http://www.nationalpost.com/news/world/story.html?id=1039765
Summary
Who ever said that crime doesn’t pay? Just recently on December 6th, four men went into the Harry Winston jewellery store in Paris and made off with $137 million in stolen merchandise. The men went into the jewellery store with concealed weapons and were also disguised. Paris police are saying that this was a very well organized and unfortunately, very successful mission as the four men easily walked in, and walked out with a bags full of “merchandise”. This is not the first time that the shop was robbed, as it suffered a loss of $16 million just over a year ago.
Connections
The connection to chapter 3 is found in the accounting cycle. Even though this was not a conventional transaction, it still has to be recorded as if it was. The jewellery is a permanent account and will be part of the accounting done during the accounting cycle. This means that the transaction will be posted, journalized, put in the ledger, and will be subject to all the steps after that. As a result, there will be a major decrease in shareholder equity, seeing as $137 million of merchandise is no longer part of the company, and nothing was given back to the company in order to complete, and balance out the equation.
Reflection
The accounting cycle is here for us to use as a tool to make sure that all transaction are on the record and can be referred back to at any time. This is a great way to make sure that accounting stays legitimate, especially for shareholders or potential buyers in a company. If the accounting cycle was altered or disregarded completely, then a company could do whatever it wants to make sure that it remains attractive in the eyes of and investor. Take the robbery for example, what stops the accountants from posting this entire ordeal as a legitimate transaction? If this were done, then people would look at this company thinking that they not only make expensive jewellery, but also their product is in demand since they just made a $137 million deal. Who would the real thieves be then?
C. Tut
FINAC12
Block A
Sunday, December 7, 2008
Saturday, October 18, 2008
Ch. 2 Blog Entry
Ch.2 Blog
Money Remaining In BC Education Budget
No website!!! Ask Ms. Cloutier for details.
Summary
As is sat in my English class just days ago, who else would walk into class but Ms. Cloutier. After making small talk she went on to pull an unfortunate student out of the class, then went on to say she will be pulling more people shortly. Why was this happening so late in the year? Well, apparently the BC government had money left over from last years education budget and wanted to decrease class sizes by spending that money now to hire more English teachers (English classes are generally the largest). While many students were upset by the thought of being moved so late in the year, this may be a mistake that was made by our own government. It was said to us that the government only uncovered this money recently and decided to spend it on the overcrowding in classrooms.
Connections
How does this little financial upturn relate to this chapter? Well, this chapter is about the analysis of financial statements. When it comes down to it, someone overlooked a certain amount of money that was untouched. The government probably had a cash flow statement or balance sheet so they knew where the money in the budget was going, but there may be a possibility that an amount of money was not accounted for and just sat in the government’s pocket until someone dug it out. If someone had properly analyzed either document at the end of the fiscal period, they would have realized that there was a huge chunk of money remaining in the budget. Even in the worst scenario, the remaining money may be money that one unlucky school never received, but the mistake wasn’t caught because of poor analysis.
Reflection
When you look back on this event, this could have all been avoided if it was known simply how much money was remaining in the budget. When you reach this point in the school year, students have already adapted to their teachers. What the government is doing here is just dumping leftover money that should have already been accounted for on schools now. If the money had been accounted for earlier, then this change could have been at a sooner date, meaning that many students wouldn’t be inconvenienced. When it comes to money, it is important that you know not only where it’s coming from, but where it is going. Not to mention analyzing transactions to make sure that they have been recorded correctly and balance, so you always know where your money is, was, and should be.
C. Tut
FINAC12
Block A
Money Remaining In BC Education Budget
No website!!! Ask Ms. Cloutier for details.
Summary
As is sat in my English class just days ago, who else would walk into class but Ms. Cloutier. After making small talk she went on to pull an unfortunate student out of the class, then went on to say she will be pulling more people shortly. Why was this happening so late in the year? Well, apparently the BC government had money left over from last years education budget and wanted to decrease class sizes by spending that money now to hire more English teachers (English classes are generally the largest). While many students were upset by the thought of being moved so late in the year, this may be a mistake that was made by our own government. It was said to us that the government only uncovered this money recently and decided to spend it on the overcrowding in classrooms.
