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Essay Available:
Pages:
1 page/β‰ˆ275 words
Sources:
1 Source
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 5.27
Topic:

Restatements

Essay Instructions:

In this final week of our class, we draw together the important principles that informed our examination and discussions of the role of ethics and integrity in a business’s accounting.
discuss and respond to the following in a minimum of 175 words:
Explain in 2 ways how restatements due to operational issues can trigger restatements. Support your answer by sharing 1 example.
Discuss how sound ethical practices and reasoning inform the objectivity expected in accounting and financial statements. Provide an example to support your answer.

Essay Sample Content Preview:

Restatements
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Restatements
When mistakes or discrepancies in financial accounts are discovered and need to be corrected, this is known as a restatement due to operational concerns. Several business-related situations may need such a restatement. Errors in financial reporting and gaps in internal control sometimes result in the need for restatements related to operational problems. Consider the example of a factory that reports an incorrect value for its stock on its books. The inventory value might have been inflated in the company's financial statements if it needed more inventory management systems or appropriate recording procedures in the past. This operational error would require the firm to rewrite its financial statements to reflect the actual worth of...
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