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During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170. Peter has decided not to notify the bank but wait for the bank to detect the error. Peter plans to record the $540 error as Other Income if the bank fails to detect the error within the next three months. -Discuss whether Peter is behaving in a professional manner. What would you do? -As Peter's supervisor how would you handle this situation if you found out what Peter had done? -How would you explain the need for this to be handled correctly? -Why are bank reconcilations so important?

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Accounting Basics, Accounting

Category:- Accounting Basics
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