Posts Tagged: Internal Controls

That’s Billion with a “B!”

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

According to the Washington Post, the IRS paid $3.1 billion in bogus tax refunds in 2014 due to ID theft. Yes, that’s billion with a “B.” Questions: 1. How many individual tax returns did the IRS process in 2015? 2. What percentage and amount did the IRS identify as fraudulent claims before it paid them?… Read more »

Walmart vs. Amazon: A Grocery War?

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

Questions: 1. Do you see this as a competition between Walmart and Amazon? Why or why not and are there any other players in the grocery war? 2. According to the video, why didn’t Walmart just create their own logistical team rather than use Uber and Lyft? 3. Would you be willing to pay $7… Read more »

Mutual Funds Extinct?

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

According to Matt Turner at Business Insider, passive investing is taking over the money-management world through exchange-traded funds (ETFs), which simply track an index. Questions: 1. What are some of the advantages of ETFs for investors? 2. During April in the U.S., what amount of money was tied up in ETFs? And according to Credit… Read more »

Cher sues to recover from financial firm over “rosy projections!”

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

Cher claims Sail Venture Partners and several of its principals defrauded investors to rake in millions in management fees, according to a lawsuit filed Wednesday in L.A. County Superior Court. Questions: 1. When did this happen? 2. What did the managers do with the money? 3. Based on the information in the article, what do… Read more »

Arbitration Smack-Down

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

According to the New York Times, a federal appeals court ruled last week that companies cannot force their employees to sign away their rights to band together in legal actions. In doing this, they delivered a major victory for American workers and opened an opportunity for the Supreme Court to weigh in. Questions: 1. What… Read more »

Barriers to Board Positions

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.

A recent report about the composition of Boards of Directors over the last seven years indicates that the greatest obstacle for minorities in gaining entry to the boardroom is the lack of operating or financial experience. According to the report, networks of white men who connect through college, work and social activities feel more comfortable… Read more »

HUUUUGGGGGEEEEE Shift!

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

In an apparent rejection of the basic principles of the U.S. economy, a Harvard University poll shows that most young people do not support capitalism. Questions: 1. What percentage supported socialism? 2. Why are the results of the survey difficult to interpret? 3. What did the survey say about health insurance? 4. What did you… Read more »

What a Heist!

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

Swift — the Society for Worldwide Interbank Financial Telecommunication — is billed as a supersecure system that banks use to authorize payments from one account to another. However, last week, Swift announced that hackers had captured $81 million from Bangladesh’s central bank in February and that other similar heists have been attempted. Questions: 1. According… Read more »

The benefits of offshore without leaving the country

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

For wealthy Americans looking to veil their assets and shield some of their income from taxation, there is no need to go to Panama or any other offshore tax haven. According to the New York Times, it’s easy to establish a shell corporation right here at home and virtually no questions are asked. Questions: 1…. Read more »

Sick Leave? How does it hurt business?

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

Many people go to work even when they are sick. But should this happen in the restaurant industry? As Chipotle found out outbreaks of norovirus, E. coli and salmonella can devastate business. This article discusses the lack of sick leave in the restaurant business and how food workers are the source of about 70% of… Read more »