Running Head: EFFECTIVE FINANCIAL REPORTINGEffective Financial ReportingStudent NameInstitutional Affiliation1EFFECTIVE FINANCIAL REPORTING2Question 1The rationale or reason for calculating the uncollectable allowance of 180,000 USD was to helpensure the accuracy of financial reports at the end of the accounting period.Question 2The misstatement of funds will lead to a lack of insight into the companys finances. In thebalance sheet, there will be no clear data at a point in time while in the income statement therewill be no record of clear data of a longer period. For example, if expenses are recorded as assetson the balance sheet when it should be recorded in the income statement, it can affect bothreports, that is, the income statement would be overstated.Question 3As an assistant controller, the major ethical dilemma likely to be faced is whether to comply withyour supervisor on matters of transparency, accountability, and trust in the kind of task yoursupervisor wants you to do. When it comes to financial reporting there must be transparency onthe flow of cash but with the demands of the main controller, youre pinned down on what tofollow or either lose your job. The ethical considerations youre supposed to put in mind include;Honesty which will make you do the right thing, transparency which will allow you haveinclusivity and honor the ideas of your fellow work mates on the circumstance youre in andaccountability which will enabl ...
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