Posts Categorized: Uncategorized

Loaning $9.2 Billion of Your Tax Dollars to Ford

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

According to the New York Times, Ford Motor and its battery manufacturing partner will receive a $9.2 billion loan to build three battery factories in Kentucky and Tennessee from the Department of Energy. Questions: Source: Ewing, J. and C. Krauss (2023). Ford’s Battery Joint Venture to Get $9.2 Billion Government Loan, The New York Times,… Read more »

Forever Chemicals Settlement; No Liability Admitted

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, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the New York Times, chemical giant, 3M, reached a $10.3 billion settlement deal with U.S. cities and towns regarding claims that the company contaminated drinking water with so-called forever chemicals used in everything from firefighting foam to nonstick coatings. Questions: Source: Friedman, L and V. Giang. (2023) 3M Reaches $10.3 Billion Settlement in… Read more »

The Ups and Downs of the Interest Rate

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 the Washington Post, the Federal Reserve announced Wednesday that it would not raise interest rates this month. Questions: Source: Siegel, R. and A. Bhattarai. (2023). Fed leaves rates unchanged for first time since March 2022. The Washington Post, June 14 (Retrievable online at https://www.washingtonpost.com/business/2023/06/14/fed-expected-leave-rates-unchanged-first-time-since-march-2022/)

A New Report on Artificial Intelligence

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

According to Fortune, McKinsey Global Institute’s new report looks at 63 potential use cases for artificial intelligence (AI) and predicts that generative AI might add between $2.6 to $4.4 Trillion (with a T) to the global economy. Questions (from the report): Source: Murray, A. and N. Gordon. (2023) Generative A.I. could add $4.4 trillion to… Read more »

AI in Small Business Accounting

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, Managerial Accounting, Uncategorized.

According to The World Financial Review, artificial intelligence (AI) is revolutionizing advancements in small business accounting. Questions: Source: Staff. (2023). How AI Is Revolutionizing Small Business Accounting. The World Financial Review, June 14 (Retrievable online at https://worldfinancialreview.com/how-ai-is-revolutionizing-small-business-accounting/)

“Home Equity Theft” ruled on by the Supreme Court

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, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Accounting Today, the Supreme Court unanimously rejected a Minnesota county’s argument that a 94-year-old woman had no property interest in a condominium they seized from her and later sold for more than her unpaid taxes.  Questions: Source: Cohn, M. (2023). SCOTUS rules for 94-year-old in property tax case. Accounting Today, June 6 (Retrievable… Read more »

Higher Stock Ownership among Americans in 2023

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

According to the Washington Post, 61 percent of Americans own stocks, which is the highest number since 2008. Questions: Source: Singletary, M. (2023) More Americans own stocks. This is great for their financial future. The Washington Post, June 6. (Retrievable at https://www.washingtonpost.com/business/2023/06/06/american-stock-ownership/)

Do more taxes mean better services?: A cautionary tale

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, Income Taxes, Managerial Accounting, Uncategorized, Video Updates.

Generally, you equate the need for higher taxes in a city as a way to improve the environment. This blog looks at the city of Portland, Oregon. Questions: Source: Conerly, B. (2021) Death Of A City: The Portland Story? Forbes, Jan. 28 (Retrievable online at https://www.forbes.com/sites/billconerly/2021/01/28/death-of-a-city-the-portland-story/?sh=bff67ac74ad0) Constantz, J. (2023). The cities where high earners face… Read more »

OOPS! A $3 Billion Accounting Error

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According to Time, the Pentagon overcounted the value of weapons and other equipment sent to Ukraine by roughly $3 billion. Questions: Source: Hennigan, W. (2023) Pentagon Says Multi-Billion Dollar Accounting Mistake Means More Arms Funding for Ukraine. Time, May 18 (Retrievable online at https://time.com/6281063/pentagon-accounting-error-ukraine-arms-funding/)

Catastrophic Panic

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

According to the Washington Post, small businesses are beginning to brace for a worst-case scenario of delayed payments, stalled projects and layoffs if the nation defaults on its debt. Questions: Source: Bhattarai, A. (2023). Small businesses are beginning to panic about a government default. The Washington Post, May 21 (Retrievable online at https://www.washingtonpost.com/business/2023/05/20/debt-ceiling-small-business/)