Maybe its time to flip a coin

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting.

According to a recent study, very few professional investors have actually managed to outperform the rising market consistently over the past few years. In fact, based on the updated findings and definitions of a particular study, it appears that no mutual fund managers have. Questions: 1. What is a mutual fund? 2. What does the… Read more »

Urban Outfitters

Posted by & filed under Accounting Information Systems, Advanced Accounting, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting.

Questions: 1. What type of public relations problem did Urban Outfitter’s have in September 2014? 2. Explain the importance of Urban Outfitter’s ability to exceed analysts predictions for the fourth quarter. 3. Urban Outfitters announced that its board of directors recently approved a repurchase of 20 million shares under a share repurchase program. What are… Read more »

So was it a good idea to sell out your customers’ trust?

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Video Updates.

When Lenovo preinstalled Superfish adware on its laptops, it betrayed its customers and sold out their security. Questions: 1. What does this Superfish app do when you are on websites? 2. Do you agree that Lenovo needs to be fined or face legal prosecution? 3. Explain the following statements in financial or business terms: Lenovo… Read more »

Tax Fraud in South Florida? Surely you jest?

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

In North Miami, Josue Pierre took a shortcut into the easy-money underworld of tax fraud by using an “electronic filing identification number” — EFIN for short, and stolen IDs to file hundreds of fabricated online tax returns. Questions: 1. Why does Assistant U.S. Attorney Michael Berger say that using EFINs is like “tax fraud on… Read more »

Is the use of videoconferencing one to improve recidivism or profits?

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting.

Jails are replacing face-to-face visits with video conferencing screens and are passing the costs on to inmates and their families. In some cases, these costs are up to $1 per minute. Questions: 1. Where do most videoconferencing companies make their money? 2. Who are the industry giants in prison videoconferencing? 3. Explain the last statement… Read more »

Let the Punishment Fit the Crime

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

The Mikado explains his ambition of letting the punishment fit the crime in Gilbert and Sullivan’s classic work. The Mikado’s song could be the new theme song of the Securities and Exchange Commission, if dissenting commissioners prevail. The debate over a “one size fits all” penalty for misconduct is at the heart of what defines… Read more »

Fraud at Florida-based adult entertainment businesses

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

Paul Anthony Ruggieri, accountant, pleaded guilty Friday to assisting in the tax fraud scheme of Anthony Andreozzi, the owner of two Florida-based adult entertainment businesses. Questions: 1. Based on the information in the article, how long had Mr. Ruggieri been Andreozzi’s accountant? Go to the Certified Fraud Examiner’s website and compare this amount of time… Read more »

Profits or Ethics? Is it one or the other?

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

In November 2014, allegations of altered reports prompted a federal judge overseeing more than 1,000 hurricane related lawsuits in the New York City area to order and investigate all drafts of the engineering reports regarding 2012 Hurricane Sandy property damage. Based on these reports, the judge believed that engineering revisions were “widespread” in order to… Read more »

A Big Bet!

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting.

Pfizer is making a $15.2 billion bet on the drug industry’s new, more elite class of generics, which are costly, complex copies of already expensive biotech drugs. Questions: 1. What are biosimilars? 2. Why are there questions about the durability of the market for these specialty drugs? 3. What is the dollar estimate of the… Read more »

No More SkyMall?

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

The parent company for SkyMall filed for bankruptcy protection on January 23, 2015. SkyMall was the entertaining catalogue of everything you never thought about buying, but was in the seat pockets of every plane. As Farhi said, “the value added to this grotesque shlock was SkyMall’s enthusiastic descriptive copy. SkyMall’s writers never let on that… Read more »