Enron Questionable Accounting History - 1364 Words

Enron: Questionable Accounting Leads to Collapse Enron, a provider of natural gas, electricity, and communications began when two large gas pipeline companies merged together in 1985. CEO Jeffrey Skilling, CFO Andrew Fastow, and Chairman Ken Lay worked diligently throughout the 1990s to build the company to be the largest most successful of its time. Having its name in Wall Street was becoming a norm for the company as it grew beyond all hopes and expectations. The company had become unstoppable as shares increased and partnerships became stronger. Believing so much in the company Business Ethics states, â€Å"Jeffrey Skilling went so far as to tell utility executives at a conference he was going to â€Å"eat their lunch† (Farrell, Fraedrich,†¦show more content†¦Business Insider states,† After his Enron retirement became worthless, Maddox and his wife Phyllis had to lease their suburban Houston home and move to an old family farmhouse in the East Texas town of Van. They also went back to work. Phyllis Maddox, a retired teacher, became a substitute teacher while her husband mowed lawns and pastures.† The reality that came soon after the company collapsed was not only felt by shareholders but by hardworking Americans as well. The loss of retirement funds set many individuals back and left them with literally nothing in return for so many prior years of hard work. Ways Enron’s bankers, auditors, and attorneys contributed to Enron’s demise. The Economist states, â€Å"In America, well-policed stock markets, fearsome regulators at the Securities and Exchange Commission (SEC), stern accounting standards in the form of generally accepted accounting principles (GAAP), and the perceived audit skills of the big five accounting firms, have long been seen as crucial to the biggest, most liquid and most admired capital markets in the world.† The controversial subject of who is to blame for Enron’s fraud able to stay hidden for such an extended amount of time is distributed among three top employees mentioned along with other close working individuals from other companies. The ways auditors, attorneys, and bankers contributed is by their lack of concern and ability to convince themselves the fraud was truly not happening among one ofShow MoreRelatedEnron And Its Impact On Corporate Business Practices1124 Words   |  5 PagesEnron Enron is a company infamous for one of the largest scandals in American corporate history. Over twenty thousand employees and thousands of outside investors had billions of dollars worth of shares in the company that positioned the company to be valuated at about 70 billion dollars with shares trading at about 90 dollars a share in 2001. However, from August to November 2001 Enron s stock value dropped to $0.26, and those who had invested in Enron lost billions of dollars within a coupleRead MoreThe Rise and Fall of Enron1532 Words   |  6 PagesMost of the world has heard of Enron, the American, mega-energy company that â€Å"cooked their books† ( ) and cost their investors billions of dollars in lost earnings and retirement funds. While much of the controversy surrounding the Enron scandal focused on the losses of investors, unethical practices of executives and questionable accounting tactics, there were many others within close proximity to the turmoil. It begs the question- who was really at fault and what has been done to prevent it fromRead MoreEssay about Enron: Who was at fault?1664 Words   |  7 PagesMost of the world has heard of Enron, the American, mega-energy company that â€Å"cooked† their books (Gupta, Weirich Turner, 2013) and cost their investors billions of dollars in lost earnings and retirement funds. While much of the controversy surrounding the Enron scandal focused on the l osses of investors, unethical practices of executives and questionable accounting tactics, there were many others within close proximity to the turmoil. It begs the question- who was really at fault and what hasRead MoreThe Rise And