Answered: 3. Indicate the ten (10) ethical…

3. Indicate the ten (10) ethical principles of accounting and explain, in your own words, what the importance of each is and how they help in the integrity of the accounting profession.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.2E

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

1. Define the term accounting and explain the importance of accounting in a business.
2. mention five (5) professions or works related to accounting.
3. Indicate the ten (10) ethical principles of accounting and explain, in your own words,
what the importance of each is and how they help in the integrity of the accounting
profession.
4. Explain in your own words what generally accepted accounting principles (GAAP) are.
5.Analyze and explain in your own words who uses accounting information and how they
use it.

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