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Full Length Research
Paper
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Accounting Measures to be taken for the enterprises in
difficulty during times of economic crisis: A study on
small and medium-sized enterprises
(SMEs)
Sudi Apak1*,
Mikail Erol2 and Metin Atmaca2
2Department
of Business Administration, Biga
Faculty of Economics and Administrative Sciences,
Çanakkale Onsekiz Mart University, İstanbul, Turkey.
Accepted 14 September, 2011
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Abstract |
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After the liberalization of capital movements, Turkish Economy
went through a crisis in 1994. The process ended up with the International
Monetary Fund
(IMF) stability program and the stand-by arrangement with the
IMF after the financial crises on November 2000 and February
2001. The reason for the financial crisis that intensified in
October 2008 in the United States of America (USA) was the
low-income housing policy of the US government. In connection
with the global crisis, there has been an economic recession in
Turkey towards the end of 2008 and unemployment rate has
increased rapidly albeit the economic stimulus packages
proposed. Despite a leastwise stability in Turkish markets, the
socioeconomic outcomes of the crisis have become more serious.
While those events in economy impacted upon the whole business
world, small enterprises had great difficulties. Especially the
ones that were taking debt in foreign currency went bankrupt.
This paper examines the accounting measures to be taken for the
enterprises, especially the SMEs, in difficulty during times of
economic crisis. A survey was conducted in order to evaluate the
SMEs’ perspectives on accounting measures and the obtained data
were subjected to statistical analysis. In accordance with the
results, it was observed that the SMEs focused on the measures
that accelerate cash flow and save cost.
Key words: Economic crisis, struggle against the crisis,
failure, accounting measures.
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