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Worldcom scandal case study pdf

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The WorldCom scandal was one of the most shocking and widespread frauds to rock Wall Street in a generation. WorldCom carried out the fraudulent accounting through the machinations of upper management. To grasp how the events happened, you'll need to understand how Chief Financial Officer CFO Scott Sullivan treated capital expenditures and expenses and understand the accrual accounting method, which is a basic principle of accounting. When a business incurs an expense, certain accounting rules state that the cost of that expense should be allocated over the entire period it will benefit the company.
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Case Study: WorldCom Accounting Scandal

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Accounting Fraud at WorldCom - Case - Faculty & Research - Harvard Business School

On July 19, the Company was forced to file for Chapter 11 bankruptcy and seek protection from its creditors. Amidst the string of SEC investigation into telecommunication companies, emerged a hero, Cynthia Cooper, whose careful detective work as an internal auditor at WorldCom exposed some of the accounting irregularities behind the greatest accounting fraud in U. Whistleblowing has emerged as a valuable tool for internal corporate monitoring, although the social repercussions often deter employees from reporting such frauds. From its humble beginnings as an obscure long distance telephone company based in Hattiesbrug, Mississippi the idea behind WorldCom emerged from a coffee shop collaboration of businessmen Murray Wladron, William Rector, and Bernie Ebbers who would later be appointed CEO.
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WorldCom Case Study WorldCom Case Study 1

These costs were fixed monthly payments for the use of lines, regardless of whether the WorldCom or its customers used those lines or not. Capitalized expenditures are booked as assets. In the balance sheet of WorldCom, capitalized line costs must be seen under the transmission.
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