• Professor Elam

    Wednesday August 9, 2017

    Globalscape's internal audit committee announced an over statement of earnings by 6%.

    But the stock dropped 18%. It has been falling the last couple of weeks.

    This demonstrates that failure to follow the rules can have a larger impact than the act itself. The error was on the order of $219,000 resulting in a net income of

    $3.7 million rather than the $3.9 million reported. So a relatively small error results in a massive loss of market capitalization. This is why we are studying revenue recognition in ACCT 3303.

    Screen Shot 2017-08-09 at 7.01.07 AM

  • Professor Elam

    Monday August 7 2017

    Tesla is confident of selling another $1.5B in debt.

    Tesla says orders have averaged 1,800 per day since the July launch of the car.

    This parallels the development of the railroads which also consumed lots of cash in the late 180s. But there were so many railroads built to and from the same places, most struggled to make any money.  TSLA stock has soared to $358 not bad for a company that has yet to post a profit. But that was the case for AMZN for years as well.

     

  • Professor Elam

    Monday August 7, 2017

    If you have not actually attended UT Austin or hung around the campus, it is difficult to grasp the difference betwen that campus and well, every other campus.

    Texas has a new coach and apparently an expanded athletic budget. Check out the photobelow.

    Here is a brief description.

    Screen Shot 2017-08-07 at 7.05.26 AM

     

    Once you recover from that read about Stampede 2, themost powerful University computer and the 12th most powerful in the world.

    Dell and Intel contributed to its construction.

    Screen Shot 2017-08-07 at 7.11.08 AM

  • Professor Elam

    Tuesday August 1, 2017

    The Student Rating of Instruction (SRI) emails were sent to students today to their Jaguar email accounts. An announcement was also posted to Blackboard. Students can also access their SRIs via a link in Blackboard after they login. The SRIs are open now and will close on 8/4/2017 at 5:00pm.

    Students have two options to access their Course Evaluations (please feel free to copy and paste the information between the bars into a communication to your students):

    ________

    1.   Blackboard. https://tamusa.blackboard.com/webapps/login/ Once you login you will see the "My Institution" page. Look for the "Tools" module. The course evaluation link is at the bottom of the Tools module. Click on the link "Course Evaluations" and you will be taken to your course evaluation links for each class you are enrolled in.

    2.   Student Jaguar Email accounts. Student Jaguar Email link. Once you login to your Jaguar account, you will see emails sent by A&M-San Antonio Admin. You should have received one email for each class you are enrolled in. Links to the course evaluations are contained in these emails.

     

  • Professor Elam

    Monday July 31, 2017

    Dear Faculty – Students who have not yet responded to the SRI online survey were sent a reminder email to the Jaguar email accounts (see below). Please encourage students in your class to check their Jaguar email accounts or look for the Course Evaluations link in Blackboard and complete the surveys. You can check your response rates by clicking on this link: Login (Note: This link should not be shared with others; it is unique to you.) .
    —–
    (previous email)

    Dear Faculty,

    The Student Rating of Instruction (SRI) emails were sent to students today to their Jaguar email accounts. An announcement was also posted to Blackboard. Students can also access their SRIs via a link in Blackboard after they login. The SRIs are open now and will close on 8/3/2017 at 5:00pm.

    Students have two options to access their Course Evaluations (please feel free to copy and paste the information between the bars into a communication to your students):

    ________

    1.   Blackboard. https://tamusa.blackboard.com/webapps/login/ Once you login you will see the "My Institution" page. Look for the "Tools" module. The course evaluation link is at the bottom of the Tools module. Click on the link "Course Evaluations" and you will be taken to your course evaluation links for each class you are enrolled in.

    2.   Student Jaguar Email accounts. Student Jaguar Email link. Once you login to your Jaguar account, you will see emails sent by A&M-San Antonio Admin. You should have received one email for each class you are enrolled in. Links to the course evaluations are contained in these emails.

