The current month's bank statement for your account arrives in the mail. In reviewing the statement you notice a deposit listed for $400 that you did not make. It has credited in error to your account. Discuss whether you have an ethical or legal obligation to the error. What action should you take?

The current month's bank statement for your account arrives in the mail. In reviewing the statement you notice a deposit listed for $400 that you did not make. It has credited in error to your account. Discuss whether you have an ethical or legal obligation to the error. What action should you take?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 7TP: The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of...

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"The current month's bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400 that you did not make. It has been credited in error to your account. Discuss whether you have an ethical or legal obligation to inform the bank of the error. What action should you take?" Thoroughly discuss the pros and cons of what the results would be if you reported it versus not reporting it. Be sure to tell what option you would choose and explain why."
The current month's bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400 that you did not make. It has been credited in error to your account. Discuss with your fellow classmates whether you have an ethical or legal obligation to inform the bank of the error. What action should you take?
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