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Lovesac to Pay SEC $1.5 Million to Settle Claims of Hidden Expenses

CPA Practice

4—Furniture retailer Lovesac has agreed to pay $1.5 million to settle a Securities and Exchange Commission lawsuit that alleges that two former executives committed accounting fraud at the Stamford-based company. By Paul Schott The Middletown Press, Conn.

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Monday Morning Accounting News Brief: PwC Consolation Prizes; Al Pacino’s Accountant Ripped Him Off | 10.21.24

Going Concern

Financial reporting data has become extremely structured and repeatable across all enterprises because it’s guided by the standards set out through generally accepted accounting principles (GAAP), which are governed by the Financial Accounting Standards Board (FASB). Everybody measures the same things, in the same way.

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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). Understanding the principles of GAAP accrual accounting can be challenging and daunting; however, with the right guidance, it can be achieved. What are Generally Accepted Accounting Principles (GAAP)?

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What is Qualified Improvement Property and its depreciation method?

ThomsonReuters

The depreciation for nonresidential real property, residential real property, and qualified improvement property is calculated using the straight-line method under the rules of accounting for both tax and generally accepted accounting principles (GAAP).

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Accounts payable vs. accounts receivable: What are the differences?

ThomsonReuters

It is important to note that cash sales, as with a retail client, are not considered part of accounts receivable. Examples of accounts payable and accounts receivable As an example of accounts payable, let’s say that Company ABC purchased goods worth $150,000 on credit from a vendor.

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T-Mobile Sales Practices Under Fire

PYMNTS

Change to Win writes in its report, “T-Mobile’s high-pressure sales culture, coupled with low hourly pay for retail workers, puts employees in an untenable position where they have to choose between doing what is right for customers and meeting the strictly enforced sales metrics needed to safeguard their job and their own financial survival.”.

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Under Armour Defends Reputation Amid Investigations

PYMNTS

1, said that while the report questions the retail apparel company’s integrity, Under Armour is unaffected and deserves more respect. Under Armour CEO Kevin Plank has responded to allegations that he borrowed business from quarters in the future to mask slowing demand for the company’s offerings in 2016, according to a report by CNBC.