Posts By: LuAnn Bean

So, is it a record if you don’t pay for it?

Posted by & filed under Accounting Principles, All Articles, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

For all you Starbuck’s watchers, remember in February 2012 when Logan Warren held the record for the most expensive Starbuck’s drink? It was a 31-ounce Trenta that cost $23.60. Into it went a Java Chip Frappuccino, enhanced with plenty of that’ll-cost-you-add-ons: 16 shots of espresso, soy milk, caramel, banana and strawberry purees, vanilla beans, and… Read more »

Justice for Dixon Illinois?

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

In November 2012, Rita Crundwell, comptroller of Dixon, Illinois, pleaded guilty to wire fraud and admitted that she stole approximately $53 million, admitting she stole the money from the city of Dixon while she was comptroller. She still faces 60 separate but related state felony charges for theft in Lee County. She has pleaded not… Read more »

Who spilled the ketchup? Unknown Traders, Of Course!

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting.

UPDATE 2/22/13: After the traders failed to appear at a hearing today in Manhattan, U.S. District Judge Jed Rakoff agreed to freeze the Goldman Sachs Group Inc. account until the case is resolved. The SEC on Feb. 15 sued the “unknown” traders over suspicious purchases of Heinz options through the account. Judge Rakoff was quoted… Read more »

Are you Due any Lost Funds?

Posted by & filed under Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

Ohio has returned more than $3.4 million in unclaimed funds to Elyria in what it says is the largest such payment in state history. Questions: 1. Where did the funds originate? 2. Are there unclaimed funds in every state? If so, how do you access the list in your state? 3. How do you think… Read more »

Survey Shows that Out-of-Network Providers Are Billing Consumers up to Several Thousand Percent more than the Government would pay for similar Medicare Services

Posted by & filed under Accounting Principles, All Articles, Auditing, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

According to a new study from the Center for Policy and Research, the nation must address the soaring cost of medical care that continues to rise at an unsustainable rate. For consumers who choose to seek care out-of-network, their survey shows that the charges billed by some out-of-network providers can exceed several hundred or several… Read more »

Read this if you are thinking about Law School

Posted by & filed under Accounting Principles, All Articles, Financial Accounting, Managerial Accounting.

According to Ethan Bronner at the New York Times, law school applications are headed for a 30-year low, reflecting increased concern over soaring tuition, crushing student debt and diminishing prospects of lucrative employment upon graduation. Questions: 1. Summarize the recent trend in the number of applications to law schools. 2. What are your views on… Read more »

The $10,000 degree – Innovation or Second Rate Degree?

Posted by & filed under Accounting Principles, Advanced Accounting, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting.

Texas may be experimenting with an initiative to help students and families struggling with the high costs of college: a bachelor’s degree for $10,000, including tuition fees and even textbooks. Under a plan unveiled in 2011, Republican Gov. Rick Perry is proposing a bachelor’s degree for $10,000, including tuition fees and even textbooks. The governor… Read more »

Martha Stewart- Wildcard, Visionary, but Not a CEO

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting, Video Updates.

There are very few corporate leaders whose interests are more closely aligned with their shareholders’ than the homemaking icon, Martha Stewart. She owns 26 million shares and controls nearly 90 percent of the voting rights of her company Martha Stewart Living Omnimedia. While the company lost $50.7 million dollars in the most recent quarter, this… Read more »

How much are you worth as a Voter?

Posted by & filed under Accounting Principles, All Articles, Cost Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

This article looks at ad spending on the presidential race from April 10 to Oct. 10, based on data from Kantar Media. According to the video and article, the millions of dollars spent by superPACs and other outside groups send a clear message: There are really only 12 states in this presidential election and it’s… Read more »

Hyundai & Kia overstated mileage

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Hyundai Motors America and Kia Motors America are being forced to lower the fuel economy estimates on the majority of their 2012-13 models after an investigation by the Environmental Protection Agency found that the companies overstated the fuel efficiency numbers for their vehicles in previous years. Based on the audit, they will also have to… Read more »