ACC 205: Week 2 Discussion - Ethical Issues and Adjusting Entries
Ethical considerations and adjusting entries in accounting.
Hunter Harris
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ACC 205: Week 2 Discussion - Ethical Issues and Adjusting
Entries
ACC 205 WEEK 2 DQ 1
In your own words, explain the ethical implications of the transaction described in Ethical Issue 3-1,
highlighting any potential risks and violations of accounting principles. How does Steinbach's
approach violate the Revenue Recognition and Full Disclosure Principles? Additionally, explain the
importance of adjusting entries in the accounting process, and describe how failing to make them
can impact a company's financial statements. Lastly, outline the purpose of the four closing entries
and their role in maintaining accurate financial records.
Word Count Requirement: 250-300 words
Entries
ACC 205 WEEK 2 DQ 1
In your own words, explain the ethical implications of the transaction described in Ethical Issue 3-1,
highlighting any potential risks and violations of accounting principles. How does Steinbach's
approach violate the Revenue Recognition and Full Disclosure Principles? Additionally, explain the
importance of adjusting entries in the accounting process, and describe how failing to make them
can impact a company's financial statements. Lastly, outline the purpose of the four closing entries
and their role in maintaining accurate financial records.
Word Count Requirement: 250-300 words
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Document Details
University
National University
Subject
Accounting