Financial Accounting (11th Edition)
11th Edition
ISBN: 9780134127620
Author: Walter T. Harrison Jr., Charles T. Horngren, C. William Thomas, Wendy M. Tietz
Publisher: PEARSON
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Question
Chapter 1, Problem 14QC
To determine
The most accurate statement regarding ethics as applied to decision making in accounting.
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Which of the following is the most accurate statement regarding ethics as applied to decision making in accounting?a. Ethics involves making difficult choices under pressure and should be kept in mind inmaking every decision, including those involving accounting.b. Ethics has no place in accounting because accounting deals purely with numbers.c. It is impossible to learn ethical decision making because it is just something you decideto do or not to do.d. Ethics is becoming less and less important as a field of study in business.
What are some of the shortcomings of teaching accounting only as a skill?
What are some of the flaws of teaching accounting only as a skill?
Chapter 1 Solutions
Financial Accounting (11th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Prob. 2QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Prob. 6QCCh. 1 - Prob. 7QCCh. 1 - Prob. 8QCCh. 1 - Prob. 9QCCh. 1 - Prob. 10QCCh. 1 - Prob. 11QC
Ch. 1 - Prob. 12QCCh. 1 - Prob. 13QCCh. 1 - Prob. 14QCCh. 1 - Prob. 1.1ECCh. 1 - Prob. 1.1SCh. 1 - Prob. 1.2SCh. 1 - LO 4 (Learning Objective 4: Identify income...Ch. 1 - Prob. 1.4SCh. 1 - (Learning Objective 2: Explain underlying...Ch. 1 - Prob. 1.6SCh. 1 - Prob. 1.7SCh. 1 - Prob. 1.8SCh. 1 - Prob. 1.9SCh. 1 - LO 4 (Learning Objective 4: Explain aspects of...Ch. 1 - Prob. 1.11SCh. 1 - Prob. 1.12SCh. 1 - Prob. 1.13SCh. 1 - Prob. 1.14SCh. 1 - Prob. 1.15SCh. 1 - Prob. 1.16SCh. 1 - Prob. 1.17SCh. 1 - Prob. 1.18SCh. 1 - Prob. 1.19AECh. 1 - Prob. 1.20AECh. 1 - Prob. 1.21AECh. 1 - Prob. 1.22AECh. 1 - Prob. 1.23AECh. 1 - Prob. 1.24AECh. 1 - Prob. 1.25AECh. 1 - Prob. 1.26AECh. 1 - Prob. 1.27AECh. 1 - Prob. 1.28AECh. 1 - Prob. 1.29AECh. 1 - Prob. 1.30AECh. 1 - Prob. 1.31BECh. 1 - Prob. 1.32BECh. 1 - Prob. 1.33BECh. 1 - Prob. 1.34BECh. 1 - Prob. 1.35BECh. 1 - Prob. 1.36BECh. 1 - Prob. 1.37BECh. 1 - Prob. 1.38BECh. 1 - Prob. 1.39BECh. 1 - Prob. 1.40BECh. 1 - Prob. 1.41BECh. 1 - Prob. 1.42BECh. 1 - Prob. 1.43QCh. 1 - Prob. 1.44QCh. 1 - Prob. 1.45QCh. 1 - Prob. 1.46QCh. 1 - Prob. 1.47QCh. 1 - Prob. 1.48QCh. 1 - Prob. 1.49QCh. 1 - Prob. 1.50QCh. 1 - Prob. 1.51QCh. 1 - Prob. 1.52QCh. 1 - Prob. 1.53QCh. 1 - Prob. 1.54QCh. 1 - Prob. 1.55QCh. 1 - Prob. 1.56QCh. 1 - Prob. 1.57QCh. 1 - Prob. 1.58APCh. 1 - Prob. 1.59APCh. 1 - Prob. 1.60APCh. 1 - Prob. 1.61APCh. 1 - Prob. 1.62APCh. 1 - Prob. 1.63APCh. 1 - Prob. 1.64BPCh. 1 - Prob. 1.65BPCh. 1 - Prob. 1.66BPCh. 1 - Prob. 1.67BPCh. 1 - Prob. 1.68BPCh. 1 - Prob. 1.69BPCh. 1 - Decision Cases LO 1, 4 (Learning Objectives 1, 4:...Ch. 1 - Prob. 2DCCh. 1 - Prob. 1EI
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Similar questions
- Management accounting is not an exact science. A lot of information is based on assumptions and making judgements which are subjective O True O Falsearrow_forwardWhat is the concept of conservatism in accounting and why is it important? Discuss the potential drawbacks of applying conservatism too strictly.arrow_forwardHow do you assess at what stage of moral development in Kohlberg’s model you reason at in making decisions? Do you believe your level of reasoning is consistent with what is expected of an accounting professional? How does the stage you indicate relate to the findings of research studies discussed in this chapter about moral reasoning in accounting?arrow_forward
- In his research into the components of ethical decision making, Rest raised the following issue: Assuming someone possesses sound moral reasoning skills, “Why would they ever chose the moral alternative, especially if it involves sacrificing some personal value or suffering some hardship? What motivates the selection of moral values over other values?” How does Rest’s model deal with such a question? How would you answer it from the point of view of an accounting professional?arrow_forwardWhich statement is false?a. Management accounting makes use of both quantitative and qualitative information for maximum use of managementb. Financial accounting emphasizes current and future data while management accounting is essentially historical.c. Management accounting covers a much broader scope, for it goes beyond the boundaries of traditional accounting.d. Management accounting information merely assist managers in rendering judgment, but it is not a substitute for judgment.arrow_forwardAccording to Cheffers and Pakaluk, ethical accounting is a [insert best word from below] for the markeplace. Pain Punishment O Watchdog Corruptionarrow_forward
- How are financial accountants challenged in their work to make ethical decisions? Is technical mastery of GAAP not sufficient to the practice of financial accounting?arrow_forwardWhich of the following statements is incorrect? Select one: a. Reports produced using management accounting must follow GAAP. b. The information gathered from management accounting is not required by law. c. The practice of management accounting is fairly flexible. d. Management accounting focuses mainly on the internal user.arrow_forward“Management accounting should not fit the straitjacket of financial accounting.” Explain and givean example.arrow_forward
- Which of the following statements is incorrect?A. The practice of management accounting is fairly flexible.B. The information gathered from management accounting is not required by law.C. Management accounting focuses mainly on the internal user.D. Reports produced using management accounting must follow GAAP.arrow_forwardIt has been said that recent graduates from a business school majoring in accounting and just entering the profession are especially vulnerable to ethical missteps because they are often naive and may not see the ethical aspects of situations they confront. Explain the various dimensions of such alleged ethical challenges in the workplace.arrow_forwardWhich of the following is NOT one of the limitations of Management Accounting?Select one:a. Lack of wide knowledgeb. Complicated approachc. Costly systemd. Concerned with the futurearrow_forward
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