Ethics in accounting | ACC 100 Accounting I | Strayer University

 

Effective financial reporting depends on sound ethical behavior.  Financial scandals in accounting and the businesses world have resulted  in legislation to ensure adequate disclosures and honesty and integrity  in financial reporting. A sound economy is contingent on truthful and  reliable financial reporting.

Instructions:

  • Read the following scenario.
  • Answer the questions that follow. This will be a 2-3 page  submission in a question and answer format (also in paragraph form). An  introduction and conclusion is not required.
  • Refer back to your textbook for guidance on how to think through the scenario.

You have been recently hired as an assistant controller for XYZ  Industries, a large, publically held manufacturing company. Your  immediate supervisor is the controller who also reports directly to the  VP of Finance. The controller has assigned you the task of preparing the  year-end adjusting entries.  In the receivables area, you have prepared  an aging accounts receivable and have applied historical percentages to  the balances of each of the age categories.  The analysis indicates  that an appropriate estimated balance for the allowance for  uncollectible accounts is $180,000.  The existing balance in the  allowance account prior to any adjusting entry is a $20,000 credit  balance.

After showing your analysis to the controller, he tells you to change  the aging category of a large account from over 120 days to current  status and to prepare a new invoice to the customer with a revised date  that agrees with the new category.  This will change the required  allowance for uncollectible accounts from $180,000 to $135,000.  Tactfully, you ask the controller for an explanation for the change and  he tells you “We need the extra income, the bottom line is too low.”

Required:

In a 2-3 page paper, discuss the following:

  1. Consider what you have learned relative to ethics and financial  reporting. What is the rationale for the calculations/process used to  estimate the $180,000 uncollectible allowance?
  2. How do you think the misstatement of funds will impact the income statement and balance sheet?
  3. What is the ethical dilemma you face? What are the ethical  considerations? Consider your options and responsibilities as assistant  controller.
  4. Identify the key internal and external stakeholders. What are the negative impacts that can happen if you do not follow the instructions of your supervisor?
  5. What are the potential consequences if you do comply with your supervisor’s instructions? Who will be negatively impacted?

Additional Requirements:

  • Use at least one (1) quality academic resource (in addition to your textbook) for this assignment. Note: Wikipedia and similar websites do not qualify as academic resources. You have access to Strayer University’s Online Library at https://research.strayer.edu and the iCampus University Library Research page at https://icampus.strayer.edu/library/research.

Your assignment must follow these formatting requirements:

  • Your paper should be double spaced (Arial or Times Roman 12 pt  font) and follow general Strayer Writing Standards (SWS) as they relate  to references and citations. Please take a moment to review the SWS  documentation for details (more information and an example is included  in the Strayer Writing Standards menu link located in your Blackboard).
  • Include a cover page containing the title of the assignment, the  student’s name, the professor’s name, the course title, and the date.  The cover page and the reference page are not included in the required  assignment page length. 
Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more