Posts Categorized: Financial Accounting

Double Jeopardy Foreclosures – BEWARE!

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, Uncategorized, Video Updates.

Foreclosure has been a terrible tragedy for many Americans during this economic downturn. The only ray of light for some is that once a foreclosure is settled, there is some relief from no longer being in debt. However, Heritage Pacific Financial of Plano Texas company has been one company that continues to victimize people with… Read more »

Gotcha Ya’

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, Uncategorized.

Four high-ranking federal lab workers found a way to turn “per diem” funds for a temporary assignment into a steady flow of extra income at taxpayers’ expense. Questions: 1. Explain “per diem.” 2. Based on the article, approximately how much money did each scientist receive fraudulently, per year? 3. How was the scheme discovered and… Read more »

Brazil’s Technology Expansion

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, Uncategorized, Video Updates.

The depreciation of the Brazilian real, which is the worst-performing major currency this year, may be helping reignite economic growth in Brazil after a “weak” first quarter of 2012. Economic growth in Brazil, the world’s sixth biggest economy, has been recovering more slowly than anticipated even as the government steps up interest rate cuts and… Read more »

Tornado Costs

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, Uncategorized, Video Updates.

The tornado that tore through Joplin, Missouri about a year ago ranks not only as the most deadly twister in six decades, but now has been declared the most costly since at least 1950. Questions: 1. What percentage of the costs are insurance policies expected to cover and what percentage will likely be covered by… Read more »

Remember Driver’s Ed? Things have Changed!

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, Uncategorized, Video Updates.

Mercedes-Benz has long been at the forefront of creating safer cars and now they are aiming to create safer drivers. In December 2011, the company opened the its first driving school in the U.S. called Mercedes-Benz Driving Academy. Mercedes has three more in Europe). This school is located on Third Street in downtown Los Angeles…. Read more »

Resume Padding

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, Uncategorized, Video Updates.

On Monday, May 7, Yahoo apologized to its employees for discrepancies about its CEO, hired in January. Apparently, Scott Thompson, does not have a computer science degree after all, even though that information was included in an SEC filing and in several public bios about him. Questions: 1. If Thompson allowed false information about his… Read more »

Student debt

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, Uncategorized, Video Updates.

Ninety-four percent of students who earn a bachelor’s degree borrow to pay for higher education. This is up from the 1993 statistics that show only 45 percent of students borrowed money to pay for a bachelor’s degree. This borrowing includes loans from the federal government, private lenders and relatives. Questions: 1. Explain why Rajeev V…. Read more »

Cooking the Books – TSA style?

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This week, the House Committee on Oversight and Government Reform released information about the Transportation Security Administration wasting taxpayers’ money; this time they point to a Texas warehouse holding more than 5,000 pieces of security equipment, valued at upwards of $180 million. Questions: 1. What percentage of equipment has been stored for more than one… Read more »

Power to the Employees

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, Uncategorized.

While it is traditionally rare for employee-shareholders to exercise their voting power, the winds may be shifting. According to Morgenson, employee-shareholders are banding together to vote against executive pay in this proxy season. Although she is not sure what actual impact their votes had, at Citigroup, shareholders as a group voted down the $15 million… Read more »

Hospital Costs

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, Uncategorized.

Two years ago, Augie Hong, who works for an investment firm in San Francisco, awoke with severe abdominal pains. He went to an ER at the hospital closest to his house and was diagnosed with acute appendicitis. He wasn’t worried about the cost because he had health insurance from his employer. However, when he got… Read more »