Please search the news that AOL agreed to pay a $3.5 million
fine to SEC for improper accounting practices in 1995 and 1996.
What is “Direct Response/Mail Advertising”?
How did AOL report the Direct Response Advertising costs in
1995 and 1996?
Was the recording and the subsequent change of “Direct Response
Advertising” correct? If not, what accounting principles does it
What were the effects on net income and total assets? (i.e.,
How much net income were reported for year 1995? If the Direct
Response Advertising costs were reported correctly for year 1995,
how much net income would have been reported for year 1995?)
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