=+SA 4-1 Ethics and professional conduct in business 198 Chapter 4 Completing the Accounting Cycle The following is an excerpt from a telephone conversation between Alice Lutz, president of DeSoto Supplies Co., and Victor Hood, owner of Hood Employment Co.

Alice: Victor, you’re going to have to do a better job of finding me a new computer programmer. That last guy was great at programming, but he didn’t have any common sense.

Victor: What do you mean? The guy had a master’s degree with straight A’s.

Alice: Yes, well, last month he developed a new financial reporting system. He said we could do away with manually preparing an end-of-period spreadsheet (work sheet) and financial statements. The computer would automatically generate our financial statements with “a push of a button.”