Posts Categorized: Accounting Principles

Major Supplier Under Cyberattack

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, Toyota, the world’s largest automaker, said on Monday that it had suspended all production in Japan after a possible cyberattack at a major supplier. Questions: What is the name of Toyota’s major supplier? Why have cyberattacks become increasingly more common in Japan in recent years? What will the stoppage… Read more »

Failing Grade? Maybe or maybe not?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Nigel Jaquiss, Portland was recently ranked 71st out of the largest 75 cities in America for its financial health by a national watchdog group. Questions: What is the name of the watchdog group? What does the failing grade stem from? What do city officials offer in defense of their denial of the group’s… Read more »

Are they the Bitcoin Bonnie and Clyde?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the New York Times, Ilya Lichtenstein and Heather Morgan were charged with conspiracy to launder billions of dollars worth of Bitcoin.Credit. Questions: What was the Bitfinex hacking? What was the role of the complex shuffling of Bitcoin by the couple in the fraud in January 2017?   When the government executed a search… Read more »

Easing Mandate

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Behavioral and Social Issues Related to Accounting, Ethical Dilemma, Managerial Accounting, Uncategorized.

According to the Washington Post, Walmart will no longer require fully vaccinated workers to wear masks while working in stores unless required under local or state rules, the company said in a memo to its U.S. employees. Questions: How many employees does this change affect? Will all vaccinated Walmart employees be allowed to drop the… Read more »

Suspension of Automated Notices

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Behavioral and Social Issues Related to Accounting, Income Taxes, Managerial Accounting, Uncategorized.

According to Accounting Today, the IRS will suspend more than a dozen automated letters it sends out to taxpayers, including collection notices, balance due notices and unfiled tax return notices, until it catches up on its backlog of unprocessed returns. Questions: Why is it doing this? A coalition of tax professionals was instrument in promoting… Read more »

Walmart’s Top E-commerce Omni Strategy Executive is Leaving

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

Questions: When did Mr. Casey join Walmart? What company did he work at prior to coming to Walmart? By how much did Walmart’s global e-commerce sales increase during the nine months ended Oct. 31 as compared with the same period the prior year? What is Omni? Why do you think there is a post-holiday executive… Read more »

Fraud at Amazon Warehouse

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

According to The Verge, an Amazon warehouse manager faces long prison sentence and fine when pleading guilty to stealing $273,000 worth of computer parts and selling them to a wholesaler. Questions: What was the position of the manager? Why is it more likely that a person in his position rather than basic warehouse staff would… Read more »

High Rents

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According to the Washington Post, rising rents are expected to be a driving force in inflation this year and have been an ongoing policy challenge for the Biden administration. Questions: By what percentage have rents increased in a number of cities? What is the average rent in cities like Austin, New York and Miami? What… Read more »

Kraft Heinz Fraud

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

Today’s column offers a review of a clawback fraud; CFO.com explains that Kraft-Heinz (KHC) reported supplier contracts that made it appear as if expense savings were provided in exchange for past or same-year events performed by the company when, in reality, they were upfront payments in exchange for a future benefit from KHC. This was… Read more »

Rise to Fame

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to MarketWatch, Wordle, the viral word-game sensation is going corporate after it was scooped up by New York Times Co., for an amount “in the low seven figures.” Questions: Who developed Wordle? What is the basic idea or rule behind Wordle? How fast has the popularity of Wordle grown over the last few months? What… Read more »