Order Ethics In Accounting

Order Ethics In Accounting
Ethics play a vital role in business and in the accounting profession. Here is an opportunity to connect your current learning about inventory with the profession’s commitment to ethics.
EC5: Tiffany Lyons was just hired as the assistant treasurer of Key West Stores, a specialty chain store with nine retail stores concentrated in one metropolitan area. Among other things, the payment of all invoices is centralized in one of the departments Tiffany will manage. Her primary responsibility is to maintain the company’s high credit rating by paying all bills when due and to take advantage of all cash discounts.
Jay Barnes, the former assistant treasurer who has been promoted to treasurer, is training Tiffany in her new duties. He instructs Tiffany that she is to continue the practice of preparing all checks “net of discount” and dating the checks for the last day of the discount period. “But,” Jay continues, “we always hold the checks at least 4 days beyond the discount period before mailing them. That way, we get another four days of interest on our money. Most of our creditors need our business and don’t complain. And, if they scream about missing the discount period, we blame it on the mailroom or the post office. We’ve only lost one discount out of every hundred we take that way. I think everybody does it. By the way, welcome to our team!”
Weygandt, J. J., Kimmel, P. D.,

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