    ________

    We are conducting a communication campaign to encourage your students to complete their SRIs. However, research indicates that the simplest and most effective way to improve your SRI response rate is to communicate with your students about why their feedback is important to you as an instructor, and to remind them about the SRIs at least twice.

    Below is the announcement that was sent out to students. If you have any questions, please email Jane Mims at jane.mims@tamusa.edu
    ——

    Texas A&M University-San Antonio

    Student Rating of Instruction Survey

    Dear A&M-San Antonio Student,

    Texas A&M University-San Antonio values the opinions and feedback of our students. With this in mind, we would like to encourage you to provide constructive feedback on the quality of instruction in your classes through the "Student Rating of Instruction" survey system, which is now open for evaluations. 

    Click on the link below to respond to the brief survey. You will receive a separate email for each class you are enrolled in. You can also access your course evaluations via Blackboard after you login (look for the Course Evaluations link in the left-hand Tools menu on the My Institution landing page).

    Please note:

           Surveys must be completed by 8/3/2017 at 5:00pm.

    -   You will only be allowed to complete one survey for each class.

           Evaluations are confidential, and faculty and administrators are unable to link student information with completed evaluations.

           If you have any difficulty completing your SRIs on or after 7/27/2017 at 6:00am but before 8/3/2017 at 5:00pm, please contact the Institutional Research office at IR@tamusa.edu.

  • Professor Elam

    Weekend July  29, 2017

    FLS missed its expected quarterly earnings.

    Net earnings came in at 22 cents, half the expected 44 cents.

    Read the article to see how this changed the overall market capitalization.

    And in the when it rains it pours department or

    Things are blackest just before they go, pitch black

    A law firm is investigating accounting irregularities at FLS.

    The investigation concerns whether Flowserve and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

    On July 27, 2017, Flowserve disclosed its financial and operating results for the second quarter of 2017 and full-year outlook, decreasing considerably below estimates. Flowserve stated that "certain immaterial accounting errors were identified in prior period financial statements for the period beginning in 2013 through the first quarter of 2017, which occurred primarily at two non-U.S. sites, and principally involved certain inventory and accounts receivable balances" and that it "has determined to amend its 2016 Form 10-K and the March 31, 2017 Form 10-Q to reflect the revisions." The Company also stated that it "has determined material weakness existed in its internal control structure at year-end 2016 and continued through the end of the 2017 second quarter. The company intends to institute remediation plans as a result of these errors. The cumulative effect of the changes to retained earnings as of March 31, 2017 was a reduction of approximately $30 million."

    Screen Shot 2017-07-29 at 12.05.09 PM

    Whoops, this why we study GAAP and Internal Control in accounting class!

     

  • Professor Elam

    Friday July 21, 2017

    Positive social mood towards our pets has resulted in an upscale pet spa industry. Read about Chateau Poocie andother such resorts here.

    One fellow spent $1,000 for an eight night stay for his dog. Amenities include swims access to the Animal Channel, reading to them, and of course installed web cams so the owners can check up and be assured poochie is being well cared for. some offer limo service to and from where ever. One spa even helicoptored poochie out to his owner in the Hamptons.

    One of these places cost $9 M to construct but I guess it pays at these prices. Screen Shot 2017-07-21 at 11.14.26 AM

    Here is another example of managerial accounting in action, just use your imagination.The wealth created by DJIA 21,000 has made such

    business possible.

  • Professor Elam

  • Professor Elam

    Monday July 17, 2017

    I commented that students could subscribe to the WSJ for a mere buck a week. Here is a sample of what I leaned just this morning reading the Monday, the slowest day of the week for newspapers.

    Roger Federer won is 8th  Wimbeldon tennis title this weekend.

    EnerVest a fund buying oil and gas wells in 2013 during triple digit oil prices has lost apparently all the value of its investments. Obviously EnerVest was not reading my Market Perspective  log which warned of the danger of high prices then. There was no shortage of oil we argued, why the high price. And of course it ell to one third of that value.

