Employment of Minors between the Ages of 12 and 18 Essay - 1

Employment of Minors between the Ages of 12 and 18 - Essay Example (c) It is necessary for the individual to submit the following elements before they are able to be granted a certificate: (1) A certified copy of a birth certificate or birth registration card; and (2) A statement from the potential employer indicating that if he were given a certificate from the school superintendent, he could employ the minor immediately and describing the type of job offered. It shall be understood that the potential employer, by furnishing such statement, does not promise to employ the minor for any specific amount of time. (d) A copy of the certificate will be made a part of the minors school file, for all minors between the ages of 16 and 18. The certificate must show that the minor is at least 16 years of age in order to qualify the minor to work between the hours of 9:00 P.M. and 6:00 A.M. and to be employed in any of the occupations covered by Code Section 39-2-2. In addition to the certificate, the superintendent of schools, or an authorized member of his staff, shall issue an identification card to each minor in this category. The identification card will demonstrate that the minor is eligible for employment. The minor will then not have to attain future employment certificates unless his certificate is revoked by the Commissioner of Labor. (e)(1) The certificate mentioned above must be accompanied by a letter from the minors school administrator indicating that the minor is enrolled in school full-time and has a good attendance record. The employer of the minor must maintain a copy the certificate and the letter in the minors employment file. The letter must be updated in January of each academic year during which the minor is working. This process will continue until the minor turns 18, receives a high school diploma, a general educational development (GED) diploma, a special education diploma, or a certificate of high school completion, or has terminated his or her secondary education and is enrolled in a postsecondary school. Any employer failing to comply with these rules is guilty of a misdemeanor and if convicted will  be subject to a fine not to exceed $1,000.00, up to twelve months imprisonment, or both, for each violation.

Revenue Recognition and Lucent Technologies, Inc Essay

Revenue Recognition and Lucent Technologies, Inc - Essay Example In the case of Lucent Technologies, Inc. ("Lucent"), the recognition policies proved to be unfortunate in light of the SEC action against them. Generally, one of the most reliable methods for revenue recognition is the critical event basis. When a critical event takes place within the operating cycle, such as a final sale, there are few questions regarding the recognition of the revenue. This more conservative method is "justified because the price of the product is then known with certainty; the exchange has been finalized by delivery of goods, leading to an objective knowledge of the costs incurred" which allows the revenue from the transaction to be accurately recorded (Riahi-Belkaoui 45). This results in a faithful representation of the company's underlying financial condition because it is unbiased and verifiable. In terms of relevance of the information, the company may take the position that, since investors use the data to make decisions regarding timely investments, they should be given information that presents the company in the best possible light. This approach can result in more aggressive methods, like the on es used by Lucent, via a scheme of issuing credits to recognize revenue as soon as possible. ... Revenue should be recognized at the final sale. In the case of Lucent, the company's actions demonstrate the worst aspects of ignoring conservative revenue recognition. They chose to use any means necessary to present investors with a positive picture. Lucent's management decided that it was more important to show higher levels of income than engage in a faithful representation of true financial condition. The problem for Lucent was that investors were relying on the overstated revenues as a basis for owning the company's shares, and when the true revenue numbers were revealed, the stock lost over five percent of its value. Management's decision to massage the numbers toward the higher revenue representation was a poor one. This case demonstrates the down-side of tampering with information to meet sales goals so that investors will be please. It is far better to use a reliable methodology. Lucent's aggressive revenue recognition policies ultimately hurt the company because they were dishonest and biased. When a vendor has an ownership interest in a customer, it is easier to engage in these practices. By using the leverage of customer ownership, Lucent could claim the revenues it originally reported while knowing that renegotiated terms would result in subsequent credits against that revenue. The issue is one of control. Rising to the level of collusion, Lucent could over-ship to its partner/customers, show the gross revenue on its financials, and then control the final customer cost through credits. The failure to book the impending credits, when management knew that such reporting would temporarily meet the sales targets but ultimately result in reduced revenues, was