based on this answer . please answer the new questions regard enron . urgently needed for after 2 hours

You researched the web and worked on answering questions relating to how ENRON leadership fooled investors and regulators by manipulating financial data. In this respect, what learnings did you gain working on this assignment, specifically? (a). What new terms, concepts, and phrases did you learn/acquire? (b). How did this financial scandal affect or provide a new beginning to - corporate accountability and corporate ethics. 10 marks please use APA style refrences and use your words also Answer 1 of 1 Done 1) Enron fooled investors by creating Enron Online(EOL) and by using mark to market accounting. Mark to market statement means that if a company has outstanding contracts at the end of a quarter it will have to adjust them to market value, registering profits or losses to the income statement. This provided Enron with the freedom to use discretionary valuation models. Cost accounting method employed by Enron was Mark to market accounting. 2) Arthur Andersen accounting firm was held responsible for Enron scandal and it's conviction which was later removed led to it's destruction. It ceased operations in 2002 3) Fallout from Enron case was Sarbanes Oxley guidelines which included setting up of Public company accounting oversight board for setting standards in making of audit reports. Enron case also led to a heavy criticism of George W. Bush administration