10 May WHO GAINED AND WHO LOST AS A RESULT OF THESE ACTIONS?
Ahmed was accounting manager at ABC co and he is a cousin of Adel the CEO of ABC co. The CEO stood to earn a substantial bonus if ABC increased net income by year-end. Ahmed the accounting manager boasted to Adel the CEO that he knew some accounting tricks that could increase company income by revising a few journal entries for rental payments on production units.At the end of the year Ahmed changed the debits from ‘rent expenses’ to ‘prepaid rent’ on several entries. As a result Adel got his bonus and the deviations were never discovered.Requirements:1- How did the change in the journal entries affect the net income of the company at year-end?2- Who gained and who lost as a result of these actions?[5 marks]
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