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 »

Moving on up from Counterfeiting

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

This article explains the latest spate of attacks on banks in Bangladesh and Southeast Asia, which security researchers say is the first time that a nation has used malicious code to steal purely for financial profit. The country is North Korea. Questions: 1. Security researchers and American government officials have tied thousands of attacks to… Read more »

Say it ain’t so, Phil.

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

Professional golfer Phil Mickelson was recently named in an SEC complaint regarding insider trading information that he received from William Walters, a sports gambler. Questions: 1. During what period did the insider trading take place? 2. Phil has been named as a “relief defendant.” What does that mean? 3. What shares did Phil buy and… Read more »

A Fraud Caught by a Channel-Surfing Judge!

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

Dance Moms, a show on Lifetime TV is in its 6th season. The host is Abby Lee Miller, who is facing 20 counts of fraud due to allegations that she fudged specifics when it came to a bankruptcy filing. If found guilty on all counts, Ms. Miller is facing $5 million in fines and five… Read more »

The new global business shield

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

Some Chinese state-owned entities, backed by the key government agency that oversees major state industrial companies, have adopted a controversial defense when they face U.S. lawsuits – we enjoy sovereign immunity. Questions: 1. The article says that this policy is an indication of something much deeper. What is that? 2. The article mentioned Chinese audit… Read more »