Submitted by: Submitted by sarahsmommy
Views: 346
Words: 603
Pages: 3
Category: Business and Industry
Date Submitted: 07/02/2012 07:01 PM
Chapter 8 & 15 Textbook Exercises
ACC 280 - Principles of Accounting
February xx, 2012
Chapter 8 & 15 Textbook Exercises
Ethics Case: BYP8-6 – Sheila
(A): Gena may try to reprimand me, but in the end she is the one who is responsible. She also should have been monitoring the accounts and should have known about the problem. If I do comply with her request, our report will be inaccurate and the company will suffer due to inaccurate reporting. I will also be burdened by knowing I did my job incorrectly (by keeping the books open) and will lose respect for Gena, who should be held responsible.
(B): Gena is requesting that I expand the month by one day in order to keep our agreement to the bank. By doing this we would be in violation of SOX and GAAP. If it was found out, there could be fines and even imprisonment for those involved. We did not live up to our agreement with the bank and we must notify them. The bank could view this as a type of fraud, which it very well could be viewed as and could report us to the SEC. Other issues are integrity, reliability, professionalism, and honesty.
(C ): The alternative would be to speak with someone above Gena and explain what happened and what she wants me to do. I would make clear that it is not something I suggested and that I am not okay in acting in that manner. If we talk to the bank and tell them that we have a check coming in for deposit tomorrow that will put us over the required amount, they may be willing to work with us and not put us in default.
Problem P15-1 (a)
| |Condensed Income Statements | |
| | |Douglas Company | |Maulder Company | |
| | |Income Statement | |Income Statement |...