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Ethics Case - Example Papers

Ethics Case

Ethics Case Chapter 2

“Mary Jansen is the assistant chief accountant at Casey Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter. Marry is hurriedly trying to prepare a general ledger trial balance so that quarterly financial statements can be prepared and released to management and the regulatory agencies. The total credits on the trial balance exceed the debits and credits into balance by adding the amount of the difference to the Equipment account. She chose Equipment because it is one of the larger account balances; percentage-wise, it will be the least misstated. Mary “plugs” the ...

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Jansen should rely on a sophisticated accounting information system. That’s not to say that Casey Company is error-free whatsoever. In fact, on this case, Mary Jensen has been a victim of her own, making a mistake on the preparation of the Company’s quarterly general ledger. The accountant failed to either debit or credit during journalizing, causing a difference on the total of credits and debits on the trial balance. Fortunately, like most accounting errors, it could be detected before any real harm was done, and with enough knowledge and responsibility could be completely taken care of. No one expects this kind of mistake at any company nowadays, with all the technology and great professionals. While many of our processes are computerized, accounting systems are complex and dictate that some steps must be handled manually by our managers and accountants, and people can make mistakes.

Locating the error:

Errors in a trial balance generally result from mathematical mistakes, ...

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PAPER DETAILS
Added: 10/25/2011 09:10:08 PM
Submitted By: dyanekemps
Category: Business
Type: Premium Paper
Words: 746
Pages: 3

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