    We are studying cost accounting in ACCT 3314. The most expensive independent, outside the big six studios, will e rfeleased July21. Valerian csot $180 M but does not feature a well known franchise like Spider Man nor is it a repeat of an existing franchise like Fast and Furious.  Billed as a cross between Avatar and Star Wars, it is a French made sci fi set in the 28th Century. Here is an example of job  order costing our topic today in 3314. Would you rather be on one $180 million film or six lower budgets at say at $30 M each?  Early reviews are mixed.

    We don't do a lousy job educating our students at TAMUSA on the arts, we do no job at all. But one can learn a good deal about American artist Andrews Wyeth. Wyeth like Rockwell drew rural American, and the reviewer remarks, if Rockwell can gain legitimacy again so can Wyeth.  Winter 1946 at right. Seems a shame we do really nothing to utilize the McNay, Witte, or SA Art Museum for our students. Not to mention zero interface with the theater programs at other schools in town.  Has anyone ever seen Death of a Salesman or Streetcar Named Desire?Screen Shot 2017-07-17 at 7.00.39 AM

     I know of no other journalist who covers Central and South America as Mary O'Grady does each Monday in the WSJ. Today she explains the Cuban control over Venezuela even as it reels from not enough food to eat and weekly protests. Cuba wants to control the country for a lane to transport cocaine from Colombia as well as to spread it totalitarian regime throughout South America. Will outside nations speak up about the human rights tragedy?

    Right under that column, Andy Kessler challenges the lone held education mantra that learning a foreign language is important, necessary, and teaches foreign culture. It does none of that. He notes the Oklahom of all placeds is substituting learning computer code for foreign language. 51%of the Internet is in English. If we are serious about STEM, let's do the same here.

    La Raza Loses the Race, check it out

    On the op ed page Fred Barnes notes that Republicans are not team players. I am guessing John McCain is giving Mitch McConnell 'cover' by staying in Arizona after an operation so that the needed 50 votes can be obtained. By the way is this 1797 or 2017?  Why can't McCain vote electronically from Arizona?  Requiring all Senate and House members to live in their own districts and have Town Hall every week rather than on vacationmight put them back in touch with America.

    The Democrats as always are united, the Republicans as Fred writes seem to think this is an individual sport like tennis or golf, not football or basketball. Failing to replace Ovbamacare will leave us with Obamacare as rate escalate and insurers abandon the market. What is Rand Paul thinking?

    I am always on the hunt for a good ethical story. And here is one The conscience of a Valet. The writer worked as a car valet at 1789 Restaurant, an upscale Washing DC eatery. He describes various tip stories. But the best he says happened like this. Sean realized he was holding a $100 bill, far  too large judging by the car of the owner. So he chased the car for  three blocks, hailed down the drives, and offered the tip back. The driver took it and returned, three bucks. Now the ethical question, was that ethically fair. Should he not have received at least 20 bucks?  What do you think we can discuss in class and I will reveal the answer to what the valet thought.

    Finally Elon Musk warns about the job encroaching danger of Artificial Intelligence.  AI.  I am seeing  a lot of this. My take is that it won't be AI that causes the provblems of decreased job opportunities but the general lack of interest and dumbing down of education. Arum and Roksa have a book out several years ago on this topic check out

    Academically Adrift.

     

  • Professor Elam

    Friday July 14, 2017

    I recently featured several posts on restaurants with a unique ore different business model. I was just reading about Hamburger Mary's.

    Clearly the menu will not pass muster with the Weight Watchers' crowd! Check out this burger-4 Screen Shot 2017-07-14 at 11.03.21 AM

     

    Hamburger mary's is a gay themed burger joint, which of course began in San Francisco.

    That location has closed but there are others in major cities.  And yes there is one in the Montrose area of Houston. 

    Nothing like innovation!