Posts Categorized: All Articles

A Bizarre Story: Watch what you say!

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

A man having a colonoscopy sued two doctors and their practices for defamation and medical malpractice last week, after he found that his cell phone had recorded a most horrific “trash talking” event during his procedure, as well as evidence of a falsified diagnosis. In the trial, the jury ordered the anesthesiologist and her practice… Read more »

Unlimited Data Slowdown at AT&T

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The FCC accused AT&T of improperly slowing down Internet speeds for customers who had signed up for “unlimited” data plans and imposed a $100 million fine on June 17. Questions: 1. How long has this practice been impacting customers? 2. Has the company violated FCC rules for similar issues prior to this current one? 3…. Read more »

Beware of Convenience Checks!

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he price of tapping credit through a cash advance, which lets people borrow from their credit cards by writing a check or withdrawing money from an ATM, is much steeper than it would be for a traditional credit purchase. It’s also much harder to avoid fees when a cash advance is involved. Questions: 1. What… Read more »

Loss-Prevention Profiling at CVS

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Four former loss-prevention employees from the CVS chain in New York filed a class-action lawsuit on June 3rd against the drugstore chain, accusing their bosses of ordering them to target black and Hispanic shoppers. According to the detectives, they were fired after complaining about racial discrimination, against both customers and themselves. Questions: 1. Why is… Read more »

The More Things Change, The More They Stay the Same

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Walmart’s board elected a new chairman at its annual stockholders’ meeting last week. As only the third chairman in the retail giant’s history, the post was passed on to a member of the founding Walton family. Questions: 1. What type of background does Mr. Penner have that will be beneficial in this post? 2. Why… Read more »

Spies Everywhere!

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A U.S. District Judge ordered Yahoo Inc to face a nationwide class-action lawsuit and accused the company of illegally intercepting email content sent to Yahoo Mail subscribers from non-Yahoo Mail accounts. Subsequently, Yahoo used the information to boost advertising revenue. Questions: 1. Which subscribers and non-subscribers does this class-action allow to file suit? 2. What… Read more »

When Will They Ever Learn?

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Bank of America (BoA) is in the news again. This time, Bank of America must pay a $30 million fine after a financial regulator found numerous violations related to the accounts of 73,000 military service members. Questions: 1. What actions did the bank take against military service members that were illegal? 2. What steps did… Read more »

Bye, Bye to Tens of Thousands of Dollars of Debt for a Certificate

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Despite intensive lobbying efforts and lawsuits by the Association of Proprietary Colleges (APC), a U.S. District federal judge denied a challenge to the Obama administration’s rules limiting the amount of debt students can carry in career-training programs. This decision delivers a blow to the deteriorating for-profit college industry. Questions: 1. What are the new rules… Read more »

The Hidden Costs of Beautiful Nails

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Manicures were once for special occasions only. Now they have become a staple for women across the economic spectrum. With more than 17,000 nail salons in the United States, there are about 2,000 nail salons in New York City alone. This New York Times research article looks at the dirty little secret of exploitation of… Read more »

Like-Kind Exchange Being Challenged in the Art World

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According to Josh Baer, “You can defer millions of dollars of taxes,” with the like kind exchange for high-end art.Experts say the use of this tax break has expanded in response to surging prices for art and the rising number of savvy investors, often veterans of the real estate industry or Wall Street, who have… Read more »