🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Accounting
2
answers
5
watching
509
views

Lan and Mai are students at Accounting and Auditing Faculty. After completing Accounting Unit, they are now able to prepare financial statement and discussing about the figures on financial report. Mai said, "all the figures on financial statement are definitely reliable because accountants have to adhere with strict code of ethics, integrity standards, and set of accounting rules and standard such as IFRS when preparing the report". Do you agree or disagree with Mai's statement? Provide explanation and real-life examples (cases) to justify your opinion.

Watch
2
answers
5
watching
509
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Avatar image
Liked by harlequincrocodile243 and 2 others

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share
Already have an account? Log in
Share

Related questions

Lan and Mai are studentsat Accounting and Auditing Faculty. After completing Accounting Unit, they are now able to prepare financial statement and discussing about the figures on financial report. Mai said, "all the figures on financial statement are definitely reliable because accountants have to adhere with strict code of ethics, integrity standards, andset ofaccounting rules and standards such as IFRS when preparing the report". Do you agree or disagree with Mai's statement? Provide explanation and real-life examples(cases) to justify your opinion.

Application Question : Lan and Mai are students at Accounting and Auditing Faculty .  After completing the Accounting Unit , they are now able to prepare financial statement and discussing about the figures on financial report .  Mai said , " all the figures on financial statements are definitely reliable because accountants have to adhere with strict code of ethics , integrity standards , and set of accounting rules and standard such as IFRS when preparing the report " .  Do you agree or disagree with Mai's statement ?  Provide explanation and real - life examples ( cases ) to justify your opinion . 

Lan and Mai are students at Accounting and Auditing Faculty. After completing Accounting Unit, they are now able to prepare financial statement and discussing about the figures on financial report. Mai said, "all the figures on financial statement are definitely reliable because accountants have to adhere with strict code of ethics, integrity standards, and set of accounting rules and standard such as IFRS when preparing the report". Do you agree or disagree with Mai's statement? Provide explanation and real-life examples (cases) to justify your opinion.

Part 3: Case Study
HP Company is suffering declining sales of its medical products. The president, Toshio Nakao, instructs his controller, Satoshi Kasai, to lengthen asset lives to reduce depreciation expense. A processing line of medical equipment, purchased for $4 million in January 2020, was originally estimated to have a useful life of 5 years and a salvage value of $200,000. Depreciation has been recorded for 2 years on that basis. Nakao wants the estimated life changed to 10 years total and the straight-line method continued. Kasai is hesitant to make the change, believing it is unethical to increase net income in this manner. Nakao says, “The life is only an estimate, and I've heard that our competition uses a 12year life on their medical equipment.”

Instructions
(a) Who are the stakeholders in this situation?
(b) Is the proposed change in asset life unethical? Give your explanation.
(c) What is the effect of Nakao's proposed change on income before taxes in the year of change?

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in