Puerto Rico is Bankrupt!

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

Puerto Rico has been facing huge debts and population loss for some time. However, in a historic move that will likely trigger a fierce legal battle, the island territory declared bankruptcy. Questions: 1. According to the article, what were the main debts it listed in its filing? 2. How many jobs and what amount of… Read more »

Good News for the Class of 2015!

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According to the Washington Post, the New York Federal Reserve found that the demand for college-educated workers has picked up over the past year after flatlining in 2013. Additionally, it has risen more than 10 percent in the first few months of this year. Questions: 1. How many people were unemployed at the peak of… Read more »

It’s Not Over Yet!

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Looking at GDP reporting GDP on a quarter-on-quarter basis, it turns out that Greece’s six-year recession is over, but recovery is far from near. The country’s economy grew at a 3.2 percent annual pace in the first quarter, 1.2 percent in the second, and 2.8 percent in the most recent one. However, unemployment is 25.9%…. Read more »

Watch Out for Junk Fees!

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.

According to this article and a new study by the National Consumer Law Center, many states are shortchanging the jobless by distributing unemployment benefits on debit cards loaded with junk fees. Of the 40 states that have switched from paper checks to prepaid debit cards, 22 states’ cards charge ATM fees, 24 charge balance inquiry… Read more »