Unethical Behavior in Accounting free essay sample

Accounting could best be described as a type of mechanism or language put in place in order to provide information with regards to the financial position of an organization or business. This type of information is critical to investors as it provides them with important and detailed information that could turn out to be the determining factor as to their decisions to invest or not to invest in a particular organization. Therefore, it is not uncommon to find unethical behavior in accounting as unethical practices come in different forms. Different situations that might lead to unethical practices in accounting include: †¢Misleading financial analysis in order to obtain personal gains †¢Misuse of funds †¢Exaggerating revenue †¢Purposely providing erroneous information in regards to expenses †¢Exaggerating the value of corporate assets †¢Purposely providing erroneous information in regards to liabilities †¢Securities fraud †¢Bribery Manipulation of financial markets †¢Inside trading Two examples of unethical practices in accounting are those of the 2002 Enron / Andersen and the WorldCom scandal. We will write a custom essay sample on Unethical Behavior in Accounting or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Both of these companies were involved in unethical accounting practices. While Enron was accused of a vast number of shady dealings that included concealing debts in order keep them from being reflected on the company’s accounts, WorldCom’s accounting practices were so fraudulent that the company was led into the largest bankruptcy in history. Unethical accounting practices and scandals of the caliber of the Enron / Andersen and the WorldCom scandals is what led the U. S. government to get involved and at the same time contributed to the government’s creation of the Sarbanes – Oxley Act of 2002. The Sarbanes – Oxley Act was created by the government with the intention to bring to an end unethical behavior by implementing strict auditing rules in accounting. However, the Sarbanes-Oxley Act of 2002 addresses problems in the private sector; it does not address concerns in the public sector. The act has a noticeable impact on financial statements and it is to the benefit of investors, as the Sarbanes – Oxley act helps protect investors by forcing firms to disclose accurate information in regards to corporate disclosure, specifically that of financial statements.

The eNotes Blog The AlgonquinMarriott

The AlgonquinMarriott This week it was announced that the infamous Algonquin Hotel has been purchased by the Marriott hotel chain. In June of 1919, a group of writers,  critics,   journalists, and actors- among them, Dorothy Parker, Robert Benchley, Edna Ferber,   Alexander Woollcott, and  Harpo Marx- began meeting for lunch at the Algonquin Hotel.  The hotel was a short distance from the offices of The  New Yorker where many of the members worked. Jokingly, the members coined themselves The Vicious Circle, as they delighted in gossiping about and criticizing fellow artists. They did indeed meet at a round table for their banter and cooperated on projects there together.  The group members contributed to hit plays (No Sirree! by Robert Benchley), wrote best-selling books, and popular newspaper articles. Dorothy Parker, perhaps the groups most-often quoted member, coined many of her most memorable jabs while in session at the Algonquin Roundtable: This is not a novel to be tossed aside lightly. It should be thrown with great force. If all the girls who attended the Yale prom were laid end to end, I wouldnt be a bit surprised. If you want to know what God thinks of money, just look at the people he gave it to. There were those who did not support the group.  A number of writers found the Vicious Circle far too mean-spirited. The noted critic H. L. Mencken once commented to writer Anita Loos that their ideals were those of a vaudeville actor, one who is extremely in the know and inordinately trashy.   Groucho Marx was not a fan either.  The price of admission is a serpents tongue and a half-concealed stiletto, he said. Despite its detractors, the gatherings lasted for nearly ten years.   However, by 1929, the  members had largely disbanded. Edna Ferber realized it was truly over when she arrived one day in 1932 and found a family from Kansas lunching at their table. The group split up, but its fame remained. As for the Algonquin, the management remained committed to supporting writers. Alan Jay Lerner and Frederick Loewe composed My Fair Lady while staying at the Algonquin, even though it is said that some guests complained about the noise. Will the Algonquin Marriott maintain its committment to supporting the arts? It remains to be seen.   There is a sign that perhaps they will continue the tradition, however. All guests at the hotel are  offered an Amazon Kindle, preloaded with the book of their choice.