Accountant’s philosophy

How can you explain the diverse opinions? What policies or procedures, if any, should CBU develop to avoid such problems in the future?

On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at years-end closing, CBU’s system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors performed a physical inventory count and found the inventory total to be $3.5 million. To correct the discrepancy, CBU’s […]

Scroll to top