Posts Categorized: Uncategorized

Do you want buy some popcorn with that?

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

According to the Washington Post, AMC will allow customers to pay for popcorn and movie tickets with bitcoin by the end of the year. Questions: What has happened to AMC’s stock price since the first of the year? As of this week, how many AMC movie tickets could be bought with a single bitcoin? AMC… Read more »

A View About the Pandemic Profits of Accounting Firms and the Road Ahead

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

According to Greg Barber, Founder of G. Barber Advisory LLC, surprising levels of profitability since the pandemic hit need to be carefully scrutinized for concerns that still affect all CPA firms. Questions: What four pre-pandemic issues/concerns are still lurking for accounting firms? What two issues should drive significant change? What advice by John Kotter should… Read more »

New York Audits of Remote Workers

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Financial Accounting, Income Taxes, Managerial Accounting, Uncategorized.

According to Accounting Today, the New York Tax and Finance Authority sent out thousand of notices since the filing season ending in May to individuals earning as little as $100,000 a year. What do these individuals have in common? They have claimed to have left the state during the COVID-19 pandemic and New York wants… Read more »

The Employee Retention Tax Credit for Employers

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, IRS and Treasury Department guidance was released for employers who paid qualified wages after June 30, 2021, and before Jan. 1, 2022, as part of the CARES Act. Questions: What was the objective of including employee retention credits (ERCs) as part of the CARES Act? During the COVID pandemic, what program… Read more »

What are NFTs and why should tax accountants care?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Income Taxes, Managerial Accounting, Uncategorized.

According to Accounting Today, tax rules surrounding NFTs or nonfungible tokens are not clear. NFTs are basically digital assets whose data is stored in a blockchain, similar to cryptocurrency like Bitcoin and Ethereum. Questions: What can NFTs digitally represent? Why are NFTs a kind of a goldmine for the IRS? What Internet sites specialize in… Read more »

E & Y Charged

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Ethical Dilemma, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to Accounting Today, the Securities and Exchange Commission (SEC) charged Ernst & Young (EY), one of its current partners, and two of the firm’s former partners Monday with violating auditor independence rules and improper professional conduct. Questions What was the public company audited by EY according to this charge? What were the auditor independence… Read more »

Another Big Cyberattack

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Cost Accounting, Financial Accounting, Fraud Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, hundreds of businesses around the world are grappling with potential cybersecurity vulnerabilities after a software provider to more than 40,000 organizations has been the victim of a “sophisticated cyberattack.” Questions: What types of organizations in Sweden have been hit? What is the name of the software company that has… Read more »

Big Woes for the Cavendish Banana

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Cost Accounting, Financial Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

While the popularity of the Cavendish banana that you buy at the grocery store is on the rise, there is a disease that is threatening its extinction. Questions: Why might the most popular bananas go extinct? Which country economies depend on the banana? What percentage of bananas exported to supermarkets around the world are of… Read more »

Below 3%

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

According to the Washington Post, mortgage rates were above 3 percent but only for a week before they slid back below that level. Questions: What is the 30-year fixed average percentage on a 30-year mortgage? What are points on a mortgage? What is Freddie Mac? How many lenders across the country are aggregated to come… Read more »

Facebook’s Victory

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Financial Reporting and Analysis, Fraud Accounting, Income Taxes, Managerial Accounting, Uncategorized, Video Updates.

According to Reuters, Facebook hits $1 trillion value after the judge rejects antitrust complaints. Questions: Federal and state antitrust complaints sought to have Facebook sell what apps? Where did the judge find flaws in the arguments? What was the bright spot for the FTC in the case? Source: Bartz, D. and E. Culliford. (2021). Facebook… Read more »