Ethics of Financial Statements Business Discussion

Ethics of Financial Statements Business Discussion

Instructions/Descriptions

Ethics of Financial Statements Business Discussion

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The four key users of financial statements are owners/managers, lenders, investors and governments. These users rely on financial statements to evaluate a company past financial performance as indicators in areas of profitability, liquidity, leverage, and efficiency; to create benchmarking matrixes; and to support future decision-making.

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Choose two companies in the same industry whose financial statements are available online. Complete several financial ratios for each company and compare them. Share your analysis and answer the following questions in a minimum of 175 words:

What did your analysis tell you about these companies?

What sorts of decisions would this analysis help you make; such as buying stocks, considering accepting an employment offered.

Ethics in Accounting Discussion

Assignment: Ethics in Accounting

Due Week 9 and worth 170 points

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 are 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, public ally 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:

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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=1

https://www.icaew.com/archive/learning-and-development/job-essential-skills/employability-skills/problem-solving

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 campus University Library Research page at https://icampus.strayer.edu/library/research.

Your assignment must follow these formatting requirements:

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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.

Ethics of Financial Statements Business Discussion

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