Papers on "Financial Scandal at WorldCom" and similar term paper topics
Paper #096569 ::
Financial Scandal at WorldCom
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An analysis of the events leading up to the financial debacle and fraud, involving the telecommunications company, WorldCom.
Written in 2007; 770 words; 3 sources; MLA;
$ 27.95
Paper Summary:
This paper discusses the financial debacle that resulted in the collapse of the telecommunications company, WorldCom in the United States. The paper describes the successes and growth of the company and then discusses the factors and events that led up to the scandal. It then discusses, briefly, the influences and people behind the fraud.
Table of Contents:
Worldcom: An Introduction
The Facts And How The Scandal Came Into Being
What Where The Influences, The People Behind The Fraud?
From the Paper:
"From an accounting perspective, this meant that WorldCom could spread the costs of such fictional investment expenses over a number of years, instead of having to account for these outlays on a regular basis as expenditures that detracted from its profit margin. This made WorldCom's profits look much greater than they were in comparison to its telecommunications rivals, had the figures been computed accurately, like other, competitor firms. Thus, the company seemed much more attractive to investors, because of this artificially inflated profit margin. In fact, instead of making a $1.3 billion profit, as it claimed in 2002, WorldCom was actually in the red rather than in the black, if its sales figures and company expenditures were computed by legal, conventional methods of accounting. ("WorldCom: Why it matters," 2002, BBC News)"
Tags:
audit corporate profits
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