Financial Shenanigans by Howard Schilit
Financial Shenanigans was written by Howard Schilit. The main objective of the book is to show ways companies can alter their financial accounting reports to reflect a much attractive appearance of their company’s health and growth when indeed that company is running into severe trouble. There are different ways the company can accomplish this and the author gives us “Seven Shenanigans” that companies can change the investor’s point of view towards the performance of the company. Basically, he breaks up each chapter to the particular shenanigan and discusses different techniques for achieving each shenanigan. For example, the author used Priceline.com, Cendant/CUC, AOL, and Xerox to illustrate each shenanigan. Chapter 11 and 12 of the book discusses the analyzing of financial reports and how to use financial databases to discover warning signs. Then there is another chapter on finding shenanigans in the company’s annual 10K report and how to find hints for financial shenanigans.
Financial shenanigan could be defined as actions that purposely distort a company’s financial condition and performance. The Seven Shenanigans are:
1. Recording revenue too soon.
2. Recording bogus revenue.
3. Boosting Income with one time gains.
4. Shifting current expenses to a later or earlier period.
5. Failing to disclose liabilities.
6. Shifting current income to a later period.
7. Shifting future expenses into the current period.
Robertson Davies’ colourful novel “Fifth Business” outlines and describes the development of a lost and emotionally void man, Dunstan Ramsay. This is a man who carries the weight of Paul Dempsters premature birth on his shoulders his entire life. It portrays his quest for self knowledge, happiness, and ultimately fulfilling his role as ‘Fifth Business.’ This would not have accomplished without Liesl, an extremely graceful and intelligent woman imprisoned inside a deformed and gargantuan body. Liesl plays a vital role in Dunstan’s development and psychological rebirth, as she helps him rediscover his body, his emotions, and himself.
"The Myth of The Robber Barons" by Burton W. Folsom, JR. tells a unique story about entrepreneurs in early America. The book portrays big businessmen as being behind America's greatness.
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Around 2 weeks ago we are having a field trip at the Euphrat museum at De Anza college. The theme of the museum exhibition is “Making Space” which have the meaning of valuing an empty space in many form. Looking up at the corner of the hall , I saw a unique panting with a hole shaped of a human. The hole give me a feeling of a free space where people can fit in and do whatever they want. I'm interested and tried to see more clearly. Then I discovered that the painting was called “Tax Collector” and made by Titus Kaphar.
Nickel And Dimed by Barbara Ehrenreich. Why should we be the ones to pay for someone to sit around at home? The answer is one simple word, welfare. There are many reasons why people mooch on welfare, rather than going out and working. The only jobs these people are qualified for are minimum wage jobs.
family and force's Paul to leave the town and create a new image for himself.
Fifth Business by Robertson Davies In the essay Fifth Business, each of the main character traits is developed more and more clearly throughout their lives. Childhood characteristics are evident in the characters of Dustan Ramsay, Percy Boyd Stauton and Paul Dempster. All paranoia, and memories of the town of Deptford resurfaced in each of them after they all had left to start lives on their own. It was childhood that scared or marked them as people and the fact that parents often have influence on children so, there is no question that these characters were definitely influenced by the parents in Deptford.
Jeffrey Reiman, author of The Rich Get Richer and the Poor Get Prison, first published his book in 1979; it is now in its sixth edition, and he has continued to revise it as he keeps up on criminal justice statistics and other trends in the system. Reiman originally wrote his book after teaching for seven years at the School of Justice (formerly the Center for the Administration of Justice), which is a multidisciplinary, criminal justice education program at American University in Washington, D.C. He drew heavily from what he had learned from his colleagues at that university. Reiman is the William Fraser McDowell Professor of Philosophy at American University, where he has taught since 1970. He has written numerous books on political philosophy, criminology, and sociology.
The Millionaire Next Door written by William Danko and Thomas J. Stanley illustrates the misconception of high luxury spenders in wealthy neighborhoods are considered wealthy. This clarifies that American’s who drive expensive cars, and live in lavish homes are not millionaires and financially independent. The authors show the typical millionaire are one that is frugal, and disciplined. Their cars are used, and their suits were purchased at a discount. As we read the book from cover to cover are misconceptions start to fade. The typical millionaire is very frugal in all endeavors and finds the best discounts possible. A budget is implemented daily, monthly, and annually for a typical millionaire. They live by the budget and are goal oriented. Living well below their means is crucial for a millionaire, and discovering ways to allocate time and money more efficiently. The typical millionaire next door is different than the majority of America presumes. Let’s first off mention what it is not. The typical millionaire is surprisingly not the individual with the lavish house worth a million dollars, owning multiple expensive cars, a boat, expensive clothes, and ultimately living lavishly. The individual is frugal and often looks for discounts for consumable goods. The book illustrates the typical millionaire in one simple word: frugal. It is shocking to believe that this is true, but it does make sense. To achieve financial independence is inherently more satisfying and important than accumulating wealth. According to the book the majority of these millionaires portray characteristics of being sacrificial, disciplined, persistent and frugal. In the book it states, “Being frugal is the cornerstone of wealth-building. Yet far too often th...
Erika’s sweet sixteen is today, and her parents bought her a brand new car. She pulls into the school’s parking lot and flaunts about how her parents not only got her a car, but also a trip to Italy. People start to walk away, even some of her best friends. As the day goes on, her friends have not talked to her since morning. Fed up, Erika asks them what is wrong. Kristie, one of her friends, tells her how they cannot stand listening to her talk about her ostentatious gifts anymore. When Erika gets home from school, her mom asks her what is wrong. It is then she realizes what her friends were trying to say and tells her mother she does not want the car anymore. Her mother, astounded, asks why not and gets a reply of money cannot buy friends, nor can it buy happiness. According to “Does Money Buy Happiness,” by Don Peck and Ross Douthat, they disagree with the connection between money and happiness.
The short story, "The Rich Brother," by Tobias Wolff represents the same concept that everyday people all over the world encounter. This portrays how having siblings can be an enormous part of a persons life. The rivalry between siblings is often very competitive, but at the same time similar to magnets. When they are not connected it may seem they are independent and whole, but when examined closely it is obvious they are really relying on each other to function properly. Although Pete and Donald's life are separate and completely different, they are in fact very dependent on each other.
Leinweber, D. J., & Madhava, A. N. (2001). Three hundred years of stock market manipulation. The Journal of Investing, 7-16.
Information on the financial statement can offer an overview of a company’s performance over the past fiscal year. However, gaining crucial investment insights requires financial manipulation that yields financial ratios.
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Sandberg, J., Solomon, D., & Blumenstein, R. (2002, June 27). Accounting Spot-Check Unearthed A Scandal in WorldCom's Books. Retrieved from The Wall Street Journal: http://online.wsj.com/article/SB102512901721030520.html