Question

Josie, an accounting supervisor in monk & sons realty, instructs maria, her employee, to make certain accounting entries in the company's books that will increase revenue. maria researches the matter, confirming her concern that these entries would overstate revenue, and informs josie that recognizing revenue in this manner would be premature and not consistent with generally accepted accounting principles (gaap) but josie disagrees and insists that maria record the entries. the amount of revenue is material to monk's financial statements. according to the aicpa rules, what should maria do first?

Answer 1

According to the AICPA rules, what should Maria should "discuss her concerns with Josie's boss."

The code of professional conduct (AICPA) in its distinctive articles obliges Maria to work with uprightness, obligation, objectivity and autonomy, the content underscores crafted by the bookkeeper and the arrangement of a support of people in general that must be straightforward to produce trust in the public eye , thus, paying little respect to what the manager says,  and upheld by Article 55 - Chapter IV - which states: Objectivity and independence: A member should keep up objectivity and be free of irreconcilable situations in the execution of their obligations. proficient duties. A member out in the open practice must be autonomous, truth be told, and appearance, in the arrangement of review administrations and different confirmations.

Answer 2

Maria must discuss her concerns with Josies’ boss is the correct answer.

Maria should first confirm her query with the Josies’ boss to make the financial statements correct, and according to the AICPA rules.

Further Explanation:

AICPA Code of Conduct:

• AICPA guides its professionals to work with integrity, objectivity, independence, and responsibility.
• The American Institute of Certified Public Accountants (AICPA) says that the professionals have to follow the guidelines of the AICPA code of conduct in the United States, and it is valid in around 143 countries and with more than 418,000 professionals.
• Overstatement of the revenue should be avoided as it is violating the rules of the AICPA code of conduct.

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Answer Details:

Grade: High school

Chapter: AICPA code of conduct

Subject: Accountancy

Keywords:

Josie, an accounting supervisor in monk & sons realty, instructs Maria, her employee, to make certain accounting entries in the company's books that will increase revenue. Maria researches the matter, confirming her concern that these entries would overstate revenue, and informs Josie that recognizing revenue in this manner would be premature and not consistent with GAAP, Josie disagrees and insists that Maria record the entries, the amount of revenue is material to monk's financial statements, according to the AICPA rules, what should Maria do first, Maria must discuss her concerns with Josies’ boss.