Problem: Ethics and professional conduct in business Group Project
Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the loan. Colleen has told her accountant to provide the bank with a balance sheet. Colleen has decided to Omit the other financial statements because there was a net toss during the past year.
In groups of three or tour, discuss the following questions:
1. Is Colleen behaving in a professional manner by omitting some of the financial statements?
2. a. What types of information about their businesses would owners be witting to provide bankers? What types of information would owners not be willing to provide?
b. What types of information about a business would bankers want before extending a loan?
c. What common interests are shared by.hankers and business owners
1) Defines the accounting concept.
2) Describes and explains the three core activities related to accounting.
3) What impact does accounting in managing a business? What must submit reports.
4) It provides an example of how accounting can impact various aspects of your life.
5) Read the case CP1-1 and answer the two questions at the end of the case.