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분야
pptxAnswers to Questions
Q1 : Xerox increased sales by recognizing rentals as equipment sales. Why does this increase revenue in the current period?
Q2 : By recording like that in the current period, what is the effect on Xerox’s sales revenue in the future period?
Q3 : What are ‘exposed receivables?’
Q4 : What is journal entry needed to estimate and recognize uncollectibility?
Q5: What is its effect on net income and assets?
Q6 : Would a Xerox investor or creditor mind these faulty practices even if they occurred outside US?’
Q7 : What should Xerox do to regain the confidence of investors?
Q8 : Would you invest this kind of company? If yes, under what conditions?
Q9 : Explain the role of auditing in this kind of situation.
Wrap-up
Manufactures : Printers! Copiers!
Revenues : selling, consulting, renting
Xerox Accounting Scandal
2001, Mexico
Creative accounting - Recognized equipment rentals as sales
Hiring Independent investigator?
Q1 : Xerox increased sales by recognizing rentals as equipment sales. Why does this increase revenue in the current period?
Equipment Rentals / Sales
Example
Total $600 5 year Rental Contract
.
.
Exposed Receivables
Is?
Account receivables that have become uncollectible
Why Occur?
In case the Rental contract is cancelled before the expected revenue is all collected
