a. Adjusted trial balance b. Comparative balance sheets c. Current income statement d. Additional information 4. The primary purpose of the statement of cash flows is to a. provide information about the investing and financing activities during a period. b. prove that revenues exceed expenses if there is a net income.
A code of ethics supplied by a business is a specific kind of policy statement. A properly outlined code is, in effect, a form of legislation within the company required by its employees, with specific agreements for violation of the code. Violation of any organizations Code can cause legal accusations or dismissal from a job. The Ethical Standards of Human Service Professionals provides specific “rules” to follow that will protect the client’s welfare with respect and integrity. With the client’s best interest at heart, the helping professional should begin the relationship by establishing mutually agreed-upon goals, while informing the clients of the limitations of the relationship (Woodside & McClam, 2010).
Professional ethics or behavior whatever we call it can be defined through the bellow encompasses criteria. * Responsibility: we should be responsible to fulfill our main duties, for what we are appointed for. We cannot but neglect a bit and stay away from the duties. * Honesty: The fundamental of everything. We need to be honest in not only corporate life as well as in daily living.
a.|auditing existing data| b.|collecting and recording data| c.|providing information to users| d.|analyzing and managing data| ANS: A PTS: 1 DIF: Moderate OBJ: 1-1 NAT: AACSB Reflective 3. In an accounting information system, the inputs are usually a.|financial statements.| b.|analyzing data.| c.|performance reports.| d.|economic events.| ANS: D PTS: 1 DIF: Easy OBJ: 1-1 NAT: AACSB Reflective 4. _______________ is devoted to providing information for external users. a.|Management accounting| b.|Financial accounting| c.|Internal accounting| d.|Cost accounting| ANS: B PTS: 1 DIF: Easy OBJ: 1-1 NAT: AACSB Communication 5. Financial accounting information is used for a.|investment decisions.| b.|regulatory measures.| c.|stewardship evaluation.| d.|all of these.| ANS: D PTS: 1 DIF: Easy OBJ: 1-1 NAT: AACSB Communication 6.
These principles are strictly set in place to “represent the expectations for CPAs on the part of the public in performance of professional services” (Mintz & Morris, 2011.). After reading chapter one from Ethical Reasoning: Implications for Accounting, the three most important principles are responsibilities, public interest, and integrity. Responsibilities According to Eber (2004) This principle states that members need to exercise sensitive professional and moral judgments in all their activities, are responsible for cooperating with each other to improve the art of accounting and should maintain the public's confidence and enhance the traditions of the accounting profession (The AICPA Code of Professional Conduct, Responsibilities). Responsibilities are first out of the six principals for the AICPA Code and the third most important principle. This principal is what helps guide professional members in performance and to honor public trust.
W.I.L.L’s policies and procedures are built around these legislations and code of practice, which in turns defines my job description. 1.2 Explain expectations about own work role as expressed in relevant standards. I refer to the GSCC code of practise which states: Protect the rights and promote the interests of the people we support. Strive to establish and maintain the trust and confidence of people we support. Promote independence of people we support which protecting them as far as possible from danger or harm.
The reality is that accountants have a legal and ethical duty to follow the rules and regulations as outlined by GAAP. They “have the responsibility to maintain objectivity in rendering professional services … and must be scrupulous in their application of generally accepted accounting principles” (American Institute of Certified Public Accountants, 2013). Although these rules may cause some disagreement, an accountant must adhere to GAAP regardless of what the client desires. Accounting is a profession which demands strong moral character from those who wish to practice. An efficient, effective, and successful accountant must be prepared to adhere to a steadfast code of ethics.
AICPA Code of Professional Conduct AICPA Code of Professional Conduct The AICPA code of professional Conduct is very important in the field of accounting professionals. There are several guidelines that accounting professionals have to follow in order to be successful in their job not only the quality of their work but the ethical aspect of their work also. The main purpose of the AICPA Code of Professional conduct is to make sure that the accounting professionals hold their responsibility to the public. They are to make sure that they best serve the public by upholding honesty and meeting the client and employers needs but with integrity and honesty. That is the most important part of not only the AICPA but of accounting itself, honesty, because if the public does not trust the accounting field, accountants have not done their job.
Ethical Issues in the Workplace Concept, Theory or Principle One of the major categories in ethical issues in the workplace is customer relations. Customer relation is the ethical relationship between a customer and an employee. Customer relations issues has three elements respect, honesty and a sincere concern for advancing the client's best interests (McLachlan, 2009, pp. 146, 156). I think workplace ethics are very important when it comes to building an ethical relationship between the professionals and customers.
Training is required to ensure that the code of ethics is adequately instilled in the minds of employees as a guiding principle in day-to-day operations (Werner, 2008). Another recommendation is the use of communication with the staff to convey the ethical message and required organizational behavior. Modes of communication that can be used include intranets and bulletins. It is imperative for this message to originate from senior managers. For instance, openly questioning top managers and officials regarding their views on ethical organizational culture can facilitate reinforcement of the message (Werner,