Problem 1: Sally and Ed are aware that discussion of the company's accounting philosophy will come up in the next board of directors meeting, and they want to have some answers.
Problem 2: Suppose that One-Hundred-Percent Vitamin Co. is privately owned. What accounting philosophy would you recommend (conservative, lower profits or aggressive, higher profits)?
Problem 3: Be sure to explain the rationale for why the company should follow your recommended philosophy.
Problem 4: In addition, address the profit potential of accounting using an aggressive approach versus the conservative approach. How would taxation affect your recommendation?
Deliverable length 3 to 4 paragraphs with references.