Posts Categorized: Accounting Information Systems

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 »

Military Contracting Failures: A $1.5 Trillion Mistake

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

The F-35 is being produced by 1,200 suppliers. Seen as the fighter jet of the future, it has trouble flying at night, its engines have exploded during takeoff, and early models suffered structural cracks. Questions: 1. Why is the military still pursuing the production of this pink elephant? Why doesn’t technology become less costly for… Read more »

Marriott to pay $600,000 to Resolve WI-FI-Blocking Investigation

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

In March 2013, the Federal Communications Commission (FCC) received a complaint that the Marriott convention center at the Gaylord Opryland location in Nashville, Tennessee was in violation of Section 333 of the Communications Act. After an FCC investigation substantiated unlawful use of containment features, Marriott agreed to pay $600,000. Questions: 1. What did the FCC’s… Read more »

Don’t Pay that Medical Bill: The Truth about Balance Billing

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

As health-care costs continue to soar, millions of confused consumers are paying medical bills they don’t actually owe. Typically this occurs when an insurance plan covers less than what a doctor, hospital, or lab service wants to be paid. The health-care provider demands the balance from the patient. Questions: 1. Explain why balance billing is… Read more »