Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 17Q
Many professional certifications now have requirements for ethics training.
A. Define ethics.
B. Why does the accounting profession put so much emphasis on acting ethically?
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Students have asked these similar questions
Many professional certifications now have requirements for ethics training. Define ethics. Why does the accounting profession put so much emphasis on acting ethically?
Which of the following statements best explains why public accounting, as a profession, promulgates ethical standards and establishes means for ensuring their observance?
A. Ethical standards are established so that users of accounting services know what to expect and accounting professionals know what behaviors are acceptable, and so that discipline can be applied when necessary.
B. Ethical standards that emphasize excellence in performance over material rewards establish individual reputations for competence and character.
C. A requirement for a profession is to establish ethical standards that primarily stress responsibility to clients and colleagues.
D. Vigorous enforcement of an established code of ethics is the best way to prevent unscrupulous acts.
AFTER READING THE CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS:
IS THERE REALLY A NEED FOR A CODIFIED SET OF ACCEPTABLE ETHICAL BEHAVIOR? yes or no, justify your answer.
GIVE 3 JUSTIFICATIONS AND ELABORATE YOUR ANSWER
Chapter 1 Solutions
Principles of Accounting Volume 1
Ch. 1 - Accounting is sometimes called the language of...Ch. 1 - Financial accounting information ________. A....Ch. 1 - External users of financial accounting information...Ch. 1 - Which of the following groups would have access to...Ch. 1 - All of the following are examples of managerial...Ch. 1 - Which of the following is not true? A....Ch. 1 - The primary purpose of what type of business is to...Ch. 1 - Which of the following is not an example of a...Ch. 1 - A governmental agency can best be described by...Ch. 1 - Which of the following is likely not a type of...
Ch. 1 - Which of the following is not considered a...Ch. 1 - Stockholders can best be defined as which of the...Ch. 1 - Which of the following sell stock on an organized...Ch. 1 - All of the following are sustainable methods...Ch. 1 - The accounting information of a privately held...Ch. 1 - Which of the following skills/attributes is not a...Ch. 1 - Which of the following is typically required for...Ch. 1 - Typical accounting tasks include all of the...Ch. 1 - What type of organization primarily offers tax...Ch. 1 - Most states require 150 semester hours of college...Ch. 1 - Research your top five career choices. Identify...Ch. 1 - Using the same top five career choices, identify...Ch. 1 - Think about a recent purchase you made. Describe...Ch. 1 - Computerized accounting systems help businesses...Ch. 1 - The following information was taken from the...Ch. 1 - The following chart shows the price of Netflix...Ch. 1 - Use the internet to research one for-profit, one...Ch. 1 - Use the internet to research one manufacturing,...Ch. 1 - Assume you are considering opening a retail...Ch. 1 - Uber and Lyft are two popular ride-sharing...Ch. 1 - How would you categorize or classify a company...Ch. 1 - Charity Navigator...Ch. 1 - Use the internet to visit the Securities and...Ch. 1 - Imagine that you have just been elected president...Ch. 1 - According to a company press release, on January...Ch. 1 - The Dow Jones Industrial Average (DJIA) is often...Ch. 1 - Many professional certifications now have...Ch. 1 - The Certified Public Accountant (CPA) exam is a...
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- Why do accountants have to be ethical in their duties and responsibilities?arrow_forwardWhat other professional business organizations have a code of ethics?arrow_forwardEconomics (a) Which would you choose as the priority for ethical behaviour in the accounting profession: “protect the public interest” or “protect the credibility of the profession?” Explain, providing an example. (b) Explain the affiliation between the fiduciary relationship and conflict of duties when a professional accountant provides a service to a client. Provide an examplearrow_forward
- Companies have the moral obligation to conduct ethical operations. There are many cases where companies have different outcomes in their operations because of their interpretation of what ethics is. How can accounting ethics affect accounting operations and applications?arrow_forward1.Explain why businesses need ethics programs and list their minimum requirement. 2.Describe the role of codes of ethics in identifying key corporate risks. 3. Review the factors in successful ethics training and goals. 4.Explain the ways ethical standards are monitored, audited, and enforced.arrow_forwardWhat is the importance of Ethics for the Accounting Profession and in particular for Forensic Accountants?arrow_forward
- When discussing and evaluating professional ethics, it is essential to understand the purpose, terminology, and repercussions of professional misconduct. The American Institute of Certified Public Accountants (AICPA) code of professional conduct is the gold standard for defining professional conduct in accounting; it is therefore important for business professionals to be familiar with. In this discussion, you will explore one principle in depth and discuss it and others with your peers. First, select one of the following principles of professional conduct to examine in the AICPA Code of Professional Conduct document: Responsibilities Public interest Integrity Objectivity and independence Due care Scope and nature of services Then, for your initial post, reflect on what appropriate practice of your selected principle would look like in the field, and also on some potential examples of violations of the principle. Use the following questions to help guide your reflections: How would…arrow_forwardAnalyze the ethical challenges faced by accountants in their professional practice, and identify measures that can be taken to address these challenges.arrow_forwardDiscuss the role of ethics in accounting. What ethical considerations do accountants need to keep in mind while performing their duties? What are some common ethical dilemmas that accountants face, and how should they address them?arrow_forward
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