Fall Of Enron1008 Words   |  5 PagesIntroduction Enron began as an energy company in 1985. After the deregulation of oil and gas in the U.S., Enron lost its’ exclusive rights to natural gas pipelines. The CEO, Kenneth Lay then hired a consulting firm to reinvent the company in order to make up lost profits. He hired Jeffery Skilling, who was in banking, specifically; asset and liability management. Under the topic â€Å"The Beginning Presages the End†, C. William Thomas (2002) writes: â€Å"Thanks to the young consultant, the company createdRead MoreThe Smartest Guys Of The Room, Or The Most Unethical?1723 Words   |  7 Pagesscandals from ethical misconduct within Enron, the proper course of action was once questionable, but now revealed. Nevertheless, organizations continue to struggle with moral decision-making on a daily basis as they consider the cost of making such decisions. Throughout this paper, I will discuss the key components of the ethical decision making process, the connection between Enron, an d personal experience of making ethical decisions from employment history. Ethics are extremely importantRead MoreEssay on Analysis of the Enron/Arthur Anderson Scandal1558 Words   |  7 PagesEnron and Arthur Anderson were both giants in their own industry. Enron, a Texas based company in the energy trading business, was expanding rapidly in both domestic and global markets. Arthur Anderson, LLC. (Anderson), based out of Chicago, was well established as one of the big five accounting firms. But the means by which they achieved this status became questionable and eventually contributed to their demise. Enron used what if often referred to as â€Å"creative† accounting methods, this resultedRead MoreNorthern Natural Gas Company Management1225 Words   |  5 Pages Enron Corporation was once known as Northern Natural Gas Company, Founded in 1932 in Omaha, Nebraska as a provider of natural gas. Through its early stages, Northern Natural Gas Company was unsuccessful in their business venture. They experienced problems in persuading consumers to use natural gas to heat their homes because of fear that natural gas leaks lead to explosions. Thanks to the great depression, many people were taking the risk because of how relatively cheap natural gas was. As theRead MoreEnron Corporation: An Electivity and Natural Gas Company1621 Words   |  7 PagesEnron Corporation was formed in 1985 when Houston Natural Gas merged with InterNorth to create an electricity and natural gas company that would eventually become Enron. After Houston Natural Gas merged with InterNorth, the former chairman of Houston Natural Gas, Kenneth Lay, was appointed as CEO of Enron. The Chief Executive Officer of Enron, Kenneth Lay’s ultimate goal was to make Enron â€Å"the world’s greatest company,† but unfortunately he failed to achieve his goal. During the 1990s, Enron wasRead MoreThe Ethics Of Enron Oxley Act1309 Words   |  6 PagesThe Houston based c orporation of Enron was once considered a top company, until its demise from a complex accounting scheme. The company that was forced to declare bankruptcy and lay off many employees; also resulted in thousands of others losing a significant portion of their retirement funds that were invested in the company’s stock (Ferrell, Fraedrich, Ferrell, 2013). Additionally, the perceived scandal propagated concern of accounting practices of corporations and initiated new reporting practicesRead MoreOrganizational Culture, Management Philosophy And Ethics999 Words   |  4 Pagesorganization; from operations, marketing, and, accounting. No matter the size, industry or level of profitability of an organization, business ethics are one of the most important aspects of long-term success. According to Webster’s dictionary, ethics can be defined as the â€Å"rules of behavior based on ideas about what is morally good and bad† these rules influence every aspect of our societ y (Investopedia, N.D.) (Webster’s, N.D.). While sometimes overlooked, accounting plays a large role in many organizations

