I XXXXXXXXXXpages Please do the following exercise and problem. Open the web ebook- Government and...

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I XXXXXXXXXXpages

Please do the following exercise and problem.

Open the web ebook- Government and Not-for-Profit Accounting: Concepts and Practices, Enhanced eText-https://strayer.vitalsource.com/reader/books/ XXXXXXXXXX/epubcfi/6/4[%3Bvnd.vst.idref%3DAnavigation]!/4-
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Chapter 13- 2 pages

Exercise 13-1.

Problem 13-4.

The attachment is for step I-410

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Read the novel and instructions and then do the assignment

You are the accountant for ACC KarParts, a thriving company that makes auto parts. You oversee all accounting functions within the company. Quinn, your supervisor, has informed you that if the company's profits grow by 30% this year, you will receive a $30,000 bonus, and she will receive a $60,000 bonus. No bonuses will be awarded if profit growth is less than 30%. Near the end of this fiscal year, the two of you have the following conversation:

Quinn:
We are getting close to 28% profit by the end of this year. If this happens, neither you nor I will get any bonus. What can be done to reach our target and get our bonus?

You:
There is nothing we can do to reach 30% profit this year. However, we can plan to reach that target next year.

Quinn:
If we claim some of next year's revenue as part of the current year, you will get your bonus, I will get mine, and the investors will be happier. Therefore, everybody will be happy.

You:
Uh, Quinn, that would be an unethical action.

Quinn:
We are simply moving revenue from one period to another. We are not faking the revenue transactions.

As an accountant, what would you do in this situation?

Instructions

Write a 3 page report explaining to Quinn why you can't move revenue from one period to another. In the report:

Explain the importance of ethics in accounting.

Apply ethical principles and professionalism to the case at ACC KarParts.

Based on generally accepted accounting principles, recommend at least three acceptable legal alternatives to meet company goals.

Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment.

acc410-w8-hmwrk-submiss-sheet-tzvx5jt1.docx

Nitish Lath · Accepted Answer

In financial accounting, accounting ethics can be defined as the set of rules to be followed in the accounting practice. It is required that business transactions should be handled with utmost honesty and integrity. Accounting ethics is very important as it prevents the exploitation of financial data and the loss of personal benefits from accounting work. This report discusses the significance of ethics in accounting related to the ACC KarParts Case, which is a manufacturing entity and suggests legitimate ways of meeting the goals of the entity. 
Importance of ethics in accounting
Ethics plays an important role in accounting as it is necessary in promoting trust, integrity, and transparency. Accountants have the responsibility of providing accurate and complete financial information to the different stakeholders. In other words, manipulation of financial information such as moving revenue from one period to another can cause mistrust, and legal issues and deteriorate the reputation of the business (Kristina Russo 2023). Accounting expertise is needed in the examination of the cash flows of the business and in designing strategies for enhancing the business income. Thus, the accounting error or manipulation can mislead the stakeholders and can have long-lasting effects on the business until rectification is made. Accounting information is sensitive and thus ethics is important in the accounting profession if it falls into the wrong hands then it can hamper all the business operations and functions.  
Application of ethical principles and professionalism in the given case of ACC KarParts
In the given case, Quinn states that some of the next year's revenue should be claimed as part of the current year's revenue to meet the desired growth rate target of profit.

I XXXXXXXXXXpages Please do the following exercise and problem. Open the web ebook- Government and Not-for-Profit Accounting: Concepts and Practices, Enhanced...

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