Posts Categorized: Financial Reporting and Analysis

Is it better to look good than have money?

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

Here’s a quirky little story. American money has been consolidated into a single system of currency since the late 1800s. As part of this, U.S. dollars have been printed on a unique cotton blend paper, supplied by only one company (Crane) for more than a century. The chief cotton ingredient has been denim. However, since… Read more »

It Takes Money to Make Money

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.

How much would you like to make per hour at your job or your next job? Legendary investor Warren Buffett makes about $1.54 million per hour (even when he is sleeping)! This article documents the 10 richest investors and entrepreneurs and their wealth gains during 2013. Questions: 1. Who is the wealthiest of those ten… Read more »

Do you really have a 2nd job?

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

This is an interesting fraud that took place at the Environmental Protection Agency (EPA). John Beale, a retired, former EPA employee, collected paychecks from approximately the year 2000 through 2013 even though he had absence totaling about 2 1/2 years. What was his alibi? He claimed falsely that he was simultaneously working undercover in special… Read more »

Fraud is quicker than the law?

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.

Without regulation of Bitcoin, consumers have no protection in a Bitcoin economy. The virtual currency continues to result in swindles, with little prospect of a crackdown. Questions: 1. What is a pump-and-dump scheme? 2. What event(s) sent Bitcoin’s price tumbling? 3. In the U.S., the SEC has not ruled that Bitcoin is a security. However,… Read more »

Plain English: It’s all about influence!

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.

In June, GSO Capital Partners LP, a unit of the Blackstone Group LP provided a loan to Codere SA, a Spanish gaming operator who owns betting parlors and race tracks in Europe and South America. Interestingly, the terms of the loan provided a guaranteed return on credit default swaps, which outmaneuvered sellers of the protection…. Read more »

A Back Door or Bribery?

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.

JP Morgan’s “Sons and Daughters” hiring program is under scrutiny by federal regulators. Confidential documents obtained from the company are being explored to shed light on whether the program indicates wrongdoing by the bank to hire children of China’s ruling elite, in order to secure existing and future business from Chinese-government-run companies. Questions: 1. Based… Read more »

How do Nonprofit Organizations Deal with Fraud?

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

Nonprofit organization, all too often take a common approach of foregoing legal action against fraudsters rather than prosecuting them. This article covers a recent fraud and explains why many nonprofits bypass legal action in exchange for cash. Questions: 1. Summarize the case of fraud at the Progressive Policy Institute and include red flags of fraud… Read more »

Just Buy an EZ Pass and save your money next time!

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Watch out for bad information from your “expert” friends! That is what Jason Bourcier wishes that he would have done.   Bad information tip #1: A friend told him that when the toll booths were unmanned after 11:30 p.m., you could use the road without paying on the Dulles Toll Road. Bad information tip # 2:… Read more »

Word to the Wise: Watch the Spelling!

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

Ephonia Green has given away 275 wedding gown ensembles to military brides over the last five years from her bridal shop in Maryland. But how has she been able to afford such philanthropy, while working as a $56,000-a-year administrative assistant for a nonprofit organization? Since 2005, when Green started receiving publicity for her charitable gifts… Read more »

Low Pay in the News

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.

Thousands of fast-food workers in the went on strike in cities across the U.S. this summer. Why? They were demanding a living wage of $15 per hour and the right to unionize, but their efforts failed. Several industry groups purport that low- and minimum-wage workers are now growing faster than any other group of earners… Read more »