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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Ethics and Inventory

An electronics store has a large number of computers that use outdated technology in its inventory. These computers are reported at their cost. Shortly after the December 31 year end, the store manager insists that the computers can be sold for well over their cost. But the store’s accountant has been told by the sales staff that it will be difficult to sell these computers for more than half of their inventory cost.

Required:

What are the consequences for the accountant of participating in a misrepresentation of the inventory’s value?

To determine

Fiscal summary misrepresentation can have extreme outcomes. In looking at budget reports, proficient examiners regularly concentrate on certain warnings. By acclimating themselves with these normal extortion strategies and markers, the executives can limit the effect of budget summary misrepresentation and moderate future dangers.

To choose:

What are the consequences for the accountant of participating in a misrepresentation of the inventory’s value?

Explanation

The COSO Report noticed that in about portion of the organizations inspected, the occasions of misrepresentation included an exaggeration of assets by downplaying recompenses for receivables, exaggerating the estimation o...

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