Unit 5 Individual Project - Unit 5 Individual Project 1...

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Unit 5 Individual Project 1 Unit 5 Individual Project Warren Synecky ACCT205-1004B-14 Principles of Accounting I November 7th, 2010
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Unit 5 Individual Project 2 GM has unfortunately had to fight through some very tough times, many of which revolve around their accounting practices. “One of those accounting problems, revolving around what the company said was erroneous classification of cash flows from certain mortgage loan transactions at the mortgage unit of its GMAC finance arm, will caused the company to miss a filing deadline for its 10-K full-year financial report with the Securities and Exchange Commission, a delay that could conceivably force it to be in technical default of some $32 billion in debt.” (Isidore, 2007). Other areas of consideration included concerns over pension and retiree health care costs, rebate transactions between GM and its former parts unit, Delphi, which filed for bankruptcy court protections earlier this month, the automaker's recovery of recall costs from suppliers and supplier price reductions or credits. The issue with erroneous classification of cash flows is a problem that is easily remedied
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Unit 5 Individual Project - Unit 5 Individual Project 1...

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