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Assignment: Ethics in Accounting
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. Your answers should result in a 3 page submission.
· Reference back to your textbook for guidance on how to think through the scenario.
· This course requires the use of new Strayer Writing Standards (SWS) . The format is different from other Strayer University courses. Please take a moment to review the SWS documentation for details.
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 a 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 the information you learned in this class.
Assignment:
Ethics
in
Accounting
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
cont
ingent
on
truthful
and
reliable
financial
reporting.
Instructions:
·
Read
the
following
scenario.
·
Answer
the
questions
that
follow.
Your
answers
should
result
in
a
3
page
submission.
·
Reference
back
to
your
textbook
for
guidance
on
how
to
think
through
the
scenario.
·
This
course
requires
the
use
of
new
Strayer
Writing
Standa
rds
(SWS)
.
The
format
is
different
from
other
Strayer
University
courses.
Please
take
a
moment
to
review
the
SWS
documentation
for
details.
Scenario:
Imagine
you
are
the
assistant
controller
in
charge
of
general
ledger
accounting
at
Linbarger
Company.
You
r
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
defa
ult
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
a
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
the
information
you
learned
in
this
class.
Assignment: Ethics in Accounting
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. Your answers should result in a 3 page submission.
Reference back to your textbook for guidance on how to think through the scenario.
This course requires the use of new Strayer Writing Standards (SWS). The format is
different from other Strayer University courses. Please take a moment to review the SWS
documentation for details.
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 a 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 the information you learned in this class.
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