1. For each scenario, identify the revenue, expense, assets, liability and/ or equity accounts affected by...

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1. For each scenario, identify the revenue, expense, assets, liability and/ or equity accounts affected by reviewing What happened and How they did it: Explain your answer and show the accounting entries where possible.

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Answer 1

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Scam	Asset	Liabilities	Expense	Revenue	Equity
Waste Management scandal	Property Plant & Equipment carrying amount is not correct in books since useful lifes of assets are increased due to that Excess carrying amounts are reflected in books of accounts	Shareholders Class-Action Suit settlement	Depreciation amount not correct because of inflated useful lifes	Reported $1.7 billion to meet Earnings Targets

Enron Scandal		Debts presented as OFF Balance sheet item		Overstated Revenue by recognising entire value of trade as revenue instead of Brokerage fees as revenue	Overstated due to overstatement of Earnings

Worldcam scandal	Inflated Assets by $11 billions		Line costs are capitalised instead of charging to income statement	Over reported Earnings by Passing Inflated Fake revenue Entries & Cpaitalising line costs

Tyco Scandal	Siphoned Cash through Unapproved loans & fraudulent stock sales		Executive bonuses or benefits

Healthsouth				Inflated Earnings by $1.4 billions to meet shareholder expectations	Controls the price of stock by Inflating Earnings

American International group			Deferred Acquisition costs not recorded in timely manner	Loans are recorded as Revenue

Lehman Brothers	Inflated Cash of $50 billion by allegedly selling Toxic Assets			$50 billions recognised as sales instead of loan

Satyam Scam	Overstated cash and bank balance & Debtors balance	Understaed liabilities on accounts of funds arrange by Raju		Fictitious - Revenue,invoices, Interest income, Foreign Exchange Gain recorded

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