Case Study, Finance and Accounting

Case Study, Finance and Accounting
Project description
Recall the 13 Shenanigans as described in Schilit’s book. Describe each of the shenanigans clearly and succinctly. Based on our discussion in class and your own research, relate as many of these shenanigans as you can to the WorldCom fraud. This is a research oriented question. Do not simply cite the examples presented in the textbook. The 13 Shenanigans are listing below:
1. Premature recognition of revenue
2. Recognition of bogus revenue
3. One time items masked as recurring items
4. Deferral of expenses
5. Hiding expenses
6. Shifting revenue into the future
7. Shifting expenses into the present
8. Shifts to operating cash increases
9. Shifts to investing cash decreases
10. Misuse of mergers
11. Unsustainable generation of cash flow
12. Overstating performance metrics
13. Distorting performance metrics
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