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Essay / Research Paper Abstract
This 12-page paper examines the financials fraud perpetrated by WorldCom, Tyco, Adelphia and ZZZZ Best. Bibliography lists 7 sources.
Page Count:
12 pages (~225 words per page)
File: D0_MTacctfrau.rtf
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Unformatted sample text from the term paper:
was experiencing something similar. But back then, it wasnt an overactive housing market and undisciplined banks that were causing the problems. Rather, it was corporations, their undisciplined leaders, and ready
accounting and auditing followers that were causing the problems. Launched, it seems, by Enron, the financial fiascos of WorldCom, Tyco and Adelphia caused
the stock market to undergo wild gyrations, ended up stealing investors portfolio value almost overnight and depleting nest eggs of employees. In the case of Adelphia, it ended up in
the collapse of the firm, while WorldCom ended up having to declare bankruptcy to get its house in order once again. Nor was
it just the early 2000s that saw huge undisciplined moves when it came to accounting. During the late 1980s, wunderkind Barry Minkow, founder of ZZZZ Best, a carpet cleaning and
restoration company that Wall Street loved, also collapsed, the result of a Ponzi scheme that paid early investors with cash kicked in from later investors. In other words, what Bernie
Madoff did wasnt new. The difference, however, is that Minkow is attempting to repent for what he did. The point of all of
this was that the collapse of these companies came down to the financials. The purpose of financial accounting is to develop reports that describe the health of companies, so as
to give stakeholders a clear vision of where the corporation stands. The problem is, with the accounting scandals mentioned above, these companies were given clean bills of health from a
financial standpoint because of blatant fraud. In this paper, well examine what got the companies into hot water from an accounting standpoint,
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