Uncle Sam Picked the Wrong Cash Cow!

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.

According to the Washington Post, dairy farmer Randy Sowers has gotten back all the money seized by Federal agents from in his bank account. Questions: 1. Briefly describe the underlying issue in this story. 2. What is smurfing? Is this what Sowers did? 3. Why was Sowers successful in getting his money back? Discuss. 4…. Read more »

Auction misconduct, silly mix-up, or something else…………?

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

The Keno brothers, stars of the PBS series Antique Roadshow, have recently exhibited strange behavior that is oddly out of sync with their stature as antique world luminaries. Leslie and Leigh Keno, twins and celebrity appraisers, say they accidentally bid against each other this spring. Questions: 1. A New Orleans auction house is suing the… Read more »

Phased out in your lifetime????

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Financial Accounting, Fraud Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, millions of customers at such banks as Bank of America, JPMorgan Chase, and Wells Fargo, currently log into their bank accounts through their mobile phones using their fingerprints. Introduced in the last few months, this feature enables a huge share of American banking customers to verify their identities with… Read more »

Is this Really a Good Thing?

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.

According to the New York Times, private equity firms have increasingly been taking over public services, like emergency care and firefighting, often with dire effects. Questions: 1. What are the factors that private equity firms apply to public services that put these arrangements into jeopardy? 2. About how many Americans work for companies owned by… Read more »

That’s Billion with a “B!”

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

According to the Washington Post, the IRS paid $3.1 billion in bogus tax refunds in 2014 due to ID theft. Yes, that’s billion with a “B.” Questions: 1. How many individual tax returns did the IRS process in 2015? 2. What percentage and amount did the IRS identify as fraudulent claims before it paid them?… Read more »

Beat the Clock!

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

Due to the slow transition to chip credit cards by U.S. retailers, counterfeit credit card fraud will likely rise to $4.5 billion this year. Questions: 1. What percentage rise will this year see as compared to last year’s credit card fraud? 2. Why are these thefts hurting retailers rather than issuing banks? 3. According to… Read more »

Who’s asset is it?

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

If a person who uses a prepaid debit credit card gets pulled over in Oklahoma, he/she now runs the risk that police can take all of the money loaded onto the card without arresting the person or even obtaining a warrant. Questions: 1. What do the devices purchased by the Oklahoma Department of Public Safety… Read more »

Cher sues to recover from financial firm over “rosy projections!”

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Auditing, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

Cher claims Sail Venture Partners and several of its principals defrauded investors to rake in millions in management fees, according to a lawsuit filed Wednesday in L.A. County Superior Court. Questions: 1. When did this happen? 2. What did the managers do with the money? 3. Based on the information in the article, what do… Read more »

Here we Go Again? Another Enron?

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

Short-seller and hedge fund manager, Jim Chanos, contends that the Alibaba Group is as problematic in its accounting positions as the now-defunct, corrupt energy giant, Enron. Questions: 1. What part of the company’s operations are most problematic and why? 2. What does cash flow have to do with this story? 3. What does Chanos claim… Read more »