Business Law for Commercial Transactions Week 2 Assignment 1
Assignment 1: Discussion Questions
The discussion assignment provides a forum for discussing relevant topics for this week based on the course competencies covered. To support your work, use the textbook, lectures and scholarly outside sources. As in all assignments, cite your sources in your work and provide references for the citations in APA format. Post the answers to both parts in one discussion post and do not attach documents.
The discussion assignment consists of two parts.Select one of the two questions for Part 1 and answer Part 2.By Saturday, May 21, 2016, submit your answers to Part 1 and Part 2 to this Discussion Area. Start reviewing and responding to your classmates as early in the week as possible. You should review and critique the work of other students in as outlined in the rubric by Wednesday, May 25, 2016.
Discussion Question Part I
Select ONEof the scenarios below and explain the best solution.
Scenario 1 – Accountant’s Liability
Martha Bennett, CPA, was hired to prepare audited financial statements for Feed Poor Children (FPC), a nonprofit organization that provided hope, food and other resources to those in need in all 50 states and internationally. The president of FPC was embezzling funds and family members often took boxes of food for themselves; however, the president falsified the records that Bennett used in her audit. Regions Bank authorized a loan to FPC for $200,000 based on Bennett’s certified financials. The embezzlement was discovered and FPC defaulted on the loan. Afraid the bad publicity would affect donors, the board members wanted to keep the embezzlement quiet.
Scenario 2 – Corporations and Criminal Liability
“Officers and directors, as well as the corporation itself, may be criminally accountable for business regulatory offenses” (Twomey & Jennings, 2014, p. 1091).
Locate a business that has been convicted of a criminal offense. The Department of Justice is a good place to start your research. Provide the following information.
Discussion Question Part II
Consider the business you created in Week 1. In two to three paragraphs, address the following topics.
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