This would be important for accounts receivable - money that is owed by a customer for products/services. Representing a company in small claims court requires one to be familiar with the law and how it relates to accounting practices. In the Mack v. Edenwold Fertilizer Services Ltd. case, if Mack had a knowledgeable accountant that was familiar with the law, he may have been advised not to sue as the illegality of the situation would have resulted in a loss. In turn, this advise would have saved Mack both time and
Question 1: Auditors should not insist that their clients accept all proposed audit adjustments even though those that have an immaterial effect on the financial report. The auditors should be suspicious of any rejection of the clients and have to investigate deeper into the suspicious accounts. Moreover, auditors should not be careless even though they have close relationships with the clients and fear that they would lose potential auditing fees. Question 2: Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy. The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in conformity with an identified financial reporting framework of Generally Accepted Accounting Principles.
Simpler questions would be “Is Dr. Smith’s intentional practise of omitting important information relevant to his client’s treatment ethical?” or “Is Dr. Smith’s failure to report his client’s actions to the authorities morally justifiable?” Both would be good questions, but I believe the question the study guide asks us to consider embrace both of these questions. The possible answers to the question are “yes” or “no”. I will be using rule-based utilitarianism and Kantian deontology to analyse this case study. There is not enough information to consider act-based utilitarianism: Act-based utilitarianism essentially says that one should perform that act which will bring about the greatest amount of good (“happiness”) over bad for everyone affected by the act. Each situation and each person must be assessed on their own merits (Thiroux, 2004, p. 42).
It is important to recognize the regulation impact statement that is not prepared in connection with the issuance of AASB 13 as the amendments made are minor in nature. What can make AASB is adoption of a wider scope of proposed issues. Some of these issues are write-downs of sound assets required under the current implementation of fair-value accounting which adversely affect market sentiment. The provision on AASB should accommodate well the write-downs margin that impacts in a downward spiral that may lead to large-scale fire-sales of assets, and destabilizing, pro-cyclical feedback effects. These damaging feedback effects worsen liquidity problems and contribute to the conversion of liquidity problems into solvency
If this is an acceptable form of payment, how might you ensure that it is ethically sound and that no power differential exists between you and the client? According to licensing boards, Consumer protection agencies, risk management experts, and ethics committees, fair exchange bartering (all bartering for that matter) is largely frowned upon, as there is the potential to create power disparity (power differential) between the councilor and client (Zur, 2011). Moreover, there is a heightened potential for disclosure concerns, boundary
However, I appreciated the book’s objective as well as, a political statement regarding some realities that seemed stark and may threaten, or undermine, the economics of wellbeing, national security, as well as, the society unless they are addressed in a more effective manner. In his book, Peterson mentions Margaret Thatcher who says that it may be easy for the politicians to opt for the current gratification while they make other people pay the price for the future. However, that does not really change the reality that there is a price, since the price has a potential of being truly terrible. I do agree that the prospects of twin deficits, as mentioned by Peterson, have had some effect on the confidence, easiness, as well as on consumer and business behavior; although the effects have not yet been felt on the interest rates. The main reason for this is that the private demand for the investment capital is very weak.
If the study is qualitative, personal bias can skew the data. Lab study subjects should be debriefed for the reason for the study after participation has ended. The researcher should take responsibility for the safety of the subjects. They should not be subjected to physical or mental abuse. The data reported must not be misrepresented or distorted.
(b) What are the ethical issues involved in this situation? The ethical issues involved in this situation pertain to following accepted accounting principles. Violating the generally accepted accounting principles to satisfy a short-term personal or company would create misleading financial statements. This situation would therefore be unethical. Robbin Industries is jeopardizing itself by not properly reporting the advertising costs.
The data set would gain validity if more test subjects from different Autoplex were included. The data analysts should note the data set information on if the rebates are included in the figures or left out. The consumer may receive false information or slightly misleading information to entice the buyer to visit the Whitner Autoplex based on cheaper prices. This data set does not provide the analyst with personal information on the consumers but in some cases personal information will be included, and the analyst must be careful to not let the information out to where someone could improperly use the
Just like a bank account, if you can see on-line where your money is going then you can better avoid overdrawing your account. For your credit report, if you can see when a negative remark hits your credit report you can make sure to fix it so that it does not report negative again. If a fraudulent remark is reported on your report then you can also dispute the claim sooner so that it doesn’t affect your report long term. Consumers have the right to know exactly what is being told about them from business to business. If it is going to affect their lives in such a great way then they should be allowed to view their report free of charge any time they