ACC201 - Introduction to Accounting

Added on - 23 Feb 2020

  • ACC201

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LOAN COVENANTS -ETHICS ANDGOVERNANCEStudent ID with names -----
EXECUTIVE SUMMARYThe title of the report is Ethics and Governance – Loan Covenants. As the title suggest, thereport is based on the case study where the terms and conditions of the loan has been discussed.The main aim of this report is to highlight the ethical issues involved in the study and to discusshow the interest of the stakeholders have been affected by the decisions involved in the casestudy. The second aim that has been flowed throughout the report is that whether the decisionmade by the personnel involved in the case study is as per the ethics. The third major aim is tomake aware the users of the financial statements and the preparers of the financial statementsregarding the importance of ethics and governance and usefulness of doing rightful act at righttime. With these aims, the study has been bifurcated in different sections.
ContentsEXECUTIVE SUMMARY.................................................................................................................................2INTRODUCTION...........................................................................................................................................4STAKEHOKDERS INVOLVED..........................................................................................................................5ETHICAL ISSUES INVOLVED IN THE CASE.....................................................................................................7ACTIONS AVAILABLE TO SHARON..............................................................................................................10IF I WERE SHARON.....................................................................................................................................11CONCLUSION AND RECOMMENDATION...................................................................................................12REFERENCES..............................................................................................................................................13
INTRODUCTIONEthics acts as the key for the success of the organization. It is because only the ethics which helpthe company to make their personnel understand about the nature of the business and howemployees are required to perform their functions. It provides the way through which work shallbe performed and helps in achieving the goals of the organization. Governance along with theethical climate in the organization helps in monitoring the work with regard to the standardsdefined by the management of the company. In case any deviation is found then the correctiveaction is taken place early.In this report, Braddy Industrial products challenges have been discussed with reference to thestipulation made by their financial institutions regarding the current ratio. Sharon Rock, assistantaccountant and Tim, accountant of the company has identified the idea to reach at the objectivebut certain issues have evolved. The first focus that has been made is on the stakeholders who arerelated to the case under question. Second question that has been answered includes the ethicaland the governance issues that are involved in the case under study. Third question that has beensolved is to state whether the act done is correct and is as per the law governing the issue. Thelast question that has placed the reliability on the writer of this report is to have an emphaticpoint of view as to what action would have been taken in case writer were involved in that act.After that the study has been concluded with the appropriate recommendation.
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