14 Aug Assignment: Ethics in Accounting Due Week 9 and worth 170 po

Assignment: Ethics in Accounting Due Week 9 and worth 170 points Effective financial reporting depends on sound ethical behavior.Financial scandals in accounting and the businesses world have resultedin legislation to ensure adequate disclosures and honesty and integrityin financial reporting. A sound economy is contingent on truthful andreliable financial reporting. Instructions: Read the following scenario.Answer the questions that follow. This will be a 2-3 pagesubmission in a question and answer format (also in paragraph form). Anintroduction and conclusion is not required.Refer back to your textbook for guidance on how to think through the scenario. You have been recently hired as an assistant controller for XYZIndustries, a large, publically held manufacturing company. Yourimmediate supervisor is the controller who also reports directly to theVP of Finance. The controller has assigned you the task of preparing theyear-end adjusting entries. In the receivables area, you have preparedan aging accounts receivable and have applied historical percentages tothe balances of each of the age categories. The analysis indicatesthat an appropriate estimated balance for the allowance foruncollectible accounts is $180,000. The existing balance in theallowance account prior to any adjusting entry is a $20,000 creditbalance. After showing your analysis to the controller, he tells you to changethe aging category of a large account from over 120 days to currentstatus and to prepare a new invoice to the customer with a revised datethat agrees with the new category. This will change the requiredallowance for uncollectible accounts from $180,000 to $135,000.Tactfully, you ask the controller for an explanation for the change andhe tells you “We need the extra income, the bottom line is too low.” Required: In a 2-3 page paper, discuss the following: Consider what you have learned relative to ethics and financialreporting. What is the rationale for the calculations/process used toestimate the $180,000 uncollectible allowance?How do you think the misstatement of funds will impact the income statement and balance sheet?What is the ethical dilemma you face? What are the ethicalconsiderations? Consider your options and responsibilities as assistantcontroller.Identify the key internal and external stakeholders. What are the negative impacts that can happen if you do not follow the instructions of your supervisor?What are the potential consequences if you do comply with your supervisor’s instructions? Who will be negatively impacted? Additional Requirements: Use at least one (1) quality academic resource (in addition to your textbook) for this assignment. Note: Wikipedia and similar websites do not qualify as academic resources. You have access to Strayer University’s Online Library at https://research.strayer.edu and the iCampus University Library Research page at https://icampus.strayer.edu/library/research. Your assignment must follow these formatting requirements: Your paper should be double spaced (Arial or Times Roman 12 ptfont) and follow general Strayer Writing Standards (SWS) as they relateto references and citations. Please take a moment to review the SWSdocumentation for details (more information and an example is includedin the Strayer Writing Standards menu link located in your Blackboard).Include a cover page containing the title of the assignment, thestudent’s name, the professor’s name, the course title, and the date.The cover page and the reference page are not included in the requiredassignment page length. Click here to view the grading rubric for this assignment.