Accounting Tricks to Watch Out For
May 24th, 2010
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Some think that accounting is an exact science. It is more like a black art. Here are some possible manipulations of the numbers that you should be aware of:
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Archive for the ‘Accounting’ Category
Accounting for the Oil Spill
May 3rd, 2010
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Analyzing the latest Zales financial statements
March 1st, 2010
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On Wednesday, February 24, Zale Corporation released its financial statements for the quarter ended January 31, 2010. We take a close look at these statements.
Who killed Zales?
February 15th, 2010
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Tarnished Icon
November 2nd, 2009
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John Brian Fast, CPA, had previously reported Zales accounting problems.
On September 28, 2009 we reported in a post on this site that the financial statements that Zales Corp. filed for its fiscal year ended in 2008 and for parts of its fiscal year ending in 2009 had accounting errors and could not be relied on.
The beleaguered firm reported Friday, 10/30, that it is under investigation by the Securities and Exchange Commission (SEC) for accounting matters related to the restatement of its financial results. The company revealed the SEC investigation during its fiscal fourth-quarter earnings call, which it had postponed for more than a month. The firm said a year-end financial audit uncovered internal control and accounting issues. Since that announcement, Zales Corp. stock has been hammered. This morning, 11/2, CNBC reported that the company has had the largest recent percentage loss of any traded company.
No gems here. Zales financial reporting is erroneous.
September 28th, 2009
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Zales reported this month, September 2009, that the financial statements it filed for its fiscal year ended in 2008 and for parts of its fiscal year ending in 2009 have accounting errors and cannot be relied on.