Psychology > EXAM > JOSIE, AN ACCOUNTING SUPERVISOR IN MONK & SONS REALTY, INSTRUCTS MARIA ANSWER (All)

JOSIE, AN ACCOUNTING SUPERVISOR IN MONK & SONS REALTY, INSTRUCTS MARIA ANSWER

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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? Sarah, the controller of a large beverage supplier, supervises two employees. Her boss, Vladimir, instructs her to increase the company's inventory balance for an amount that is material to the financial statements by crediting several small [Show More]

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