Posts Categorized: Cost Accounting

How much do you think the largest U.S. Corporations pay in taxes?

Posted by & filed under Accounting Principles, All Articles, Cost Accounting, IFRS, International Accounting, Managerial Accounting.

In a year of presidential politics, many of America’s biggest corporations complain that they pay too much in taxes. But, how much is that? A recent analysis shows that many are actually getting off pretty easy. It turns out that the 10 most profitable U.S. companies only paid an average federal tax rate of 9… Read more »

Whistleblower Identifies Unnecessary Heart Procedures

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.

In the summer of 2010, a troubling letter reached the chief ethics officer of the hospital giant HCA, written by a former nurse at one of the company’s hospitals in Florida. In less than two months, an internal investigation by HCA concluded the nurse was right. Unnecessary cardiac procedures were being performed to boost HCA’s… Read more »

LIBOR Scandal Widens

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.

Bank of America, the second largest U.S. bank, has received subpoenas from the U.S.Justice Department, the Commodity Futures Trading Commission, and U.K. Financial Services Authority requesting information about the company’s possible role in the rigging of a key international lending benchmark, LIBOR. Regulators have queried at least a dozen banks worldwide about their roles in… Read more »

Labor Department Violations

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, Managerial Accounting.

On Tuesday, the Labor Department announced that it had levied a $34,000 fine on C. J.’s Seafood for safety violations. This is the company that supplies crawfish to WalMart. In addition, the agency also ordered C. J.’s to pay $214,000 for wage and hour violations. Questions: 1. Where is the company based? 2. Specifically, how… Read more »

Super Hero Strength

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.

The Associated Press reports that three of the five hospitals treating victims from the mass shooting will waive or limit medical costs. Children’s Hospital Colorado will use donations and a charity fund to cover the expenses of uninsured victims, and waive co-pays for the insured. Questions: 1. According to the article, about how much has… Read more »

Reported to be the largest antitrust settlement in history

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

Visa, MasterCard and major banks agreed Friday, July 13, to pay at least $6 billion to settle a lawsuit brought by retailers. A banking industry trade group said the settlement would allow stores to charge customers more to pay with a credit card. Questions: 1. According to the article, what is the average credit card… Read more »

The Weather Channel Buys Weather Underground

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

This week, Weather Underground, a unique website with a cult following was acquired by The Weather Channel for an undisclosed sum of money. As a strong competitor to The Weather Channel, the website has a devoted readership, with approximately 10 million unique visitors per month. Fans of Weather Underground have expressed outrage and disappointment in… Read more »

Medical Tourism

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, Video Updates.

Tourism is sometimes more than just for pleasure. In fact, thousands of U.S. citizens are crossing the border to Mexico or as the video shows, they are going to even more exotic places in search of more affordable medical care. Questions: 1. What types of procedures are people going to Mexicali to receive? 2. According… Read more »

Japanese Whistleblower Wins in the End

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.

Masaharu Hamada, a good salesman with experience in the U.S., was demoted by Olympus Corp. as reprisal for relaying supplier complaints to management regarding corrupt business practices. But he fought back and Japan’s Supreme Court ruled in favor of the whistleblower for the first time. This case highlights the harsh treatment that outspoken employees have… Read more »

Saving Money in the Court System Leads to Problems

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

According to Lisa Borden, an attorney in Birmingham, Alabama, many towns are so economically strapped, that the pressure is growing on courts to bring in more money rather than mete out justice. In this article, examples highlight aggressive tactics used by for-profit probation companies that promise revenue to the towns, while failing to offer constitutional… Read more »