What Does The Fracking Process - 2769 Words

Unconventional in terms of oil and gas simply means low permeability rock where the pores are poorly linked thereby making it difficult for oil and gas to move through the rock. The development of unconventional reservoirs provides new challenges that might be overcome with new techniques and approaches This has radically changed perceptions of gas supply availability in the US and elsewhere by originating a revolution in the global gas markets. The revolution was made possible through advanced technological extraction of using a mixture of water sand and chemicals to fracture rock layers. These techniques have been known since the 1950’s but were only became fruitful in the 1990’s by producing shale gas in commercial quantity. Shale gas has been referred to as the future of gas supply with greater potential. However, it has been stated the fracking process can pollute ground water leading to environmental degradation. Thus the revolution has shown and given room for new innovations in the industry and created competitive, fair and equal chance of succeeding for other Countries that intend to adopt the pattern. It has been argued that Conventional oil production has reached its peak and is now on a terminal, global decline however, it must be noted that oil is not finishing anytime soon but certain forms of it are being experimented in terms of chemicals, geography, geological and economically. Others allege the era of oil is coming to an end. But certainly notShow MoreRelatedFracking Should Not Be Banned1526 Words   |  7 PagesFracking is a pressurized, chemically treated mixture of water and sand used to release and extract natural gas and petroleum from shale rock. The process involves a well drilled vertically to the desired depth, then turns ninety degrees and continues horizontally for thousands of feet into the shale believed to contain the trapped natural gas. A mix of water, sand, and various chemicals are pumped into the well at high pressure in order to create fissures in the shale through which the gas can escapeRead MoreThe Need, Risks And Impacts1396 Words   |  6 Pages FRACKING-â€Å"The Need, Risks and Impacts† Hydraulic Fracking, which is the extraction of natural gas which was earlier protected, has become a major problem today. It is an environmental as well as a health hazard. The large firms which are linked to fracking have tried to justify fracking by citing that the benefits of it outweigh the harm that it might potentially cause. But before buying that argument, it is important for us to understand if the idea of fracking is really good for a long term scenarioRead MoreHydraulic Fracturing And Fracking : A Controversial Topic Across The Globe1489 Words   |  6 PagesHydraulic Fracturing or Fracking, as it more commonly known, is a very controversial topic across the globe. In the United States, its status remains the same. Hydraulic fracturing is a method of oil and natural gas production. The process includes the drilling of pipes 1-1.5 miles within the earth. After that pipe is secured and has an impermeable layer around the pipe, a tool that creates small holes within the impe rmeable layer is sent down through the pipe. It creates holes in the pipe that allowsRead MoreThe Invention Of Our Modern Day Fracking1299 Words   |  6 Pagesof any treatment polluting an aquifer – not one.†(â€Å"Shooters-A Fracking History†). This statement may lead you to believe there is no need for concern, but there is a big pink elephant in the room. Arguments against these statements would prove futile, at a first glance, but understanding the true cost, to the environment and our safety could prove more valuable than the money earned. The beginnings of our modern day fracking process reside in a U.S. Patent No. 59,936, issued to a Col. Edward RobertsRead MoreThe, A Documentary By Josh Fox1296 Words   |  6 Pagesinformative film about the negative externalities that consumers have to incur since they live in close proximity to a hydrofracking facility. Throughout the film, Fox travels around the country and meets with families that have been negatively impacted by fracking companies moving into their communities. Due to the amount of pollution that hydrofracking can cause, many of the families that Fox meets with no longer have the luxury of clean water supplied through their faucets. GasLand really opened up my eyesRead MoreA Brief Note On Oil And Natural Gas1085 Words   |  5 PagesI. Slide One: Hydraulic Fracturing Think about what you may know about environmental issues today. Some of you may say global climate change. Others may conclude that pollution is a prevalent problem in the world today. Even more of you could declare that our biggest setback is the quickly dwindling natural resources in America and the world. What if I told you that there was an issue that encompasses these environmental issues as well as others? (Next Slide) II. Slide Two: Energy Issues TodayRead MoreGlobal Warming And The Negative Environmental Impacts1364 Words   |  6 Pagesdebated about topics surrounding global warming and human contribution is fracking. Fracking is the process of shooting a high pressure liquid into subterranean rocks in order for the gas to come out which is done usually to be able to sell gas at a cheaper price. Modern day fracking did not become popular until the 1990’s when a guy named George P. Mitchell combined hydraulic fracturing and horizontal drilling. Although fracking does make buying gas cheaper people forget to look at the negative impactsRead MoreThe Economic Report On Fracking, Is It Worth It?1465 Words   |  6 PagesWeekly Economic Report Fracking, is it Worth it? Ron Withall Business 630, Dr. Lynn Reaser SUBJECT Our dependence on foreign oil and natural gas has created a vulnerability affecting our national security and economic stability. Up until this past decade there was an appreciable decline in our oil and natural gas production in the US and we were tied to world market price fluctuations. Oil prices and natural gas prices rose and fell based on OPEC’s and other large oil and natural gas producers’Read MoreEssay on Natural Gas Fracking Risks1519 Words   |  7 Pagesis produced when trapped gas is released above ground. Hydraulic fracturing or fracking is a process that extracts natural gas from the ground. As harmless as the billion dollar producing oil companies would want us to believe, environmental groups, scientists, and average citizens have raised concerns about the negative impact of hydraulic fracking on the environment and surrounding communities. Hydraulic fracking is used in the natural gas drilling booms, like the one in Louisiana. â€Å"ModernRead MoreFracking Of The United States911 Words   |  4 Pages101 8 September, 2015 Fracking in The United States Fracking is a term that is used as a shorthand term referring to hydraulic fracturing. This is a type of drilling used for oil and natural gas within the Earth. Fracking has been used commercially for the last 65 years in the U.S... With the new technology advances in the field along with advanced hydraulic fracturing and horizontal drilling is responsible for the U.S. surging in the oil and gas production. Fracking is allowing the U.S. to

