Question: The current months bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400.00 that you

The current month’s bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400.00 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?

Step by Step Solution

★★★★★

3.38 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

This situation presents an ethical dilemma similar to receiving too much change from a store ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

73-B-A-C-R (514).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

David has a savings account with a 7,000 balance today. The account earns an annual percentage rate of interest of 4.00%, compounded monthly. David plans to make no other deposits or withdrawals. How...

Required: What action should Broadway take to maximize its operating income? Show your calculations. Broadway Printers operates a printing press with a monthly capacity of 2,000 machine-hours....

You deposit $500 into a bank account that has an annual interest rate of 5.5%, compounded quarterly. a. How much money will you have after 5 yr if you never deposit more money? b. How much money will...

Can you solve this problem please? So I can have an example to make another practice set. Odd Springs Trading Company A Practice Problem for ACC 2301 University of Houston - Downtown Profits on the...

a. Prepare the properly balanced/closed off bank account for May 2018 in the general ledger of Ayuri Dealers. b. Prepare the bank reconciliation statement of Ayuri Dealers as at 31 May 2018. c....

QUICKBOOK DESKTOP 2021 Which type of business might use statement charges to bill customers? A A restaurant that provides catering services B A janitorial business that charges a routine monthly...

QUICKBOOK DESKTOP 2021 EXAM Which type of business might use statement charges to bill customers? A A restaurant that provides catering services B A janitorial business that charges a routine monthly...

1. Inventory 2. Accounts Receivable 3. Accounts payable 4. Sales 5. Purchases 6. Net Income ASAP please Use the following information to answer the next three questions: The bank statement for...

1. While reviewing a trial balance, you notice the following account balances. Which one is likely to be an error? a. Inventory with a debit balance of $43,000 b. Discount on Bonds Payable with a...

1.What is the cash balance per books on December 31, 2023? (4 points) 2. What is the correct cash balance on December 31, 2023? (4 points) 3. What amount of cash and cash equivalents should be...

Using this Balance Sheet, calculate the following. Be sure to set up and label the parts of the ratios. You must show your work to get credit. 1) Current Ratio: 2) Working Capital: 3) Debt-to-Asset...

6. (TCO 3) characteristics of the job market and employment placement include all the following except (points 5)its very stable unbalanced supply and demand career portals on corporate websites...

The actual deferred percentage ADP test is one of the tests that some qualified plans must comply with which of the following players must generally comply with the ADP test, 1 - profit - sharing...

Jackson, a U.S. company, acquires a variety of raw materials from foreign vendors with amounts payable in foreign currency (FC). The company needs to acquire 20,000 units of raw materials, and the...

Consider a birth-and-death process with just three attainable states (0, 1, and 2), for which the steady-state probabilities are P0, P1, and P2, respectively. The birth-and-death rates are summarized...

Perit Industries has $ 100,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives are: The working capital needed for project B will be released at...

In how many months will $8500 grow to $8818.75 at 5% p.a.?

The Canyons Resort, a Utah ski resort, announced a $400 million expansion of lodging properties, lifts, and terrain. Assume that this investment is estimated to produce $79.7 million in equal annual...

24. When does your net worth increase? Will the purchase of additional assets always increase your net worth? Why or why not?

Match the following activities to the three business transactions (more than one number can be used). 1. Record to the accounts receivable subsidiary ledger. 2. Journalize the transaction. 3. Post to...

Complete the transactional analysis box for the following transaction: Issued credit memorandum to Fox.com for defective merchandise, $206.

Journalize the following transactions: a. Sold merchandise on account to Weis Co., invoice no. 10, $32. b. Received check from Phair Co., $1000, less 2% discount. c. Cash Sales, $99. d. Issued credit...

Please help me with this, I am failing terribly and its due tonight. You can choose whichever you want one through 5, just please help me, thank you so much in advance For this assignment, you will...

What is the answer? me A data set includes data from student evaluations of courses. The summary statistics are n = 95, x = 3.58, s = 0.52. Use a 0.01 significance level to test the claim that the...

This week you will learn about inferential statistics. One important thing you will learn about inferential statistics is how it's different from descriptive statistics. You might be interested to...