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Creative accounting is a euphemism referring to accounting practices that may follow the letter of the rules of standard accounting practices, but deviate from the spirit of those rules with questionable accounting ethics—specifically distorting results in favor of the "preparers", or the firm that hired the accountant. [1]
Looking back at your financial decisions at a distance, you can often see which ones were wise and which were foolish. However, wouldn't it be nice to see with a clear head if you're making a bad ...
Escalation of commitment, irrational escalation, or sunk cost fallacy, where people justify increased investment in a decision, based on the cumulative prior investment, despite new evidence suggesting that the decision was probably wrong. G. I. Joe fallacy, the tendency to think that knowing about cognitive bias is enough to overcome it. [66]
Image credits: Solamon77 Dogen also had some great tips to share with aspiring bookwriters. He urged them to treat writing like a business. "Writing a book is only part of the equation; marketing ...
Turnover in accounting personnel or other deficiencies in accounting and information processes can create an opportunity for misstatement. As for misappropriation of assets, opportunities are greater in companies with accessible cash or with inventory or other valuable assets, especially if the assets are small or easily removed.
However, “there is no indication that the erroneous accounting accrual entries had any impact on the company’s cash management activities or vendor payments,” according to a statement from ...
The accounting system often influences decisions in unexpected ways”. [7] Particularly, individual expenses will usually not be considered in conjunction with the present value of one’s total wealth; they will be instead considered in the context of two accounts: the current budgetary period (this could be a monthly process due to bills, or ...
At the Defense Finance and Accounting Service (DFAS) superiors ordered accountants to make unsubstantiated change actions and enter false numbers. [5] In the Cleveland DFAS office, unsupported adjustments to make balances agree totaled $1.03 billion in 2010 alone, according to a December 2011 General Accounting Office report. [5]