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Ethics and professional conduct in business Group Project Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the loan. Colleen has told her accountant to provide the bank with a balance .sheet Colleen has decided to omit the other financial statements because there was a net loss during the past year. In groups of three or four, discuss the following questions: 1. Is Colleen behaving in a professional manner by omitting some of the financial statements'' 2. a. What types of information about their businesses would owners be willing to provide bankers? What types of information would owners not be willing to provide? b. What types of information about a business would bankers want before extending a loan? c. What common interests are shared by bankers and business owners?

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Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

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Section
BuyFindarrow_forward

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
Chapter 1, Problem 1.1CP
Textbook Problem
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Ethics and professional conduct in business

Group Project

Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the loan. Colleen has told her accountant to provide the bank with a balance .sheet Colleen has decided to omit the other financial statements because there was a net loss during the past year.

In groups of three or four, discuss the following questions:

  1. 1. Is Colleen behaving in a professional manner by omitting some of the financial statements''
  2. 2. a. What types of information about their businesses would owners be willing to provide bankers? What types of information would owners not be willing to provide?
  • b. What types of information about a business would bankers want before extending a loan?
  • c. What common interests are shared by bankers and business owners?

a)

To determine

Ethical Case Study:

Case Summary:

CF president of R Enterprises applied for a bank loan from FF Bank for $175,000. FF Bank requests for the financial statement of R Enterprises, as a basis to provide the loan. CD instructs the accountant of R Enterprises to provide the balance sheet alone due the net loss in the previous year.

To Explain: If CD is behaving in a professional manner by omitting some of financial statements.

Explanation of Solution

The behavior of CD is unprofessional.

FF Banks requires the financial statement of R Enterprises to review the performance of the business and to e...

b)

To determine

To Provide: The list of items owners would or would not like to provide.

c)

To determine

To Explain: The information required by the bank before extending loan.

d)

To determine

To Explain: The common interest shared by the bank and business owners.

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Chapter 1 Solutions

Financial & Managerial Accounting
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