Ethics In Accounting

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Assignment: Ethics in Accounting

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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. (1-2 paragraphs per question)
  • Reference back to your text book for guidance on how to think through the scenario.

Scenario:

Imagine you are the assistant controller in charge of general ledger accounting at Linbarger Company. Your company has a large loan from an insurance company. The loan agreement requires that the company’s cash account balance be maintained at $200,000 or more, as reported monthly. At June 30, the cash balance is $80,000. You give this update to Lisa Infante, the financial vice president. Lisa is nervous and instructs you to keep the cash receipts book open for one additional day for purposes of the June 30 report to the insurance company. Lisa says, “If we don’t get that cash balance over $200,000, we’ll default on our loan agreement. They could close us down, put us all out of our jobs!” Lisa continues, “I talked to Oconto Distributors (one of Linbarger’s largest customers) this morning. They said they sent us a check for $150,000 yesterday. We should receive it tomorrow. If we include just that one check in our cash balance, we’ll be in the clear. It’s in the mail!”

Questions:

  1. What is the accounting problem that the Linbarger Company faces?
  2. What are the ethical considerations in this case? Provide rationale for why these are ethical considerations.
  3. What are the negative impacts that can happen if you do not follow Lisa Infante’s instructions to wait one more day to post the balance?
  4. Who will be negatively impacted if you do comply? Provide a rationale for why these individuals will be impacted.
  5. What is one alternative that you could pursue in this scenario? Support your recommendations with information you learned in this class.

 

Name: ACC 100 Week 9 Assignment: Ethics in Accounting

Description: ACC 100 Week 9 Assignment: Ethics in Accounting

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Exemplary 100% AProficient 85% BFair 75% CMeets Minimum Expectations 65% DUnacceptable 0% FACC100-A1-1
1.What is the accounting problem that the Linbarger Company faces?Points:34 (20%)Work identifies the correct problem and the explanation is logical and well supported.Points:28.9 (17%)Work identifies the correct problem with sufficient detailPoints:25.5 (15%)Work begins to identify the correct problem. More detail is needed.Points:22.1 (13%)Student work identifies the incorrect problem. Problem identified is logicalPoints:0 (0%)Student did not submit the assignment or did not address the questionACC100-A1-2
2.What are the ethical considerations in this case?Points:34 (20%)Work identifies the correct ethical considerations and the explanation is logical and well supported.Points:28.9 (17%)Work identifies the correct ethical considerations with sufficient detailPoints:25.5 (15%)Work begins to identify the correct ethical considerations. More detail is needed.Points:22.1 (13%)Incorrect ethical considerations are discussed. However considerations discussed are logicalPoints:0 (0%)Student did not submit the assignment or did not address the questionACC100-A1-3
3.What are the negative impacts that can happen if you do not follow Lisa Infante’s instructions to wait one more day to post the balance?Points:34 (20%)Work identifies the correct negative impacts and the explanation is logical and well supported.Points:28.9 (17%)Work identifies the correct negative impacts with sufficient detailPoints:25.5 (15%)Work begins to identify the correct negative impacts. More detail is needed.Points:22.1 (13%)Incorrect negative impacts are discussed. However the impacts discussed are logicalPoints:0 (0%)Student did not submit the assignment or did not address the questionACC100-A1-4
4.Who will be negatively impacted if you do comply?Points:25.5 (15%)Work identifies the correct individuals or firms and the explanation is logical and well supported.Points:21.68 (12.75%)Work identifies the correct individuals or firms with sufficient detailPoints:19.13 (11.25%)Work begins to identify the correct individuals or firms. More detail is needed.Points:16.58 (9.75%)Incorrect individuals or firms are discussed. However the individuals discussed are logicalPoints:0 (0%)Student did not submit the assignment or did not address the questionACC100-A1-5
5.What is one alternative that you could pursue in this scenario?Points:25.5 (15%)Work identifies the correct ethical alternative and the explanation is logical and wellPoints:21.68 (12.75%)Work identifies the correct ethical alternative with sufficient detailPoints:19.13 (11.25%)Work begins to identify the correct ethical alternative. More detail is needed.Points:16.58 (9.75%)Incorrect or unethical alternative is discussed. However the alternative discussed is logicalPoints:0 (0%)Student did not submit the assignment or did not address the questionACC100-A1-6
6.Grammar/mechanics and formattingPoints:17 (10%)Minimal (0-2) errors in grammar, formatting and SWS citation.Points:14.45 (8.5%)A few errors (3-4) in grammar, formatting and SWS citation.Points:12.75 (7.5%)Several errors (5-6) in grammar, formatting and SWS citation.Points:11.05 (6.5%)Multiple errors (7-8) in grammar, formatting and SWS citation.Points:0 (0%)Student did not submit the assignment or there are so many errors that work is confusing to read. SWS formatting and citation not attempted

Name:ACC 100 Week 9 Assignment: Ethics in Accounting

Description:ACC 100 Week 9 Assignment: Ethics in Accounting

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