Ethics and Professional Conduct in Business

Vince Hunt, president of Sabre Enterprises, applied for a $$200,000$ loan from First National Bank. The bank requested financial statements from Sabre Enterprises as a basis for granting the loan. Vince has told his accountant to provide the bank with a balance sheet. Vince has decided to omit the other financial statements because there was a net loss during the past year.

Is Vince behaving in a professional manner by omitting some of the financial statements?

a$.$ What types of information about their businesses would owners be willing to provide bankers?

b$.$ What types of information would owners not be willing to provide?

c$.$ What types of information about a business would bankers want before extending a loan?

What common interests are shared by bankers and business owners?