Answered: "The current month's bank statement for…

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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Question

"The current month's bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400 that you did not make. It has been credited in error to your account.

Discuss whether you have an ethical or legal obligation to inform the bank of the error. What action should you take?"

Thoroughly discuss the pros and cons of what the results would be if you reported it versus not reporting it. Be sure to tell what option you would choose and explain why."

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