Uses of plant hormones in the commercial production free essay sample

Plant hormones can be utilized in the commercial agriculture of important crops such as grapes, pineapple, watermelons and strawberries. In the production of grapes the plant hormone gibberellin is used. Gibberellins are derivatives of gibberellic acid. They are natural plant hormones and promote flowering, stem elongation and break dormancy of seeds. The hormone is used to thin the flowers so as to minimize the competitive effect of early fruiting on vegetation growth. The hormone is also used to increase the berry size by 60%. Gibberellin has also been used to produce seed less berries. Abscisic acid can also be added as it increases the abscission of mature fruits and seeds but only at high concentration. In the production of pineapple the hormone auxin is mainly used. Auxin is the active ingredient in most rooting mixtures. These products help the vegetative propagation of plants. On a cellular level auxins influence cell elongation, cell division and the formation of adventitious roots. We will write a custom essay sample on Uses of plant hormones in the commercial production or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Some auxins are active at extremely low concentrations. Typical auxin concentration ranges from 0. 01 to 10 mg/L. in pineapple production exogenous application of auxin can alter fruit size and period f maturity. It increases the size of fruit and rate of maturity. Ethylene can also be used for controlled ripening of pineapples. In the production of watermelons the hormone ethylene can be used to control the flowering. It is used to stimulate the early production of female flower because melons usually produce male flowers before female flowers. Often male flower production is inhibited following the application of ethylene. This increases the number of fruits produced per plant. In the production of strawberries the hormone auxin is used to stimulate the growth of strawberries.

The Bee free essay sample

Your first word is yoga, said the proctor. Yoga? How was I to spell yoga? I recalled hearing this world many times, but I had never seen it written. I didnt positively know how to spell it, so I went with my instincts. Yoga, Y-O-G-A, I said doubtfully. Thats that is correct, replied the elderly man, as if even he was unsure of the words spelling. In the next few rounds, I spelled each word without the slightest hesitation. There were only ten contestants remaining. I felt the exaltation of possibly winning the spelling bee. I wasnt nervous anymore. I was relaxed and actually felt at ease on the overbearing stage. Okay. Your next word is ambiguity. Ambigooity, I thought what was ambigooity? A frantic rush hit me like a ton of bricks. Was I expected to spell a world that I could hardly pronounce? Its funny, but at the time I was unknowingly thinking of anything I could, except for the arduous task at hand. We will write a custom essay sample on The Bee or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I had thought of the loving support my family had given me throughout my life, my two best friends, the time I had spent preparing for the spelling bee, and all my schooling up to that point. It is safe to say it was then that the world came to me. I had thought of the ambiguous case from my math course class. Was ambiguous a form of ambigooity, the word I was asked to spell? I figured it probably was, so I removed the -ous ending of ambiguous and added an -ity in its place. It seemed risky, but I was correct. So many substantial things had happened in just this one day, this one hour, that I realized it was unnecessary for me to be nervous about something for which I had thoroughly prepared. I will never think of giving up, because anything can happen, as it did that very day. The spelling bee had taught me so much already that the outcome seemed irrelevant to my life. Although I continued to do my best, my thoughts on success were different from the way I felt at the start. One does not necessarily need to be declared the winner in order to feel the thrills of victory within oneself. For me, it was not meant to be. The winner was a woman, of height five-foot-three.