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Unformatted text preview: tax asset in its balance sheet which leads to the tremendous losses. According to the Associated Press, these losses were due to a number of accounting errors however, GM chief executive Rick Wagoner states, “I think you'd have to have a Ph.D. in accounting to understand it." Because of accounting rules, the company was forced to take the non-cash charge because of their 3 rd quarter losses. These losses are an important lesson for any accountant because it shows that even the smallest error on the balance sheet or anywhere in the accounting process can have major consequences. ( http://www.msnbc.msn.com/id/23124844/page/2/ )...
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This note was uploaded on 04/07/2008 for the course EB 101 taught by Professor Odell during the Spring '08 term at Westmont.
- Spring '08