To capitalize, or not to capitalize - that is the question
WorldCom
Improvements to the Accounting Field
100
The accounting treatment when a company purchases a new building to be used for storing inventory
What is a capitalization
100
The CEO and CFO associated with the WorldCom scandal
Who are Bernard Ebbers and Scott Sullivan
100
Increasing the severity of punishment for misrepresenting the financial statement information
What is Criminal Penalties for Altering Documents (Section 802)
200
Accounting and Legal fees incurred in the course of business
What is an expense
200
The year in which the WorldCom declared bankruptcy
What is 2002
200
Reporting off-balance sheet liabilities, obligations or transactions
What is Disclosures in Periodic Reports (Section 401)
300
Accounting treatment of depreciation on company used vehicles
What is an expense
300
This was passed by U.S. Congress in 2002 shortly after WorldCom declared bankruptcy.
What is the Sarbanes-Oxley Act
300
Requiring senior managers to take responsibility for the accuracy of reports
What is Corporate Responsibility for Financial Reports
400
$20,000 shipping charge associated with a machine being purchased for use in day-to-day operations
What is a capitalization
400
The internal auditor for WorldCom, who was kept busy with time consuming reports and asked not to audit company books because it was duplicating the role of external auditors.
Who is Cynthia Cooper
400
Establishing internal controls and reporting methods on the adequacy of those controls.
What is Management Assessment of Internal Controls (Section 404)