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Managing money is an essential life skill, yet most U.S. adults would fail a financial literacy test. Consider the results of a survey meant to measure financial literacy, called the TIAA ...
A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Just 10 days ago, anxious markets were freaking out about the US economy ...
Macy's said Wednesday that it has tightened internal financial accounting measures after completing a probe of a rogue employee who hid $151 million in delivery expenses over a span of nearly ...
In common usage, as in accounting usage, cost typically does not refer to implicit costs and instead only refers to direct monetary costs. The economics term profit relies on the economic meaning of the term for cost. While in common usage, profit refers to earnings minus accounting cost, economists mean earnings minus economic cost or ...
Turnover in accounting personnel or other deficiencies in accounting and information processes can create an opportunity for misstatement. As for misappropriation of assets, opportunities are greater in companies with accessible cash or with inventory or other valuable assets, especially if the assets are small or easily removed.
Americans have abandoned 29.2 million 401(k) accounts holding trillions in assets. You can find them using a new government database or calling past employers.
] U.S. accounting firms are opposed to convergence because of the familiarity of GAAP, the unfamiliarity with international accounting principles, and other countries' accounting systems. U.S. firms and other CPAs have been reluctant to adapt and learn a new accounting system, and believe that IFRS lacks guidance compared to the GAAP.
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