[Olivia_Owens]

On January 20,2011, the accountant for a corporation, is feeling pressure to complete the financial statements. The company president has said he needs current financial statements to share with the bank on January 21 at a meeting to discuss the corporation obtaining loan financing for a special building project. The accountant knows that she will not be able to gather all the needed information in the next 24 hours to prepare the entire set of adjusting entries. Those entries must be posted before the financial statements accurately portray the company's performance and financial position for the fiscal period ended Dec. 31, 2010. The accountant decides to estimate several expense accruals at the last minute. She used low estimates because she does not want to make the financial statements look worse than they are. She finishes the statements before the deadline and gives them to the president without mentioning that several account balances are estimates that she provided.

Required: Identify several courses of action that the accountant could have taken instead of the one she took.