AC/113 AC113 AC 113 UNIT 1 DISCUSSION
- Kaplan University / AC 113
- 16 Aug 2017
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AC 113 UNIT 1 DISCUSSION
Unit 1: Unit 1: Introduction to Accounting in Business - Discussion
Topic 1:
This week’s Discussion focuses on Activity 1-2 located on page 41 of your textbook, which reads as follows:
Loretta Smith, president and owner of Custom Enterprises, applied for a $250,000 loan from City National Bank. The bank requested financial statements from Custom Enterprises as a basis for granting the loan. Loretta has told her accountant to provide the bank with a balance sheet. Loretta has decided to omit the other financial statements because there was a net loss during the past year.
Address the following question:
Is Loretta behaving in a professional manner by omitting some of the financial statements? Support your response.
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