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Ethics in Action Bev Wynn, vice p resident of operations for Dillon County Bank, has instructed the bank’s computer programmer to use a 365-day year to compute interest o n depository accounts (liabilities). Bev also instructed the programmer to use a 360-day year to compute interest on loans (assets). Discuss whether Bev is behaving in a professional manner.

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

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Section
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
Chapter 9, Problem 9.1CP
Textbook Problem
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Ethics in Action

Bev Wynn, vice p resident of operations for Dillon County Bank, has instructed the bank’s computer programmer to use a 365-day year to compute interest o n depository accounts (liabilities). Bev also instructed the programmer to use a 360-day year to compute interest on loans (assets).

Discuss whether Bev is behaving in a professional manner.

To determine

Interest on loan:

Interest on loan is the amount charged on the loan principal for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.

To discuss: Whether Person B is behaving in a professional manner.

Explanation of Solution

Discuss whether Person B is behaving in a professional manner.

Person B is the vice president of DC Bank. For bank, depository accounts are liabilities and loans are assets. He instructed the bank’s programmer to use 360-day per year for calculating interest on loan, and to use 365-days per year for calculating interest on depository accounts...

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Chapter 9 Solutions

Accounting (Text Only)
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