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1. While preparing a bank reconciliation, the assistant controller found out that the Bank had mistakenly recorded a $3290 check as $329. The controller decided
1. While preparing a bank reconciliation, the assistant controller found out that the Bank had mistakenly recorded a $3290 check as $329. The controller decided to wait for the bank to detect the error instead of notifying them. The controller intends to record the $2961 mistake as "Other Income" if the Bank does not detect the mistake within the next three months. explain briefly if the controller is behaving in an ethical manner.
2. How are cash equivalents reported in the financial statements? mention two examples of cash equivalents.
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