Question

You are employed as an accountant for Innovative Computing. Your company is in the process of...

You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills.

Respond to the following in a minimum of 175 words:

  • Explain why you should or should not report this to your employer before the purchase.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

A conflict of interest can be either financial or personal. A financial interest is defined as any interest (such as ownership, a contractual relationship, or a business relationship), which will result in a monetary or other material benefit that has a value of more than fifteen dollars, other than salary or compensation, for services to the city.Confidential information is any information which is not available to the general public and which is obtained only through an individual’s position with the city.

You should report this to your boss. because you have a confidentiality contact and interest conflict

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You are employed as an accountant for Innovative Computing. Your company is in the process of...
You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills. Explain why you should or should not report this to your employer before the purchase.
Your company has always depreciated assets using the straight-line method. Your tax accountant has explained that...
Your company has always depreciated assets using the straight-line method. Your tax accountant has explained that a switch to the double-declining balance method would minimize taxes in the current year, but you are concerned about the impact this change would have on the value of long-term assets on the balance sheet and future tax liabilities. Respond to the following in a minimum of 175 words: Assuming your projected sales (and therefore tax bracket) are predicted to increase dramatically over the...
You are the payables accountant for a medium sized electrical contracting company. You are paying bills...
You are the payables accountant for a medium sized electrical contracting company. You are paying bills with purchase discounts but can't take advantage of them because the cash balance in the checking account is low. You approached your boss with a suggestion that the company borrow money at the bank so you can pay the bills in time to take the discounts. Your boss thinks you are a little crazy to recommend borrowing from the bank (currently charging 6% interest)...
Describe how a company policy could minimize a specific business risk associated with user computing. Your...
Describe how a company policy could minimize a specific business risk associated with user computing. Your post should be 250-500 words. It should contain a mininum of two sources (book can be one), which you need to cite using APA style.
Your company is considering paying a commission to the sales force to expand sales. You are...
Your company is considering paying a commission to the sales force to expand sales. You are charged by the Chief Financial Officer with 1) computing a new breakeven point, and 2) the operating profit increase by 20% with the new sales commission plan. You spend the next week gathering information, analyzing the information, and performing various cost-volume-profit analysis. You generate a report showing the new plan should lead to a substantial increase in sales with a minimum increase in breakeven...
The directors of the company by which you are employed as an accountant have received the...
The directors of the company by which you are employed as an accountant have received the forecast income statement for 2018 which disclosed a net profit for the year of K36,000 This is considered to be an unacceptably low figure and a working party has been set up to investigate ways and means of improving the forecast profit. The following suggestions have been put forward by various members of the working party: (a) ‘Every six months we deduct income tax...
You are thinking about selling your fishing excursion company. You can sell it today for $176,000....
You are thinking about selling your fishing excursion company. You can sell it today for $176,000. Or, you can sign a ten year contract with the first mate, Kate, where she operates the business, will own it after the contract, and you get all the profits, net of Kate's salary. Kate will only sign the contract if her salary is $65,000 or above per year. You estimate that the revenues for the company will be $85,000 per year, before paying...
You oversee the $250 petty cash for your company. When an employee needs a special item...
You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item. One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash...
You oversee the $250 petty cash for your company. When an employee needs a special item...
You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item. One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash...
Ethics Scenario: You have just joined a company as a new staff accountant. Your company is...
Ethics Scenario: You have just joined a company as a new staff accountant. Your company is in an acquisition mode (acquiring 5 to 10 smaller companies each of the last 4 years). You are excited to hear that you are going with an acquisition team to facilitate another acquisition (Company X). You have been instructed to sit down with Company X’s controller and explain some pre-acquisition (before the acquisition is finalized) accounting expectations. Expectations for Company X before the acquisition...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT