ETCH 101 Christian Ethics : Principles of Accounting

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ETHC 101 : Christian Ethics

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Inventory for a previous period eventually becomes beginning inventory for the period that follows it, this leads to both the balance sheet and income statement to be off for both of the years in question. according to Principles of Accounting: Volume 1, If ending inventory is overstated then likewise will be the net income for the year which means that the year that follows, beginning inventory will be overstated and net income will be understated which is also the same for pretax income as well (PB, 2020).

According to Principles of Accounting: Volume 1, it will take 2 years for the the error to fix itself due to it balancing out with income being overstated in the first year and overstated in the second year (PB, 2020). The employees bonuses are based on annual pretax income. The effect on the bonuses that this error has made will cause there to be a benefit to the bonuses since the income is overstated therefore causing there to be a larger amount of pretax income to base the bonus off of. However, the year following this mistake assuming that it is not fixed in year one, the income will be understated therefore causing the bonus to be smaller that what it should be.

In the end, there is no benefit in the long run by foregoing the correction of the ending inventory error. Assuming that the error was not found in the year that it was found by the company's controller and later found by auditors after the fiscal year was over, the error would have to rectified.

One would have to record the proper numbers on the current periods balance sheet and income statement as well to offset the overstatement of the prior period as well as the understatement of income in the current period. According to the website Small business, the company would not only have to go back and rectify the issue at hand but would also have to include a disclosure note in the statements in order to provide useful information for future viewing as well as being transparent with the public who would view these records. The ethical dilemma that John Howard faces is a heavy one when he thinks that the weight of everyones bonus' are on his shoulders. John has a motive to let the error go which is a bigger bonus for the year. He also has the ability since he is the company's controller. Now after the auditors have missed the mistake as well, he now has an opportunity to let it slide; however, John's first reaction was to report the error and have it fixed which means he initially had the right intentions at heart but felt like he would be with holding money from his co workers. Now that John knows the truth, he should not let the false record be made official since he knows it is wrong.

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