Posts Categorized: Intermediate Accounting

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!

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.

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

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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 »

Abusing the System or a Genuine Life Line?

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The classification of animals as emotional support has been permitted by antidiscrimination laws for some time, allowing owners to take their pets to shops, restaurants, or residential buildings that have no-pet policies. However, a recently increasing trend in uncaged animals on airplanes has become a source of complaints by flight attendants, passengers with allergies, and… Read more »

Conflict of Interest?

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.

The commercials may sound wonderful, but unfortunately, patients are being victimized by medical credit cards. The cards, issued by specialty finance companies and commercial banks, carry huge interest rates after an initial zero interest period expires. There are also heavy penalties for late payments. Questions: 1. What types of services can be paid for with… Read more »