Business, 19.04.2020 06:51 isaacchan

THE PROMPT
Respond to the following question in the discussion forum for this module located in the
DISCUSSION BOARD menu item.
You were just hired as an accountant for ABC Company. One of your first assignments is to
verify the fixed asset listing to ensure the assets listed are owned by the company, are physically
located in the building, and are being depreciated appropriately. In the process of verifying the
location of all the fixed assets on the listing, you could not help but notice there were significant
fixed assets present in the company that were not on your list. You approach your supervisor to
discuss these findings and she gets very defensive and says, "I just asked you to verify that the
ones on the list were present; not to make sure everything you see is on the list. Just do what I
asked you to do.
1. First of all, what are the accounting problems with assets being in the building that are not
properly recorded on the fixed asset listing (and therefore not on the balance sheet as fixed
assets)?
2. If they are not recorded as fixed assets, what are the other possibilities?
3. What are the ethical considerations in this situation?
4. What would you do in this situation?
RESOURCES
Lecture notes in this module as well as the assigned reading from your text

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