Connections
How does this little financial upturn relate to this chapter? Well, this chapter is about the analysis of financial statements. When it comes down to it, someone overlooked a certain amount of money that was untouched. The government probably had a cash flow statement or balance sheet so they knew where the money in the budget was going, but there may be a possibility that an amount of money was not accounted for and just sat in the government’s pocket until someone dug it out. If someone had properly analyzed either document at the end of the fiscal period, they would have realized that there was a huge chunk of money remaining in the budget. Even in the worst scenario, the remaining money may be money that one unlucky school never received, but the mistake wasn’t caught because of poor analysis.
Reflection
When you look back on this event, this could have all been avoided if it was known simply how much money was remaining in the budget. When you reach this point in the school year, students have already adapted to their teachers. What the government is doing here is just dumping leftover money that should have already been accounted for on schools now. If the money had been accounted for earlier, then this change could have been at a sooner date, meaning that many students wouldn’t be inconvenienced. When it comes to money, it is important that you know not only where it’s coming from, but where it is going. Not to mention analyzing transactions to make sure that they have been recorded correctly and balance, so you always know where your money is, was, and should be.
C. Tut
FINAC12
Block A
Saturday, September 20, 2008
Chapter One Blog Entry
Summary: http://www.sportsnet.ca/hockey/2008/09/19/nichols_top100/
As it has become well known, fantasy sports have become all the rage and everyone is getting in on being the General Manager for a season. Checking stats every minute, forcing themselves to watch bad teams play because the picked a certain player, or even replacing their hometown hero with a rival "point machine" may not seem like fun by any stretch of the imagination. But, in order to succeed, these are the things that need to be done. You must understand who a player will perform best against, know how long a player will stay on top, and make sure your picks are getting you points.
Relationship To Chapter One
Chapter One speaks extensively about financial statements and their users. When looking to invest in a business (player), it is necessary to know which direction your investment will take you in. Will it bring you success or hardship? You must not only look at where your investment can go, but where it has already been. Is a player coming off an MVP season? Are they rusty from coming back from injury? Has a stock already peaked so high that it has nowhere to go but down? These are the questions you must ask yourself before making an investment and becoming a shareholder. Anything can happen in the world of business.
Reflection
Fantasy sports and the world of finance reporting aren't so different. You can invest money (points) on a player on the rise, or you can end up wasting everything away on a moneymaking scheme that never panned out because no research went into it. People will drive themselves insane trying to find a player who will produce on the ice and fit onto their roster with the allotted points. It all depends on the research you do, the stats you check, and the player's progression over the course of the season. A player's statistics are recorded so an informed decision can be made as to whether or not they are a safe investment. After all, everyone is in it to win it.
- C. Tut
As it has become well known, fantasy sports have become all the rage and everyone is getting in on being the General Manager for a season. Checking stats every minute, forcing themselves to watch bad teams play because the picked a certain player, or even replacing their hometown hero with a rival "point machine" may not seem like fun by any stretch of the imagination. But, in order to succeed, these are the things that need to be done. You must understand who a player will perform best against, know how long a player will stay on top, and make sure your picks are getting you points.
Relationship To Chapter One
Chapter One speaks extensively about financial statements and their users. When looking to invest in a business (player), it is necessary to know which direction your investment will take you in. Will it bring you success or hardship? You must not only look at where your investment can go, but where it has already been. Is a player coming off an MVP season? Are they rusty from coming back from injury? Has a stock already peaked so high that it has nowhere to go but down? These are the questions you must ask yourself before making an investment and becoming a shareholder. Anything can happen in the world of business.
Reflection
Fantasy sports and the world of finance reporting aren't so different. You can invest money (points) on a player on the rise, or you can end up wasting everything away on a moneymaking scheme that never panned out because no research went into it. People will drive themselves insane trying to find a player who will produce on the ice and fit onto their roster with the allotted points. It all depends on the research you do, the stats you check, and the player's progression over the course of the season. A player's statistics are recorded so an informed decision can be made as to whether or not they are a safe investment. After all, everyone is in it to win it.
- C. Tut
Monday, September 15, 2008
Blue Jays out of the playoffs!!!
Greg Zaun. What are you doing. How do you ground out in the most important regular season series of the schedual.
There's next year though - The season, the 09 Jays!!!
There's next year though - The season, the 09 Jays!!!
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