Vu Hung is the assistant chief accountant at Lim Company, a manufacturer of computer chips and cellular

Question:

Vu Hung is the assistant chief accountant at Lim Company, a manufacturer of computer chips and cellular phones. The company currently has total sales of $20 million. It is the end of the first quarter. Vu is hurriedly trying to prepare a general ledger trial balance so that quarterly can be prepared and released to management and regulatory agencies. The credits on the trial balance add up to $1,000 more than the debits.
In order to meet the 4:00 p.m. deadline, Vu decides to force the debits and credits into balance by adding the amount of the difference to the Equipment account. She chose Equipment because it is one of the larger account balances. Proportionally, it will be the least misstated. She believes that the difference will not affect anyone's decisions. She wishes that she had more time to find the error, but realizes that the are already late.
Instructions
(a) Who are the in this situation?
(b) What are the ethical issues involved?
(c) What are Vu's alternatives?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Stakeholders
A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees,...