How assumptions can enhance or change a perspective

Assignment Help Financial Accounting

Reference no: EM133497008

Choose one scenario that you feel strongly about and indicate if you agree or disagree with the statement.
Support your decision with a detailed paragraph explaining why you agree or disagree.
Identify at least three assumptions used to make your decision.
Describe how each of the three elements of the fraud triangle could apply to the specific scenario chosen, even if you do not view it as a fraudulent event.
Apply the elements of the fraud triangle to an ethical scenario.

Describe potential motivations behind potentially fraudulent circumstances.

Explain how assumptions can enhance or change a perspective.

Below are 4 ethical scenarios for you to consider from the Accounting professional's viewpoint.

Case Scenario 1:

Mary has access to the Petty Cash fund. Her boss has asked her to go to lunch for a business meeting. Is it okay for her to borrow $10 for her personal lunch if she intends to pay it back the following day.

Case Scenario 2:

A husband and wife team have 50/50 ownership in the business. The husband has told all employees no bonuses will be given this year. You see the wife pull aside the sales person separately offering a $50,000 bonus if he makes his numbers. As the Accountant, should you mention the side deal to the husband owner.

Case Scenario 3:

Mike is looking to hire an accounting professional who will be his only financial person. He found the perfect candidate that has a bankruptcy in her past.

Should Mike hire the candidate?

Case Scenario 4:

John has found errors and discrepancies on the company's financial statements. Is it okay if he does not report this because a lot of employees in the company will probably lose their jobs if he does.

Reference no: EM133497008

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