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The WorldCom Accounting Scandal

- The WorldCom Scandal   Contents Key elements at WorldCom………………………………………………………………………3 Corporate Governance Issues at WorldCom…………………………………………….........4 UK Corporate Governance...................................................................................…...5, 6 Conclusion………………………………………………………………………………………… 6 References………………………………………………………………………………………….7   Key Elements at WorldCom WorldCom began as a small provider of long distance telephone service. During the 1990s, the firm made a series of acquisitions of other telecommunications firms that boosted its reported revenues from $154 million in 1990 to $39.2 billion in 2001 (Lyke and Jickling, 2002)....   [tags: WorldCom ]

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Worldcom Accounting Scandal

- It has been noticed that during the accounting scandal of WorldCom, journal entries in the amount of $150 million and $771 million, respectively, were made by two General Accounting employees – Dan Renfroe and Angela Walter—without detailed support. Although, this was not out of the ordinary at WorldCom, this is not a correct accounting practice as it is against the basic principles of bookkeeping and accounting. This is because detailed support in the form of documentation is the key element in providing support to a journal entry and explains the reason or purpose why the journal entry was created in the first place....   [tags: Worldcom Accounting Fraud]

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Worldcom Merger Of Worldcom And Mci

- WorldCom started as a small long distance telephone service provider in 1983. In the 1990’s, companies were able to attain cheap and plentiful financing. This allowed them to quickly build transcontinental and transoceanic fiber optic networks. This allowed the company to grow financially and increase its customer base. In 1997, WorldCom merged with MCI Communications to become the second largest long distance telephone service behind AT&T. The merger of WorldCom and MCI was the largest corporate merger in US history at that time....   [tags: Financial audit, Audit, MCI Inc.]

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The Case of WorldCom

- Equal Pay for Equal Work Ethics has been around since the first humans could understand the concept of right and wrong. More specifically in accounting the most ethical decision doesn’t always produce the most outcomes for a company. For example, falsifying documents or information to improve the overall image of the company to the public. For this reason one can see why someone might be tempted to this type of unethical behavior. WorldCom can be the perfect example of what can go wrong when these types of behaviors are going on within a business....   [tags: business ethics, scandals]

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A Look Inside The WorldCom Scandal

- WorldCom was the ultimate success story among telecommunications companies. Bernard Ebbers took the reigns as CEO in 1985 and turned the company into a highly profitable one, at least on the outside. In 2002, Ebbers resigned, WorldCom admitted fraud and the company declared bankruptcy (Noe, Hollenbeck, Gerhart, &Wright 2007). The company was at the heart of one of the biggest accounting frauds seen in the United States. The demise of this telecommunications monster can be accredited to many factors including their aggressive-defensive organizational culture based on power and the bullying tactics that they employed....   [tags: Business Fraud]

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The Accounting Fraud At Worldcom

- From the time of WorldCom’s inception there always seemed to be a tradition in management as if the company was only 100 or so employees. There was a “good old boys” mentality among the limited few running the company and if you were outside that circle then were told only what they wanted you to hear. An unspoken rule among employees was to do what you were told without questions or risk the consequences. One example of this situation occurred when senior management member Gene Morse told an employee “If you show those damn numbers to the f****ing auditors, I’ll throw you out the window” (Kaplan, R.S., & Kiron, D., 2007, p....   [tags: Critical Thinking Essays]

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Case Study : Worldcom Inc.

- WorldCom Inc. was US based telecommunication company started as Long Distance Discount Service Inc. It was found in 1983 in Jackson, Mississippi. It became globally famous after “the fraud of the century” has been discovered. Two basic accounting frauds in WorldCom case took place: • Inflated revenue • Misclassification of expenses: large portion off expenses, which were related to building out the telecom system, were treated as capital expenses. Such misclassification allowed to increase significantly the company’s EBITDA....   [tags: Audit, Auditing, Internal audit, Internal control]

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Remembering the Frauds at Enron and WorldCom

- "This is why the market keeps going down every day - investors don't know who to trust," said Brett Trueman, an accounting professor from the University of California-Berkeley's Haas School of Business. As these things come out, it just continues to build up"(CBS MarketWatch, Hancock). The memories of the Frauds at Enron and WorldCom still haunt many investors. There have been many accounting scandals in the United States history. The Enron and the WorldCom accounting fraud affected thousands of people and it caused many changes in the rules and regulation of the corporate world....   [tags: corporate financial scandals]

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Business Analysis: WorldCom Inc.

- Imagine if you would, being a brand new business school graduate and being offered the opportunity to work for one of the largest and most prestigious company in the United States. Not only that, at WorldCom, you may be "granted compensation beyond the company's approval salary and bonus guidelines."(Kaplan & Kiron, p. 3) If you are exceeding more talented, you could be like the CEO who "in addition to his full-time job [...] was managing several unrelated businesses."(Kaplan & Kiron 2007, p. 11) It is fair to say that a majority of job seekers, to say the least, would jump at the opportunity to perform in that role and within that culture of aggressive performance and rewards....   [tags: Business Analysis ]

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WorldCom Fraud Case

- In 1983, while in a small coffee shop in Hattiesburg Mississippi, Bernard Ebbers developed the business concept that would eventually become the second largest long distance telephone company in the United States, WorldCom (Romar and Calkins). In 2002, the company that Bernard Ebbers grew from the ground up declared the largest bankruptcy in United States history. The unethical and illegal accounting treatments that WorldCom participated in eventually led to the demise of the company and a new company, MCI, rising from the rubble of what was WorldCom....   [tags: Case Study, solution]

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Your search returned 250 essays for "worldcom":
1  2  3  4  5  6  7  8  9   …  25    Next >>