March 2018
Intermediate to advanced
504 pages
14h 36m
English
Content preview from Financial Accounting for Managers, 3rd Edition
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15
Financial Shenanigans
CHAPTER OBJECTIVES
This chapter will help the readers to:
- Understand the regulatory framework in place to ensure that the financial statements are reliable.
- Appreciate the accounting areas where managerial discretion is available.
- Develop familiarity with the common areas of creative accounting.
- Dissect some of the infamous accounting scams of recent times.
- Apply techniques to detect financial shenanigans.
- Appreciate the need for ethics in accounting.
15.1 INTRODUCTION
As discussed in Chapter 1, the accounting information is prepared by the management and used by a large number of stakeholders for taking economic decisions. The end result of the accounting cycle, i.e., the three key financial statements—balance ...
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