Acc 280 Week 5 Team Assignment

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Week Five Learning Team Assignment University of Phoenix Principles of Accounting October 3, 2011 BYP8-6 A). The first person to suffer negative effects if you do not comply with Gena Schmitt’s instructions will be the person that was responsible for maintaining the cash balance. There is a strong possibility that this person will be disciplined or could lose their job from this oversight. The person that will suffer if you do comply with the request is first and foremost you. It will be a violation of your personal ethics to overlook this error and falsify information to cover it up. You could be the one to lose your job. Gena Schmitt could lie and say that you covered up the whole transaction by yourself and you would be the one taking the fall. B). The ethical considerations in this case include violation of internal controls, falsifying the bank statement and deposit transactions, and lying. The violation of internal controls would occur by ignoring the facts in this incident. The cash balance did fall below the required balance and can be documented alone by the bank statement. It will not benefit anyone to lie about it. This internal control needs to remain as is and the books need to close now instead of the requested keeping open to record a deposit that is in transit. Falsifying of the bank statement and deposit transactions is one ethical violation that does not need to occur. Keeping the books open one more day to record a transaction is wrong. Recording the deposit after it arrives is blatantly false. The books need to be closed as planned and no fake transactions need to be recorded. This will only result in making the company look bad and the potential loss of jobs. Lying is the biggest ethical issue at hand in this event. While people could be disciplined or possibly fired for this error it is still not worth lying in

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