Posts Categorized: Auditing

The Slump of the Big Mac?

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

According to the CEO of McDonalds, Steve Easterbrook, McDonald’s has an “urgent need to evolve” after unveiling another slide in worldwide sales, which is the ninth month in a row that sales have fallen at the fast-food chain. Questions: 1. How does McDonalds propose to get out of this slump? 2. What is Mr. Easterbrook’s… Read more »

A First!

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

Cathy Engelbert has been named CEO of Deloitte, becoming the first woman CEO of a major U.S. accounting and consulting firm. Questions: 1. What are the names of the Big 4 accounting firms? 2. How long has Ms. Engelbert been with Deloitte? 3. What distinctions does Deloitte hold with respect to hiring? Source: Frizell, S…. Read more »

How many 112 year olds are taking new jobs?

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

A recent audit of the Social Security Administration revealed that thousands of workers over the age of 100 applied through the U.S. government to verify their employment eligibility in recent years. Questions: 1. About how many active Social Security numbers in the Administration’s master file belong to people who are at least 112 years old?… Read more »

Huge deal!

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

General Electric Co. has agreed to sell the consumer-lending business of GE Capital in Australia and New Zealand to an investor group. This investor group includes KKR & Co. and Deutsche Bank AG—and the estimated price is about $A8.2 billion or $6.26 billion U.S. Questions: 1. Why is GE selling its banking business? 2. Why… Read more »

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 »

Be Careful: Your TV may be listening to you!

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

Samsung is warning customers not to discuss personal information in front of their smart television set. The warning applies to TV viewers who control their Samsung Smart TV using its voice activation feature. It is possible that this information will be shared with third parties. Questions: 1. What types of steps has Samsung taken to… 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 »

Dow Jones Industrial Average Changes Ahead

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

Apple, the highest-valued company in the world, will be added to the Dow Jones industrial average next month in yet another sign of how popular the computer giant has become for investors. Questions: 1. Which stock will Apple replace in the S & P Dow Jones Indices? 2. What are some of the unique facts… 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 »