Posts Categorized: Video Updates

IRS destroys 30 M Paper returns due to Backlog

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Income Taxes, Managerial Accounting, Uncategorized, Video Updates.

According to Accounting Today, the IRS destroyed about 30 M paper-filed information returns in March 2021 due to its inability to process them. Questions: What does the IRS typically use the information returns for? Since 2014, what has been the overall percentage increase of business tax returns that are e-filed? In 2018, what was the… Read more »

Who’s on the FORBES AI 50 List this year?

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

On Sunday, May 9, Forbes released its fourth annual artificial intelligence (AI) list of the top companies that will shape the future. Questions: As you can see from the list, there is significant breadth and depth of artificial intelligence. Which area do you see as most promising and why? How was the list compiled? How… Read more »

The Future is EV Energy

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, Video Updates.

According to The Verge, the Biden administration invoked the Defense Production Act for EV batteries and clean energy last week. Questions: What does this mean in the near term for certain types of mines in the U.S.? Are lithium batteries sustainable in the long-term? Discuss. What is the Defense Production Act? How do you see… Read more »

Finally the End for Nikola Motors (NKLA)?

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, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to Electrek.com, Nikola Motors has lost almost its entire supply chain leadership over the last few months as the situation at the company is starting to look dire. Questions: Why has the founder of Nikola Motors been in the news over the past few years? Why did the company move away from developing a… Read more »

Are they the Bitcoin Bonnie and Clyde?

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, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the New York Times, Ilya Lichtenstein and Heather Morgan were charged with conspiracy to launder billions of dollars worth of Bitcoin.Credit. Questions: What was the Bitfinex hacking? What was the role of the complex shuffling of Bitcoin by the couple in the fraud in January 2017?   When the government executed a search… Read more »

Walmart’s Top E-commerce Omni Strategy Executive is Leaving

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.

Questions: When did Mr. Casey join Walmart? What company did he work at prior to coming to Walmart? By how much did Walmart’s global e-commerce sales increase during the nine months ended Oct. 31 as compared with the same period the prior year? What is Omni? Why do you think there is a post-holiday executive… Read more »

Kraft Heinz Fraud

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, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

Today’s column offers a review of a clawback fraud; CFO.com explains that Kraft-Heinz (KHC) reported supplier contracts that made it appear as if expense savings were provided in exchange for past or same-year events performed by the company when, in reality, they were upfront payments in exchange for a future benefit from KHC. This was… Read more »

Walmart’s new venture into financial technology

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, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

Walmart Inc.’s financial-technology venture agreed to buy two small companies and rebrand itself in a step toward providing an app that enables customers to save, borrow and receive money. Questions: What are the two small companies the Fin-Tech venture agreed to buy? What is Walmart’s venture called? Why is this move going to shake up… Read more »

Just Like The Wild West: Massive Supply Chain Thefts

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

Waiting for your order in the mail? Your goods may be stolen from rail cargo thefts; in other words, goods at rest are goods at risk. Questions: Why is theft so rampant in Los Angeles for rail cargo like that of Union Pacific? According to the Guardian, what percentage increase in crimial rail theft has… Read more »

Jury Still Deliberating

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, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the New York Times, a federal jury in California is struggling to reach a unanimous verdict on three of 11 charges against Elizabeth Holmes, former CEO of Theranos. Questions: What is the maximum sentence for each federal fraud count? How many counts of fraud is Ms. Holmes facing? What is the makeup of… Read more »