If you have been hired by a company as an "Accounting Consultant" that is a small corporation with few stockholders owning stock that is not publicly traded and with the owner a discussion arises that for their annual income statement, it is their policy to always record and report revenues when they collect the cash and to record and report expenses when they pay the cash. They like this approach and feel their stockholders and creditors do too. the policy results in income that is verifiable and conservative which is the way accounting should be. It is easy to keep track of their income. All the president needs are the receipts and payments recorded in the company's checkbook. From financial reporting and ethical perspectives, how would you reply to the President?
This question was answered on: May 23, 2022
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