Chapter 16 Payroll Accounting
Minimum wage in B.C. law and news
http://www.labour.gov.bc.ca/esb/facshts/min-wage.htm
http://canadaonline.about.com/gi/dynamic/offsite.htm?site=http://www.labour.gov.bc.ca/esb/esaguide/
http://bcfed.ca/node/1950
http://columbiavalleynews.com/2010/04/10/bc-has-lowest-minimum-wage-highest-poverty-rate/
Summary:
Canada has a certain law for minimum wages, but the minimum wage standards are different in each provinces. In British Columbia, the general minimum wage is $8/hour, however, for first-job worker, employers were allowed to pay them $6/hour for a total of 500 hours. The minimum wages standard in B.C. haven't change since the year 2001. But as the price of foods and services raising through years, most of the minimum wages workers are no longer able to cover their expenses. Because of this, the B.C provincial goverment is taking a fight between raise or not raising the minimum wage standard.The Liberal goverment said that no need to increase the minimum wage becauce they think raising the wages will also increase the poverty rate. However, the government is considering increase the minimum wage to $10/hour.
Connection:
The connection between those articles and chapter 16's payroll accounting is that both of them talks about wages and salary of workers. In Chapter 16, we are taught to calculate the payroll, payment to employees. By raising the payments to employees,it will leads to less demand of employees,also,the company's expenses will increase. With the expenses increasing there will be some changes made to the calculations payroll and recording payroll, for example, income tax, gross pay, insurance and pension plan By increasing the minimum wage the payment of employee will also change.
Reflection:
I was hopping that the government could increase the minimum wages as soon as possible. But after reading those articles about the concerns of the government, i know that the government have to think from every perspective and all the possibilities before and after raising the minimum wage. By increasing the wage, the expenses of each company will also increase, by increasing the expenses, there are two different ways to cut the expenses, first is to raise the products prices or service fees, second is to hire less employee as much as possible.
Monday, April 26, 2010
Friday, April 16, 2010
Chapter 15 From collapse to convictions: a timeline
From collapse to convictions: a timeline
http://www.cbc.ca/news/background/enron/
Summary:
The former chief executive officer,Kenneth Lay, of Hunston Natural Gas, then later he became CEO of the company. He started operation Enron(company) as an interstatepipeline company created from merger of Houston Natural Gas and Omaha-based InterNorth at 1985. By 1999, the company soon became the largest business site in the world. Ninty percent of Enron's income came from tade over Enron Online(and online trading website). The annual revenue keep hitting $100 billion US in 2000, making it Fortune 500 and the sixth largest energy company in the world. The stock price of the compnay peaked at $90 US. But after 2001, the cracks began to apear. In October of 2001, Enron reported a loss of $618 million, by that time Jeffery Skilling is the CEO. Chief financial officer Andrew fastow was replaced and the U.S. Securities and Exchange Commission launched an investigation into investment. The investgation show that complex web of parterships was designed to hide Enron's debt. On Dec.2,2001, Enron filed for bankruptcy potection in the biggest base of bankruptcy in the United States up to that point. The next month, the U.S. Justice Department opened its investigations of the company. Ken Lay and former CEO jeffrey Skilling were both convicted in May 2002.
Connection:
The above article relates to the study of financial statements in many ways. In Chapter 15 Analyzing Financial Statement, we are taught Users of Financial Statements, Comparing Financial Data, Simple Rations and Percentages,etc. In the above article the company named Enron was using fake financial statements, the insiders of the company such as its owners and executive & management groups known what is going to happen to the company and they made this decision to hide the real financial statements. The auditor of the financial statement is inresponsible , its rather the auditor didn't analyzing the financial statement well or he knews it but still passed it on.
