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.
Read the following scenario.
Answer the questions that follow. Your answers should result in a 2-3 page submission.
Reference back to your text book for guidance on how to think through the 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!”
What is the accounting problem that the Linbarger Company faces?
What are the ethical considerations in this case? Provide rationale for why these are ethical considerations.
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?
Who will be negatively impacted if you do comply? Provide a rationale for why these individuals will be impacted.
What is one alternative that you could pursue in this scenario? Support your recommendations with information you learned in this class.
Now and again, people have been known to state,” What might they have the capacity to do to empower some individual they to understand that is being mistreated?” There are an extensive variety of courses of action that people can do to help those in require that are locked in with a forceful conduct at home relationship. As demonstrated by the Michigan State Police there are diverse game plans drew in with helping some person. Appreciating what one is talking about by having some establishment on injurious conduct at home. Constantly let them understand that your ears are open at whatever point they need to talk. Help them however much as could sensibly be normal by staying alert, understanding and unfaltering in getting some answers concerning their security. All in all, never let them think it is their fault, keep watching out for that however much as could be normal. There is constantly ways to deal with get help when someone needs it. They can do thusly by calling the mystery National Domestic Hotline (DMVH) at 1-800-799-SAFE (7233), they are available to the United States, 24 hours, 7 days seven days, and open 365 days a year. The DMVH have guides to help them in getting them information and referrals for themselves, their children, ensure, and authentic enable (Michigan To state Police). There are various distinctive things that you could do to help a loss or even a setback herself can do. It may be correspondingly as straightforward as getting a phone catalog to find what relationship in your gathering help with, for instance, business or even tyke mind. There are other particular things that ought to be conceivable, for instance, searching for managing or even care gatherings. While you are searching for exhorting, guarantee you recognize atmosphere the educator is for the misused and has had comprehension of working with the mistreated. To the exclusion of everything else stay dynamic however much as could be required to help your certainty, dauntlessness, and getting you flexibility back (Women Web, Getting Help). Forceful conduct at home asylum, as often as possible called a women’s safe house is a building or set of lofts where losses of mistreat can search for shield. These refuge territories are kept private so these women’s abusers can’t find them. Safe houses are known to outfit those mistreated and their adolescents with asylum, sustenance and childcare. Since there are outstandingly compelled conditions for abiding at a sheltered house, various refuges help game plan of enduring homes and occupations (Help oversee). There are differing things that ought to be conceivable resulting to leaving an asylum so their abuser doesn’t find them. The best 3 things that you can do are: 1.) get and unlisted number, 2) use a P.O. Box, 3.) open new money related adjusts and Mastercards (Help oversee). In the wake of discovering how authentic Domestic severity truly was, the Domestic Violence Bill, 2006 was passed. The Domestic Violence Bill was proposed to allow more help and easing of the misuse. The explanation behind this Bill was to allow those related with oppressive conduct at home the most extraordinary security that the laws can give. These laws have made it necessary for all police home office to have specific workplaces to oversee and give legal commitment on the officers to help a challenge injurious conduct at home. Under the course of action of this bill, cops are accept to teach the loss as for their rights under, help in getting spread, offer remedial treatment, and to stop a criminal protesting. The Domestic Violence Act moreover empowers cops to catch the charged offender, without a warrant who is sensibly suspected to have presented or who is weakening to present a showing of forceful conduct at home on a setback. In case any individual is caught they are to be brought before an equity inside forty-eight hours (Government Gazette) Under the Michigan Constitution, (Art. I, Sec. 24; eff. Dec. 24, 1988) and the Crime Victim’s Rights Act, (1985 PA 87; MCL 780.751) have given bad behavior setbacks the benefit to be treated with honorability and respect. Guaranteeing all is managed in a favorable way following a catch. The loss in like manner has the benefit to get emergency and therapeutic organizations. Get an illumination of all court systems. This show empowers them to be guaranteed of being free of any risks, exhibitions, and in addition discharge from your manager. The name of the Prosecutor’s who is dealing with the case. Any reserved court techniques, including denouncing, the disputant’s release on bond or escape from guardianship while expecting trial. The probation workplaces address and telephone number. Go to the court trial and set forth an oral articulation to a pre-sentence pro, and to form an impact clarification which will be fused into the pre-sentence report. Losses are also allowed to get information as for the conviction, sentence, confinement, and landing of the charged. (Michigan Prosecuting Attorney Associations). There are different effects of the misuse. In case some individual had physical mistreat they may encounter the evil impacts of whole deal prosperity entrapments. Misused women as often as possible have apprehension, weight, low essentialness, debilitation, a resting issue, loss of appetite, or even headaches. They may assume that they failed the relationship. They have also been known to be humiliated and not empowering others to know absolutely what had unfolded. In essentially every occasion of Domestic Violence, women have communicated that they have lost their certainty and nonappearance of assurance. Women have similarly been known to have shock and fear towards themselves and their abuser. They are also known to isolate themselves from other, for instance, family and mates (Women’s Web, The Effect of Abuse). As showed by Direnfeld (2007), the result of excited and mental can continue going for a long time or even lifetime. It impacts the setback and in addition different relatives and later associations. A significant part of the time, adolescents have the damage of the viciousness. These children create to wind up spooks in their own specific right whose direct the harmed parent can’t control and whose lead is fortified by the guilty party. There are various things that a loss needs to recall, it’s hard to do everything immediately. Between the police, and safe houses, the loss has other they can speak with; rather it is a consultant or even someone that has encountered it. There essential concern they need to know what are their rights? References Direnfeld, G. MSW, RSW (2007). Alumbo, the Long Arm Of Domestic Violence. Recouped July 24, 2009 from http://www.alumbo.com/article/32544-The-Long-Arm-Of-Domestic-Violence.html Government Gazett (2006). Forceful conduct at home Bill, 2006. Recouped July 22, 2009 from http://www.kubatana.net/docs/legisl/dom_viol_bill_060630.pdf Help control (2008). Forceful conduct at home and Abuse: Help, Treatment, Intervention, and Prevention Retrieved July 24, 2009 from http://www.alumbo.com/article/32544-The-Long-Arm-Of-Domestic-Violence.html Michigan Prosecuting Attorney Associations (2008). Loss Rights. Recuperated July 20, 2009 from http://www.michiganprosecutor.org/Victim.htm Michigan State Police (2009). Injurious conduct at home Awareness. Recuperated July 20, 2009 from http://www.michigan.gov/msp/0,1607,7-123-1589_1711_4577 – ,00.html Women Web (2009). Injurious conduct at home, The Effect of Abuse. Recuperated July 25, 2009 from http://www.womensweb.ca/ruthlessness/dv/effects.php Women Web (2009). Injurious conduct at home, Getting Help. Recuperated July 25, 2009 from http://www.womensweb.ca/ruthlessness/dv/help.php. >