User Account

All Pages

Who are the people affected in the situation

Assignment Help Accounting Basics
Reference no: EM13935240

As the controller of Breathless Perfume Co., you discover a misstatement that overstated net income in the prior year's financial statements. The misleading financial statements appear in the company's annual report which was issued to banks and other creditors less than a month ago. After much thought about the consequences of telling the president about this misstatement, you gather your courage to inform him. He says, "Hey! What they don't know won't hurt them. But, just so we set the record straight, we'll adjust this year's financial statements for last year's misstatement. We can absorb that misstatement better in this year than in last year anyway! Just don't make such a mistake again."

a) Who are the people affected in the situation?

b) What are the ethical issues?

c) What would you do as a controller in this situation?

Reference no: EM13935240

Questions Cloud

Create case manifest and record order fulfillment : Develop sequence diagrams for the use cases Enter New Order, Create Case Manifest and Record Order Fulfillment . Update the design class diagram with attribute information and method signatures derived from the sequence diagrams.
Advice yahoo on how to rebuild its brand strength : If you were to give advice to Yahoo on how to rebuild its brand strength, what suggestions you would give?
Costs at the riverside hotel that are variable : List examples of costs at the Riverside Hotel that are variable, fixed, and sunk; provide an example of an opportunity cost.
What are the mechanisms of evolution : What are the mechanisms of evolution? How does natural selection result in biodiversity? Why is biodiversity important to continued evolution?
Who are the people affected in the situation : As the controller of Breathless Perfume Co., you discover a misstatement that overstated net income in the prior year's financial statements. Who are the people affected in the situation
Replace job role-training manager by organisation developer : Topic: The current job market shows an emerging trend of replacing the job role of ‘Training Manager' with that of ‘Organisation Development Manager'.
What do you mean by negotiation : What do you mean by Negotiation, What are the Negotiation Techniques, What are the outcome of Negotiation Techniques, What are the suggestion for winning a Negotiation.
Design the environment for the system : Develop a design plan and schedule detailing your plans for the next 4 weeks in order to deliver the tasks specified. This should cover what design decisions must be made and who should make them; what tasks must be performed and in what order;
Audit and monitoring network security purposes : Task Instructions In this context, consider Linux environment only. Further assumptions may be required to answer the above questions. So, use appropriate assumptions where needed to support your solutions. You are expected to write between 400-60..

Reviews

Write a Review

Accounting Basics Questions & Answers

  A company uses the weighted average method for inventory

a company uses the weighted average method for inventory costing. during a period a production department had 36000

  On june 30 2010 superfast shoes issued 200000 worth of

on june 30 2010 superfast shoes issued 200000 worth of 15-year 9 bonds when the market rate was 10. proceeds were

  Which of the following is true about a cash flow statement

which of the following is true about a cash flow statement using the indirect method of determining cash from

  Nottaway flooring produces custom-made floor tiles the

nottaway flooring produces custom-made floor tiles. the companys raw material inventory account contains both direct

  Biloxi gifts uses a sales journal a purchases journal

Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter.

  Monroe inc is evaluating a project the company uses a 138

1.quick sale real estate company is planning to invest in a new development. the cost of the project will be 23 million

  Which of the following is an example of both a capital

which of the following is an example of both a capital market and a primary market transaction? no transactions occur

  In early 2009 general electric ge had a book value of

in early 2009 general electric ge had a book value of equity of 105 billion 10.5 billion shares outstanding and a

  Ortiz companys sales budget projects unit sales of part

ortiz companys sales budget projects unit sales of part 198z of 10300 units in jaunary 11 600 units in february and

  Prepare an income statement for the year

Compute the unit product cost and prepare an income statement for the year - Prepare an income statement for the year.

  On december 1 miser corporation exchanged 2000 shares of

on december 1 miser corporation exchanged 2000 shares of its 25 par value common stock held in treasury for a parcel of

  Additional shares of common stock

How many additional shares of common stock could Carnival Corporation sell? How are the shares that have not yet been issued included in the company's balance sheet? Do they represent an asset of the company?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd