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Discuss the difference between merchant wholesalers and agents/brokers.
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All American Career College Ethics in Accounting Discussion
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All American Career College Ethics in Accounting Discussion
Assignment: Ethics in AccountingDue Week 9 and worth 170 pointsEffective
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: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?How do you think the misstatement of funds will impact the income statement and balance sheet?What
is the ethical dilemma you face? What are the ethical considerations?
Consider your options and responsibilities as assistant controller.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?What are the potential consequences if you do comply with your supervisor’s instructions? Who will be negatively impacted?Additional Requirements:
I would like you to think about how you will use this information to
help you think through the ethics assignment scenario and effectively
address each question. In addition, how will expanding your knowledge of
business ethics better prepare you for future course assignments, and/
or other challenges you may face in your organization.https://apps.il-work-net.com/ArticleViewer/Article/Index/170/AppCall=1https://www.icaew.com/archive/learning-and-development/job-essential-skills/employability-skills/problem-solvingUse 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.
8 pages
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Costco wholesale is an international membership warehouse club that offers retail services. The enterprise opened its first location in 1975 using the ...
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The Patient Protection and Affordable Care Act of 2010 (PPACA), also known as the Affordable Care Act or Obamacare, is est ...
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The Patient Protection and Affordable Care Act of 2010 (PPACA), also known as the Affordable Care Act or Obamacare, is established as a way of ...
All American Career College Ethics in Accounting Discussion
Assignment: Ethics in AccountingDue Week 9 and worth 170 pointsEffective
financial reporting depends on sound ethical be ...
All American Career College Ethics in Accounting Discussion
Assignment: Ethics in AccountingDue Week 9 and worth 170 pointsEffective
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: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?How do you think the misstatement of funds will impact the income statement and balance sheet?What
is the ethical dilemma you face? What are the ethical considerations?
Consider your options and responsibilities as assistant controller.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?What are the potential consequences if you do comply with your supervisor’s instructions? Who will be negatively impacted?Additional Requirements:
I would like you to think about how you will use this information to
help you think through the ethics assignment scenario and effectively
address each question. In addition, how will expanding your knowledge of
business ethics better prepare you for future course assignments, and/
or other challenges you may face in your organization.https://apps.il-work-net.com/ArticleViewer/Article/Index/170/AppCall=1https://www.icaew.com/archive/learning-and-development/job-essential-skills/employability-skills/problem-solvingUse 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.
8 pages
Costco Wholesale Case Analysis.
Costco wholesale is an international membership warehouse club that offers retail services. The enterprise opened its firs ...
Costco Wholesale Case Analysis.
Costco wholesale is an international membership warehouse club that offers retail services. The enterprise opened its first location in 1975 using the ...
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