- [Instructor] Let's see how someone answers this question and I'll be back with some thoughts. - I strive to be a competent, and conscientious financial professional. I respect and fully adhere to the code of conduct and ethics that my profession expects of me, which is why it's so important that I recognize when I've made a mistake and learn how to prevent it from happening again. In a previous role, my company purchased production equipment. There were several ancillary costs that were part of the purchase like shipping, duties, insurance, and installation. Since it was a capital investment for the company I recorded the complete cost as a capital expense. Meaning that the total cost would be amortized over the life of the machine. The error I made was that I included the insurance expense. This was a cost that could have been expensed immediately. So, I reversed the entry for the insurance cost and I was able to…
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