Reflections:
After reading this article, I'm really surprised about they doing the fake financial statement.Normally, I thought that a big company wouldn't do such things. Also, i think the auditor is really inrresposible. The auditor's job is to make sure every information of the financial statement is 100% true but the auditor of Enron's company didn't find out or already knew that the financial statment is fake and passed it on. I think he should be punished too.
http://www.cbc.ca/news/background/enron/
Summary:
The former chief executive officer,Kenneth Lay, of Hunston Natural Gas, then later he became CEO of the company. He started operation Enron(company) as an interstatepipeline company created from merger of Houston Natural Gas and Omaha-based InterNorth at 1985. By 1999, the company soon became the largest business site in the world. Ninty percent of Enron's income came from tade over Enron Online(and online trading website). The annual revenue keep hitting $100 billion US in 2000, making it Fortune 500 and the sixth largest energy company in the world. The stock price of the compnay peaked at $90 US. But after 2001, the cracks began to apear. In October of 2001, Enron reported a loss of $618 million, by that time Jeffery Skilling is the CEO. Chief financial officer Andrew fastow was replaced and the U.S. Securities and Exchange Commission launched an investigation into investment. The investgation show that complex web of parterships was designed to hide Enron's debt. On Dec.2,2001, Enron filed for bankruptcy potection in the biggest base of bankruptcy in the United States up to that point. The next month, the U.S. Justice Department opened its investigations of the company. Ken Lay and former CEO jeffrey Skilling were both convicted in May 2002.
Connection:
The above article relates to the study of financial statements in many ways. In Chapter 15 Analyzing Financial Statement, we are taught Users of Financial Statements, Comparing Financial Data, Simple Rations and Percentages,etc. In the above article the company named Enron was using fake financial statements, the insiders of the company such as its owners and executive & management groups known what is going to happen to the company and they made this decision to hide the real financial statements. The auditor of the financial statement is inresponsible , its rather the auditor didn't analyzing the financial statement well or he knews it but still passed it on.
Reflections:
After reading this article, I'm really surprised about they doing the fake financial statement.Normally, I thought that a big company wouldn't do such things. Also, i think the auditor is really inrresposible. The auditor's job is to make sure every information of the financial statement is 100% true but the auditor of Enron's company didn't find out or already knew that the financial statment is fake and passed it on. I think he should be punished too.
Thursday, April 15, 2010
Chapter 14 Fake credit card factory found
Fake credit card factory found
By Monique Tamminga - Langley Times
http://www.bclocalnews.com/news/90040847.html
Summary:
Langley RCMP arrested a person who was trying to buy a cellphone with fake ID at walmart. This arrest led police to execute a search warrant of property where 600 counterfeit credit cards, a laptop computer and various pieces of false identification were found. Police later found out that the labtop computer contained over 80,000 lines of credit card data that could be encoded into the counterfeit credit cards.
Connections:
In chapter 14 Cash Control and banking, we learned the basic knowledges of credit cards and personal banking. The connection between the article and this chapter is that both of them talk about credit cards. The chapter is only an introduction of using the credit card but the article warns us about the safty of using the credit cards. Credit card contain a compelete user's personal informations, what they didnt metion in this chapter is that when the credit card is stolen all the informations will be known by someone else, sometines other people can steal credit card informations even without stealing the cards.
Reflections:
I felt that credit cards are unsafe after i read the article. It's really easy to be stolen and used by someone else. I was suprised about the huge amount of credit card data the police found in that person's computer. This means our personal informtions and our credit card informations are really easy to be stolen by someone else and we might not even realize it. I can't understand how did he steal so many different creadit card datas. I think it will be safter if the cashier will check their picture ID when a customer is using a credit card.
By Monique Tamminga - Langley Times
http://www.bclocalnews.com/news/90040847.html
Summary:
Langley RCMP arrested a person who was trying to buy a cellphone with fake ID at walmart. This arrest led police to execute a search warrant of property where 600 counterfeit credit cards, a laptop computer and various pieces of false identification were found. Police later found out that the labtop computer contained over 80,000 lines of credit card data that could be encoded into the counterfeit credit cards.
Connections:
In chapter 14 Cash Control and banking, we learned the basic knowledges of credit cards and personal banking. The connection between the article and this chapter is that both of them talk about credit cards. The chapter is only an introduction of using the credit card but the article warns us about the safty of using the credit cards. Credit card contain a compelete user's personal informations, what they didnt metion in this chapter is that when the credit card is stolen all the informations will be known by someone else, sometines other people can steal credit card informations even without stealing the cards.
Reflections:
I felt that credit cards are unsafe after i read the article. It's really easy to be stolen and used by someone else. I was suprised about the huge amount of credit card data the police found in that person's computer. This means our personal informtions and our credit card informations are really easy to be stolen by someone else and we might not even realize it. I can't understand how did he steal so many different creadit card datas. I think it will be safter if the cashier will check their picture ID when a customer is using a credit card.
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