ACCT 631 Week 2 Initial Dialogue
Dialogue Period 2 (Group) – Please use textbook materials AND scripture to answer the question.
Background:
You are working as an accountant for a local business. The CEO says that business is going great this year in spite of the covid pandemic. The CEO states that business is so great that they no longer need to include an allowance for doubtful accounts for their accounts receivables on the company balance sheet.
- The CEO states that with no allowance account, the company net income will increase which means more in year-end bonuses!
- You believe that an allowance account is mandatory when a company has accounts receivables.
Required:
Please draft an accounting issues memo answering the following:
- Use the FASB codification to determine whether GAAP requires an allowance account for accounts receivable. Please use specific Codification references to support your answer.
- Please draft an example journal entry for an allowance entry and also show how the accounts receivable would be shown in the financial statements.
- Briefly explain how this may be unethical.
Your Initial Response – Due Sunday of Week 3 – Your response should be written in a business memo format which will include business report formatting concepts (IE not an APA research paper).
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