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During the preparation of the bank reconciliation for Regal Concepts Co
During the preparation of the bank reconciliation for Regal Concepts Co., Misty Watts, the assistant controller, discovered that Windsor National Bank incorrectly recorded a $15,750 check written by Regal Concepts Co. as $1,575. Misty has decided not to notify the bank but wait for the bank to detect the error. Misty plans to record the $14,175 error as other income if the bank fails to detect the error within the next three months. Discuss whether Misty is behaving in a professional manner.
Expert Solution
Acceptable business and professional conduct requires Misty Watts to notify the bank of the error. Note to Instructors: Individuals may be criminally prosecuted for knowingly using funds that are erroneously credited to their bank accounts.
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