The Anderson Community School Corporation hired Carla Burke in 1998 and then made her the food service department bookkeeper in 2006. She worked as the bookkeeper until she retired in 2019. Burke was responsible for maintaining the records for the school lunch fund. She reconciled the bank account, maintained vendor invoices, prepared checks to send […]
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How might the management of Jos-Tech have prevented an employee from stealing almost $500,000?
January 17, 2020 
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Victoria A. Ladd, 51, was employed by Jos-Tech, Inc., a custom plastics fabricating company located in Kent, Ohio, for many years. From January 2013 until January 2018, she wrote several checks to herself and cashed them or deposited them into her personal accounts. She also authorized electronic payments from Jos-Tech’s bank accounts to pay off […]
Continue readingAccounting Case Template tool available to build an introductory financial accounting case assignment
January 3, 2019 3 Comments
Again, as we start a new semester, I wanted to point out the availability of a tool that may be of use in teaching introductory financial accounting. The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from […]
Continue reading10-K, Ch 01 Financial statements, Ch 02 Transaction analysis, Ch 03 Accrual income, Ch 04 Internal control and cash, Ch 05 Receivables and revenues, Ch 06 Inventory & COGS, Ch 07 PP&E and Intangibles, Ch 08 Current liabilities, Ch 09 Long-term liabilities, Ch 10 Stockholders' equity, Ch 11 Statement of cash flows, Ch 12 Financial statement analysis, Financial accounting
Create Customized Financial Accounting Case Assignments with the Accounting Case Template
August 20, 2018 3 Comments
Again, as we start the fall semester, I wanted to point out the availability of a tool that may be of use in teaching introductory financial accounting. The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from […]
Continue readingCh 01 Financial statements, Ch 02 Transaction analysis, Ch 03 Accrual income, Ch 04 Internal control and cash, Ch 05 Receivables and revenues, Ch 06 Inventory & COGS, Ch 07 PP&E and Intangibles, Ch 08 Current liabilities, Ch 09 Long-term liabilities, Ch 10 Stockholders' equity, Ch 11 Statement of cash flows, Ch 12 Financial statement analysis, Financial accounting
Create Customized Financial Accounting Case Assignments with the Accounting Case Template
January 10, 2018 1 Comment
The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from which the instructor can choose, allowing the instructor to quickly build a case assignment customized for his/her specific course. It takes about two minutes to […]
Continue reading10-K, Ch 01 Financial statements, Ch 02 Transaction analysis, Ch 03 Accrual income, Ch 04 Internal control and cash, Ch 05 Receivables and revenues, Ch 06 Inventory & COGS, Ch 07 PP&E and Intangibles, Ch 08 Current liabilities, Ch 09 Long-term liabilities, Ch 10 Stockholders' equity, Ch 11 Statement of cash flows, Ch 12 Financial statement analysis, Financial accounting
Why is internal control important for companies – and for students – to understand?
September 9, 2017 0 Comments
An article in Accounting Today from September 7, 2017, has the headline “Internal control weaknesses correlate with financial fraud.” Three accounting researchers* have found that “…the incidence of fraud disclosures at companies previously found by auditors to have material weaknesses in their internal controls is approximately 80 to 90 percent greater than companies on average, […]
Continue readingNEW! Create Customized Financial Accounting Case Assignments with the Accounting Case Template
August 11, 2017 4 Comments
The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from which the instructor can choose, allowing the instructor to quickly build a case assignment customized for his/her specific course. It takes about two minutes to […]
Continue readingCh 01 Financial statements, Ch 02 Transaction analysis, Ch 03 Accrual income, Ch 04 Internal control and cash, Ch 05 Receivables and revenues, Ch 06 Inventory & COGS, Ch 07 PP&E and Intangibles, Ch 09 Long-term liabilities, Ch 10 Stockholders' equity, Ch 12 Financial statement analysis, Financial accounting
What internal controls might have stopped a Cargill accountant from embezzling $3.1 million?
April 25, 2017 2 Comments
Cargill, Inc., is the largest privately held corporation in the United States as measured by revenue. According to Wikipedia, if it were a publicly-held corporation, it would rank number 12 on the Fortune 500. In addition to its agricultural business, it also deals in energy, food ingredients, financial services, and a broad array of other […]
Continue readingWhat internal controls might have prevented the $1.4 million kickback fraud scheme at Utz?
July 5, 2016 4 Comments
Utz Quality Foods Inc., a snack food company based in Hanover, Pennsylvania, was recently the victim of a $1.4 million fraud scheme. Utz’s former director of purchasing acting together with an Utz vendor allegedly ran a false invoice kickback scheme. During the several years over which the fraud allegedly occurred, Jonathan Haas was the owner […]
Continue readingWhat internal controls might have prevented a Sea World guest relations supervisor from voiding tickets and pocketing more than $116,000?
June 21, 2016 0 Comments
A guest relations supervisor at SeaWorld’s Aquatica waterpark in Orlando, Lisa Olivardia, would void ticket sales and put the cash in white envelopes that she then put in her pocket. Investigators estimate that she stole between $55,000 and $75,000 each year from 2013 – 2015. Her voided transactions were about triple the rate of her […]
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