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what is going concern assumption?
Going concern assumption: An accounting guideline which allows the readers of financial statements to assume that the company will continue on long enough to carry out its objectives and commitments. [ In other words, the accountants believe that the company will not liquidate in the near future. This assumption also provides some justification for accountants to follow the cost principle. ]
Expert answered|jeifunk|Points 9798|
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Asked 5/30/2013 3:59:50 PM
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what are the social responsibilies of xerox corporation
Weegy: here are the social responsibilities of Xerox corporation. Joseph McGuire, in 1963, stated that “social responsibilities supposes that the corporation has not only economic and legal obligations, but also certain responsibilities to society”. [ It means that Xerox as a manufacturer, “plays an important role in influencing the sustainability of our environment”. (xerox.com, 2007) Source: ( ] (More)
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Asked 5/25/2013 4:48:48 PM
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what accounting principle did xerox violate?
Weegy: Xeros violated the generally accepted accounting principles (GAAP). (More)
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Asked 5/26/2013 1:49:49 PM
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what were the internal control problems of Xerox and accounting?
Weegy: The Security Exchange Commission requests ts that Xerox be enjoined from further violations of the antifraud and other provisions of the federal securities laws as alleged herein, [ that it be required to restate its financial results for the periods 1997 through 2000, that it pay a monetary penalty, and that its Board of Directors appoint a special committee of outside directors that shall retain a qualified consultant, not unacceptable to the Commission, to review the company's internal accounting controls and policies. ] (More)
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Asked 5/28/2013 6:22:39 PM
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what were the internal control problems with Xerox and its accounting management?
Weegy: The actions taken by XMEX personnel represented a substantial and widespread breakdown of Xerox's internal controls at XMEX.Enter an order requiring Xerox's Board of Directors to appoint a special committee comprised entirely of outside directors [ which, within 30 days after the entry of such order, shall retain a qualified consultant, not unacceptable to the Commission, to perform a complete review of Xerox's material internal accounting controls and policies. Within 180 days after appointment, the consultant shall complete its review and submit to the committee a report fully documenting the findings of its review and proposing recommendations. Within 60 days after receipt of the consultant's report, the committee shall submit the report to Xerox's Board of Directors, as well as to the Commission, and within 60 days thereafter, the Board of Directors shall report to the Commission the decisions taken as a result of the consultant's proposed recommendations. ] (More)
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Asked 5/28/2013 7:22:20 PM
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identify the internal control problems with Xerox and its accounting management?
Weegy: Relying on what it called "one-time actions," "one-offs," "accounting opportunities" and "accounting tricks" to achieve earnings targets that it otherwise could not have met, [ Xerox falsely portrayed itself as a business meeting its competitive challenges and increasing its earnings every quarter. Many of these accounting actions violated the established standards of generally accepted accounting principles ("GAAP"). All of them should have been disclosed to investors in a timely fashion because, singly and collectively, they constituted a significant departure from Xerox's past accounting practices and misled investors about the quality of the earnings being reported. The accounting actions improved Xerox's earnings, revenues and margins in each quarter and year during 1997 through 2000, and allowed Xerox to meet or exceed Wall ] (More)
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Asked 5/28/2013 7:38:51 PM
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