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ABC bought a car for 800,000 baht and pays 13,333 baht per month on a 60 months installment contract. ABC receives an advance payment in
ABC bought a car for 800,000 baht and pays 13,333 baht per month on a 60 months installment contract. ABC receives an advance payment in the amount of 500,000 for works to be done in 3 months from now. Mr. Sochai is a certified public account working for ABC. The president of ABC has complete trust in Mr. Sochai because he is the president's nephew. Mr. Somchai recorded the car purchase in the account receivable. He reported the advance payment as current asset because it is cash. What is ethical issue involve in this case? How does the reporting affect the 3 financial statements at ABC
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