From the following ledger account balances for the Town of Irving General Fund on June 30, 2006, the end of the town's fiscal year, prepare closing entries:
Estimated revenues 1,600,000
Fund balance reserved for encumbrances 10,000
Appropriations (DR) 1,520,000
Budgetary Fund Balance (DR) 80,000
Estimated Revenues ...
Closing entries from given information provided.
Business and Inaccurate Financial Statements
In part, many corporate scandals center on misleading or inaccurate financial statements (Enron, WorldComm, Global Crossing, and Tycho are examples from 2002 mentioned in Chapter 1). Also, the financial crisis in 2007-08 period included corporate failures in the financial sector and enormous losses for investors. With that said......
1.How do firms manage to mislead investors?
2.Do you feel reforms already enacted (like Sarbanes-Oxley or more recent reforms after the financial crisis) have or will make a major difference explain why?
3. Do you think additional legal or regulatory actions are needed?
Your response should be 300 words or less and include sources cited in apaView Full Posting Details