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    Helping the world grow since 2012
    Call/WhatsApp/Text +1(838)201-9170

    • HOME
    • ABOUT
      • About Apax Researchers
      • Why Do Students Use Us
      • Why Choose Us
      • Contact Us
    • BECOME A WRITER
    • BLOG
    • QUESTIONS AND ANSWERS
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    Helping the world grow since 2012
    Call/WhatsApp/Text +1(838)201-9170

    • HOME
    • ABOUT
      • About Apax Researchers
      • Why Do Students Use Us
      • Why Choose Us
      • Contact Us
    • BECOME A WRITER
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    A multinational company, HK, Inc., directed that its employees in the procurement department negotiate with materials suppliers, such that these suppliers were to make a payment at the start of the contract to HK that represented a multi-year discount on the supplies purchased by HK. HK’s Chief Financial Officer then pressured accounting staff to recognize these initial payments as revenue in the fiscal year they were collected, thereby increasing the gross profit of the company.

    May 10, 2022

    Final Writing Assignment
    Instructions: review the factual situation below, and write a brief essay applying the
    assigned course materials to the situation. Be sure to indicate the source of any legal rule
    that you use in evaluating the factual situation below.
    Responses should be approximately 500 words and should use proper spelling, grammar,
    and punctuation.

    Accounting Misstatements

    A multinational company, HK, Inc., directed that its employees in the procurement
    department negotiate with materials suppliers, such that these suppliers were to make a
    payment at the start of the contract to HK that represented a multi-year discount on the
    supplies purchased by HK. HK’s Chief Financial Officer then pressured accounting staff to
    recognize these initial payments as revenue in the fiscal year they were collected, thereby
    increasing the gross profit of the company. In addition, the CFO pressured his accounting
    staff to also represent on the financial statements that the cost of goods purchased under
    these supplier contracts was lower than the invoices received from suppliers, on the
    grounds that the initial payments received were an offset to the cost of goods. Over several
    years, this led to misstatements on financial statements suggesting greater profitability for
    the corporation.
    Discuss the accounting ethics implications for an accountant licensed in Maryland, using
    COMAR § 09.24.01.06. Be sure in your response to identify the specific paragraphs or
    sections of the regulation that is related to your analysis. In addition, conduct your own
    research on this type of financial misstatement and discuss the impact on licensed
    accountants that go along with this type of financial reporting. Students should provide a
    citation to a reliable source in the paper.

     

     

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