You are an accounting student taking a class in accounting. Your professor has given you an assignment for the weekend. He wants you to look at each ethical scenario listed below and answer the questions related to that scenario.
Debit Credit Cost of goods sold $5,000 Inventory $5,000
- How should Mr. Wrong have recorded the transaction?
- What are the ethical aspects of Mr. Wrong’s action?
Controlling financial interest means to own more/greater than 50% of the voting stock of another company.
Because of this “greater than 50% of the voting stock,” some of the companies have taken advantage of the criterion, causing serious problems in the business world. Companies were destroyed and with it, employees lost their jobs, their pensions, and 401Ks. So FASB had to make changes to GAAP for consolidations and issued new guidelines.
- As a student of accounting, you must know these rules. Please research and discuss the new guidelines issued by GAAP for consolidating entities.
- Give an example of a company that was involved in this kind of unethical behavior.
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