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Unformatted text preview: his financial statements unbalanced for the assets will become heavy once the assets are received leaving the expenses to be very light in weight. The ways he could adjust his improper actions is by using the cash basis accounting method. This would allow for things not to fully match up and no questions to really be asked. He could also use various inventory cost flow methods such as FIFO, LIFO and weighted averages. This would allow for the best option to used in order to benefit the Communication business the best. In the end Mr, Blowhards scheme could be covered up in many ways, but in the end he is really hurting his business and scamming someone into buying something that isnt true in its financial records. GAAP & Ethics 3 References Edmonds, T., Olds, P., McNair, F., & Tsay, B. (2010). Survey of accounting (2nd ed.). New York : McGraw-Hill Irwin...
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This note was uploaded on 04/18/2011 for the course ACC 201 taught by Professor Alao during the Spring '10 term at Ashford University.
- Spring '10
- Financial Accounting