Don’t Try this At Home!

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

In a memorable episode of Seinfeld, two characters hatch a plot: instead of returning bottles in New York for a 5-cent refund, they round up a load of containers and run them to Michigan, where the return is double, at 10 cents each. Now Brian Everidge is accused of attempting to “return” more than 10,000… Read more »

$35 here, $35 there and it all adds up!

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

While strict rules require account holders to affirmatively opt into banking overdraft protection plans, a U.S. subsidiary of the Spanish banking giant, Santander Bank, which acquired Boston-based Sovereign Bank in 2009, crossed the line. Questions: 1. Briefly summarize what the bank did? 2. Who is the Consumer Financial Protection Bureau and what was their role… Read more »

Trapped by Debt?

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Belkin Antonio Hernandez-Vargas was desperate to see his wife and get out of U.S. custody, so he turned to one of the biggest names in the business of helping immigrant detainees secure bail bonds. As a result, the company Libre by Nexus helped Belkin, an El Salvadorian secure an $8,000 bond after he was able… Read more »

Uncle Sam Picked the Wrong Cash Cow!

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According to the Washington Post, dairy farmer Randy Sowers has gotten back all the money seized by Federal agents from in his bank account. Questions: 1. Briefly describe the underlying issue in this story. 2. What is smurfing? Is this what Sowers did? 3. Why was Sowers successful in getting his money back? Discuss. 4…. Read more »

Auction misconduct, silly mix-up, or something else…………?

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The Keno brothers, stars of the PBS series Antique Roadshow, have recently exhibited strange behavior that is oddly out of sync with their stature as antique world luminaries. Leslie and Leigh Keno, twins and celebrity appraisers, say they accidentally bid against each other this spring. Questions: 1. A New Orleans auction house is suing the… Read more »

No List Prices?

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Amazon, who made its reputation on offering deals, is now quietly dropping list prices from its items. The new model is that Amazon does not have to entice customers anymore because they will buy anyway. Questions: 1. When did Amazon begin as a company? 2. When did the company begin dropping list prices? 3. Why… Read more »

Phased out in your lifetime????

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According to the New York Times, millions of customers at such banks as Bank of America, JPMorgan Chase, and Wells Fargo, currently log into their bank accounts through their mobile phones using their fingerprints. Introduced in the last few months, this feature enables a huge share of American banking customers to verify their identities with… Read more »

Is this Really a Good Thing?

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According to the New York Times, private equity firms have increasingly been taking over public services, like emergency care and firefighting, often with dire effects. Questions: 1. What are the factors that private equity firms apply to public services that put these arrangements into jeopardy? 2. About how many Americans work for companies owned by… Read more »

Who’s asset is it?

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If a person who uses a prepaid debit credit card gets pulled over in Oklahoma, he/she now runs the risk that police can take all of the money loaded onto the card without arresting the person or even obtaining a warrant. Questions: 1. What do the devices purchased by the Oklahoma Department of Public Safety… Read more »