? Wrong. Throughout London there has remained a divide between East and West London since the Victorian Era. West side London remains blessed with the reputation of maintaining a family-friendly, uppity, and wealthy neighborhood; while the East side has remained notorious for it’s more difficult and not-so-friendly areas filled with crime. East London has had a rather negative reputation for decades at this point, and can generally be recognized as the half of London containing the working class people residing in poor suburban areas. In contrast to the East, West London depicts the glorious scenery that all people imagine after watching a film which is set in England. The department stores surrounding pristine apartment buildings, all centralized around gorgeous green
One way Greater Providence Deposit & Trust may improve their its loan review procedures at bank headquarters to minimize its fraud risk is to acquire a computer services arrangement at the headquarters, not at a neighboring bank or a bank out-of-state. This system should notify bank officials if a loan has been granted without a credit report or above the lending officer’s lending limit. These loans should then be examined by the internal auditors for fraud and unless there was prior approval to grant these loans; the lending officers should face consequences.
...company workers being affected by the financial crisis. We don’t want to point fingers here only assess the ethical dilemmas that these companies face. Subjective human judgment opens up for the possibility of undesirable human biases and manipulation. However, with or without human judgment, financial models of credit risk are subject to manipulation, both legally and fraudulently.
Li and Fung, a Chinese company founded in 1906 has been experiencing high growth rates due to a series of acquisitions and the offer of a wide range of services in the whole elements of the supply chain (from raw material till finished goods). Recently the question its managers have to deal is how to face the challenges posed by the internet, more specifically, its lifung.com (after was renamed studiodirect.com) internet site. This company was an extension of its brick and mortar operations allowing the company to enter the SME (Small and Medium Enterprises) market.
Once you entered the world of accounting there are lots of responsibilities and difficulties you may face and encounter. In this case, there are times where we can't avoid malpractices in accounting which may affect an individual and an organization. The researchers chose this topic because they wanted to know more regarding this topic and being an accounting student they may encounter some related situations in the future. The researchers know that this topic must be considered for the good of the people involves in the field of accounting. If this topic will been studied it can give the people in the business some information that can help them to avoid and prevent accounting malpractices.
The financial situations of the company should be closely monitored. All the creditors especially the banks should deeply understand the account status of the company before granting loans and financial solutions to them. This will not only allow the creditors/banks to protect their own resources and financial systems but also prevent the company from spending more than its earnings, and hence from bankruptcy or insolvency.
guideline. This essay will right the wrong done to the author and restore his credit.
The New York Times’ recent article, “Lyft’s John Zimmer on Empowering Others to Help them Grow” interviewed Lyft’s president, John Zimmer on how he’s been able to create and run a successful company. Zimmer talks about his life and work experiences have heavily influenced his process of being an entrepreneur. Zimmer’s summer job working at a Hyatt hotel, and growing up in a highly materialistic environment have created experiences that have been very applicable to his new job. Lyft is a ride-hailing service that has grown very quickly, starting off with only 30 drivers, and now has over 1,700 drivers. Although there are other existing competitors such as Uber and Curb, Zimmer said that the only thing he can do is to focus on the values of the
However, sometimes, a good reputation can quickly turn negative, just like in the case of today’s Uber, which is totally different from the Uber that took us by storm a few years ago by reshaping the taxi industry. Based on the above, I would ‘’want to be insured by a company that is willing to allow the benefit of any doubt’’ ( DF Unit 7