Crazy Eddie, Inc. was established in 1969 by Eddie Antar who was a 21 year old high school dropout from Brooklyn. The company became a market leader in the retail consumer electronics business in a short span of 18 years. It had a total turnover of more than $350 million and a collective market value of $600 million by 1987. Crazy Eddie’s empire soon collapsed when a major financial scandal was uncovered at the end of 1987. Eddie Antar and his associates were found to be fraudulently involved in the overstatement of inventory and profits and the understatement ...
Essays on Overstatement
7 samples on this topic
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An Accounting Investigation after the UK based super market restated its profits
Issue: Tesco restated its accounts due to overstatement of earnings and an accounting investigation is looking into the matters. The company is unable to account for its problems as well as its earnings.
Synopsis: UK based super market chain Tesco restated its accounts last month due to overstatement of profits by $250 million in the half yearly reports. After the profits were slashed and the dividend cut off, the company had suspended 4 of its senior level executives to delve further in the matter. Now the UK based firm is unable to account for its own problems. It can ...
Intelligence Failure: The Iraq War
Introduction Failure in a country’s Intelligence system often leads to devastating outcomes. The Americans and the British experienced Intelligence failure concerning the issue of Iraq’s Weapons of Mass Destruction (WMD). This failure came up in diverse forms that would have made it difficult to realize that there was a problem within the Intelligence system. Even so, several lessons were learnt from the intelligence failure thus prompting the US government to make certain changes that would be beneficial to the country in the long run.
According to Mockaitis (2012), the intelligence shortcomings mainly arose from the fact that there ...
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ORDER AN ESSAYFraud is an intentional action to do something that is illegal or unethical. It is done to cause damage to the receiving party. Many a times fraud is also done to gain something which could be money or inside information or knowledge. Fraud is a criminal offence. It cannot be justified. Many companies have gone through the fraud and there have been cases where the fraudster has been punished. Revenue fraud is a type of fraud which affects the revenues of a company. It is done to manipulate the accounts and earn profits. Simply overstating or manipulating the revenues can cause a revenue ...
There are only two forms of inventory errors that can be found in the financial statements. One is understatement of the inventory available, and the other is overstatement of the inventory available. These errors effect both the income statement (profit and loss account) and statement of financial position (balance sheet) of a company. An overstatement of inventory will reduce the cost of sales. It will show that less inventory has been used up in generating the sales for a fiscal year or an accounting period. This will show the wrong increase in the gross profit of the company, and ultimately ...
Tesco, one of the largest supermarkets in the United Kingdom is facing an accounting probe amid an overstatements of profit by $250m. The company is under scrutiny and is required to update with its interim results. Under this probe, the company has asked its employees to step aside. The record has been eight employees who were asked to stay out of Tesco. The employees hold a senior level position in the company. The purpose of this action was to carry out a full and true investigation into the probe. The company also beefed up the Board with new directors for different ...
How this scenario relates to an area of law taught in Introduction to Business Law
The tort of negligence is the area of law which this scenario relates to. LMS has threatened to seek legal action against Chuan & Associates to recover damages for the harm suffered because of the approval of financial statements which had material misstatements by the audit firm. Everything 4 Less Limited (E4L) acquisition was a decision based on the information contained in those financial statements and LMS suffered financial loss by relying on them. The statements had overstated the value of the company’s inventories, and this had increased the value of the company during the bid and subsequent acquisition.
The legally important facts in the scenario
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