Posts Tagged: coronavirus

AICPA fires back!

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

The AICPA takes issue with Charles Rettig, IRS Commissioner, for penalizing taxpayers and businesses when the IRS is failing to process returns on time. Questions: Who is the Congressional member who entered the AICPA letter into the Congressional Record, regarding this issue? What is the aggregate backlog of mail at the IRS? Why isn’t the… Read more »

United Airlines’ Collective Sacrifice

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 New York Times, members of the United Airlines pilots’ union agreed to a collective sacrifice to prevent the airline’s 13,000 pilots from being furloughed until June 2021. Questions: As a contract agreement looms, how many jobs are United Airlines and its pilots’ union planning to save? How much money did the passenger… Read more »

Accounting for Coronavirus

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

According to the Washington Post, some companies are adopting an innovative approach to accounting for the impact the coronavirus pandemic has had on their earnings: they’re leaving it out. Questions:  What is Ebitda and why is it so important? How does Ebitdac work? Who’s using it? What is your opinion of this practice? Source: Lindell,… Read more »

Turns Out: Low-Tech, Simple and Likely Cheaper Masks are Better in Some Respects

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 the Washington Post, face masks with the coin-sized valves on the front may not be as good at preventing the spread of the novel coronavirus as the seemingly lower-tech, non-valved masks. Questions: Why are the lower-tech masks better at preventing the spread of COVID-19? Do medical masks have the valves? What does the CDC recommend… Read more »

First Bad News about Chuck E. Cheese, Now Broadway- Oh No!

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 Washington Post, the shutdown of Broadway’s 41 theaters will continue at least until Jan. 3. Questions: Why is Broadway so important to New York’s economic health? What will happen to ticketholders for shows up to and including January 3? What percent of tickets for commercial productions in 1,000- to 2,000-seat theaters must… Read more »

Under-capitalization costs lives

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, investigations show that Life Care Centers of America, one of the largest chains in the industry, violated federal standards meant to stop the spread of infections and communicable diseases even after outbreaks and deaths from COVID-19 began to sweep its facilities from the Pacific Northwest to New England. Questions What… Read more »

Sad Times for a Retail Icon!

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.

This week, J.C. Penney filed for bankruptcy protection after a prolonged decline over the past 20 years, becoming the latest and largest retailer to fall during the coronavirus pandemic, which has devastated the industry. Questions: How many employees does this affect? When and where did the company start? How many stores does the company have… Read more »

Don’t Delay Reporting to Federal Officials

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, Video Updates.

According to the Washington Post, The Life Care Center of Kirkland in Washington State failed to report an outbreak of respiratory illness to local authorities for two weeks as required by law under Medicare and Medicaid, which led to 40 COVID-19 deaths at the nursing home. Questions: How much is the per-day civil penalty levied… Read more »

Be Careful What you Wish For: Stranded in Paradise

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

According to the New York Times, a South African couple, on their honeymoon in the Maldives are now the sole visitors at a five-star resort, due to the coronavirus. Questions: Why don’t they go home with the other 40 South Africans in the Maldives? Who is running the resort and what regulations does the government… Read more »