Kingston Marina noticed an error in their financial statements after the financial statements had been submitted to their bank. Thecompany is applying for a new loan to install a new wharf. The controller of Kingston shoulddo nothing or resign.Ⓒ inform Kingston's management and inform the bank and provide corrected financial statements.O inform Kingston's management and assume that they will tell the bank.O wait until the bank has approved the loan to notify themof the mistake.

Financial statements are the reports prepared by a business which summarizes the information related…

Kingston Marina noticed an error in their financial statements after the financial statements had been submitted to their bank. The company is applying for a new loan to install a new wharf. The controller of Kingston should O do nothing or resign. O inform Kingston's management and inform the bank and provide corrected financial statements. O inform Kingston's management and assume that they will tell the bank. Owait until the bank has approved the loan to notify them of the mistake.

Kingston Marina noticed an error in their financial statements after the financial statements had been submitted to their bank. The company is applying for a new loan to install a new wharf. The controller of Kingston should O do nothing or resign. O inform Kingston's management and inform the bank and provide corrected financial statements. O inform Kingston's management and assume that they will tell the bank. Owait until the bank has approved the loan to notify them of the mistake.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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