Problem1 (ethics in accounting)

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Question 1 (Adapted from Hui, W.F, and Ng, P.H. (2008). Accounting in Hong Kong. SCOPE. CityU.) Assets and liabilities are not simply "things owned" or "amounts owed". Rather, assets are rights to future economic benefits and liabilities are obligations to render future services. Consider this quotation as a background to the following questions: (a) A mini-bus company would generate most of its expected future benefits from employing skilled drivers and from using public roads. Therefore, its drivers and the public roads would make up most of the assets in the company balance sheet. Do you agree? (b) The mini-bus company faces the risk of having a major road accident in the future, which may result in obligations to pay damages costs to injured passengers. This is a significant liability to be recorded in the company balance sheet. Do you agree? Do (c) The accountant of the mini-bus company will record the fleet of mini-buses as an asset. you see any problems in measuring the "value" of the mini-buses in accordance with the concept of expected future economic benefits? Explain