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From Karnataka Open Educational Resources
→Activity No #
*Question Corner
*Question Corner
===Activity No # ===
===Activity No # 2 - Accounting practices issues===
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*Estimated Time
Accountancy is the main system of understanding the performance of a business. The use of standards, principles, conventions/assumptions and concepts is to help all actors to get a common understanding of the performance and even potential of a business. However,there are also dangers from misuse of the accounting processes resulting in misrepresentation - intended or unintentional which can fool those outside the entity. In India,the famous recent such case is that of [http://in.reuters.com/article/2009/01/08/satyam-accounting-idINHKG30879120090108 Satyam Computers],where the company management created false records of revenues and false debtor records to boost profits.
Students can discuss the accounting concepts/conventions/assumptions to see how they can be violated / misused to commit fraud. Also what measures can be adopted to prevent or trace such activities.
*Estimated Time
1 period
*Materials/ Resources needed
*Materials/ Resources needed
*Prerequisites/Instructions, if any
*Prerequisites/Instructions, if any
*Multimedia resources
*Multimedia resources
*Relevant local connections - people, places and materials
*Relevant local connections - people, places and materials
*Website interactives/ links
*Website interactives/ links
[https://en.wikipedia.org/wiki/Accounting_scandals Wikipedia page on big accounting scandals across the world]
*Process
*Process
Discussion on the accounting concepts and how they can be mis-interpreted to mis-represent information of the entity
*What questions can you ask
*What questions can you ask
*Assessments - incorporating elements of CCE
*Assessments - incorporating elements of CCE
*Question Corner
*Question Corner
What are the methods to detect accounting mistakes /errors / frauds?
Are there any patterns in the frauds committed by falsifying accounting records?
= Project Ideas =
= Project Ideas =
