LYCOS RETRIEVER 
Accounting: Financial Accounting
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Cullom has 27 years of experience in financial accounting. She joined Parker Drilling in 2004 as director of corporate planning. Prior to that, she was with El Paso Corporation, which merged with Coastal Corporation in 2001. For 21 years with Coastal Corporation, she held various accounting positions, including vice president of financial reporting and planning for Coastal Mart, a Coastal subsidiary. With El Paso Corporation, she held various accounting and reporting director positions. She holds a bachelor of arts degree in journalism from Texas A&M University and a master of business administration in accounting from Texas A&M University.
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The Accounting process records business transactions (ex. Sales, returns, purchases and operating expenses) and presents the results of those transactions on Financial Statements known as a Balance Sheet, Income Statement and Statement of Cash Flows in accordance with accounting rules sanctioned by the American Institute of Certified Public Accountants (AICPA).
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At the heart of modern financial accounting is the double-entry bookkeeping system. This system involves making at least two entries for every transaction: a debit in one account, and a corresponding credit in another account. The sum of all debits should always equal the sum of all credits, providing a simple way to check for errors. This system was first used in medieval Europe, although claims have been made that the system dates back to Ancient Rome or Greece.
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Providing a wide range of global fund services to the investment management industry, PFPC is the largest full-service mutual fund transfer agent and second largest provider of mutual fund accounting and administrative services in the United States. A member of The PNC Financial Services Group, Inc., PFPC is ... a leading provider of subaccounting and shareholder services, retirement services, custody, securities lending, integrated banking transaction services, alternative investments services and advanced output solutions through print mail services. PFPC clients comprise some of the world's most successful financial services companies, including brokerage firms, pension and investment managers, insurance companies and banks. PFPC's affiliate, PFPC International Ltd., with offices in Dublin and County Wexford, Ireland and Luxembourg, has served the international funds community since 1993. For more information, please visit http://www.pfpc.com/.
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The Company is working with its independent auditors to complete the review of this accounting error and quantify the impact on each of the 2004 quarterly financial statements that were previously filed. Once this review is complete, the Company will restate its historical 2004 quarterly financial statements. Accordingly, investors are cautioned not to rely on the Company's historical financial statements for the quarters and periods ended March 31, June 30 and September 30, 2004 as a result of this change. The Company expects to complete its review of this matter prior to issuing its upcoming earnings release for the quarter and fiscal year ended December 31, 2004.
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WALNUT CREEK, Calif., April 11, 2005 /PRNewswire-FirstCall via COMTEX/ -- Longs Drug Stores Corporation (NYSE: LDG) today announced that it has completed the review of its lease-related accounting announced on March 2. As a result, the Company has changed its accounting for rent holidays. The changes have not resulted in an adjustment to previously announced net income for Fiscal 2005 or a restatement of annual or quarterly financial results previously filed with the Securities and Exchange Commission (SEC).
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Financial Accounting