Title: overview of accounting
|Date:||December 22, 2006|
|Length:||2 / 484|
|No of views:||0|
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This was not the case for a company called Enron.
The energy company called Enron was doing supposedly doing great in 2000, with a claimed revenue of $111 billion. However in the end of 2001, the company posted a $618 million loss, and the company surfaced as a fraud and thus began the investigation by the Securities and Exchange Commission...
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By the end of 2001, Enron filed for bankruptcy, 5,600 employees lost their jobs, and an investigation of the Enron founder, CEO, and other high ups began.
As we can see from this example and other companies in the news today that the ethical reporting of accounting numbers is important...
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