Hey there, where’d you get the loot?

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

A woman from Azerbaijan who spent 16 million pounds ($21 million) on jewelry, wine and other goods at luxury London department store Harrods over the course of a decade has become the first target of a new British rule allowing officials to seize money from people suspected of getting their wealth through corruption. Questions: 1…. Read more »

No cash allowed

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In Sweden, “No cash accepted” signs are becoming an increasingly common sight in shops and eateries across the country as payments go digital and mobile. Questions: 1. Why is going cashless bad for tax cheats? 2. Why are authorities in Sweden worried about the cashless society? 3. What percent of Swedes never use cash? 4…. Read more »

Better Late than Never

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Defense Department Comptroller David Norquist announced that the Department of Defense (DoD) would undergo its first-ever, financial audit beginning this month. Questions: 1. How many auditors will be tasked with spreading out across the department to examine the records? 2. How much in assets is it estimated that the Pentagon has? 3. According to Norquist,… Read more »

Asset Forfeiture Followup

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During 2014, law enforcement officers took more property from American citizens than burglars did. This was a new record. Questions: 1. What was the source of these data? 2. Why aren’t the asset forfeiture deposit amounts necessarily good indicators of the rise in the use of forfeiture? 3. Why are the net assets of the… Read more »

No More SkyMall?

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

The parent company for SkyMall filed for bankruptcy protection on January 23, 2015. SkyMall was the entertaining catalogue of everything you never thought about buying, but was in the seat pockets of every plane. As Farhi said, “the value added to this grotesque shlock was SkyMall’s enthusiastic descriptive copy. SkyMall’s writers never let on that… Read more »

Outlasting Resources: Unchartered Medicaid Territory

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The presidential election may decide the fate of Medicaid’s future. Faced with rising Medicaid costs and budget deficits, many states are already trying to cut the cost of long-term care by significantly changing Medicaid coverage, through the use of federal waivers. To be eligible for Medicaid, a person must spend down so that they have… Read more »

I Know Where You Live and I Know What you Donated Last Summer!

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, Uncategorized.

No, it’s not a new horror flick, but it is scary. As private schools, like Upper East Side preschool hit the upper limits of what they can charge for tuition (or $21,000 per year), fund raising has become more intense and aggressive. In fact, the “development offices” for these schools are mining online data for… Read more »

People: The Number One Asset

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What radical thinking! Cashiers barred from interacting with customers until they have completed 40 hours of training? Hundreds of staffers sent on trips around the U.S. and world to become experts in their products? No mandatory retirement age? Never laying off workers? All profits reinvested in the company or shared with employees? This is the… Read more »

Embrace Change

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, Uncategorized, Video Updates.

Kodak, the 131-year-old film pioneer, filed for bankruptcy protection last month. News got worse this week when the company announced they would stop doing what they were the first to ever do – manufacture digital cameras. Then on Feb. 15, Apple asked a bankruptcy court for permission to sue Kodak for patent infringement, resulting from… Read more »

Can Debt Ruin Your Relationship?

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting, Uncategorized.

When Allison Brooke Eastman’s fiancé found out four months ago just how high her student loan debt was, he broke off their engagement within three days. Although she had told him early in their relationship that she had over $100,000 of debt, when she found that the amount was actually about $170,000, he accused her… Read more »