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Unethical accounting practices occur when a company does not follow the rules of generally accepted accounting principles or GAAP. The rules of GAAP are established by the federal government. Examples of not following GA... More »

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Companies accused of unethical business practices include Mattel, Wal-Mart, Halliburton, Enron and Nestle. Mattel has been criticized for allowing hazardous materials such as lead paint to be used in its toys. The issue ... More »

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A prior year adjustment in accounting is a correction of errors in a company's financial statements for the previous year. For example, if XYZ Limited reported a lower depreciation amount, an adjustment is made by debiti... More »

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Tips for learning basic accounting principles involve understanding the basic fundamental equation, recording transactions, entering debits and credits properly, and preparing journal entries, notes Basic Accounting Help... More »

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Common accounting terminology includes cash flow, cost of goods sold, generally accepted accounting practices and general ledger. Other terms are accounts payable, accounts receivable, balance sheet, assets and liabiliti... More »

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The Sarbanes-Oxley Act, signed into law on July 30, 2002 by President George W. Bush, is aimed at protecting investors from corporations' fraudulent accounting practices while mandating strict reforms to financial disclo... More »

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Creative accounting refers to any accounting practice that is technically correct but deviates from how accounting policies were intended to be used. In general, creative accounting capitalizes on loopholes in generally ... More »

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