Chapter 1 Ethical Reasoning: Implications for Accounting Ethics Reflection PENN STATE CHILD ABUSE SCANDAL: A CULTURE OF INDIFFERENCE What motivates an otherwise ethical person to do the wrong thing when faced with an ethical dilemma? Why did Joe Paterno and administrators at Penn State University look the other way and fail to act on irrefutable evidence that former assistant football coach Jerry Sandusky had raped and molested young boys, an offense for which Sandusky currently is serving
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considering the history of the GAAP and the reason for the creation of its principles. As previously mentioned, the American Institute of Certified Public Accountants (AICPA) has been responsible for setting accounting standards. In 1973, the Financial Accounting Standards Board and the Governmental Accounting Standards Board joined with the AICPA in advising, providing input, and determining United States accounting standards- GAAP. The Generally Accepted Accounting Principles include, but are not limited
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Introduction High-profile accounting scandals of recent decades have seriously undermined the confidence in the capital markets and resulted in unprecedented losses, affecting both large and small investors. Scandals that erupted in the largest U.S. companies as Enron, Tyco and WorldCom, have reduced the overall confidence in the capital market and had a devastating impact on pension assets. As a result, on July 30, 2002, Congress passed the Sarbanes-Oxley Act, creating the radical changes affecting
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Dave A Johnson Bus-340 Ethical & Legal Issues in Business The Legal, Ethical, and Technological Conerns in Business November 20, 2011 The legal, Ethical, and Technological Concerns in Business Introduction The domain of business ethics describe the ethical responsibilities and set the moral boundaries in perspective of doing the particular business in the particular scenario. Furthermore, the domain of business ethics also analyzes
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Chapter 3 AN INTRODUCTION TO CONSOLIDATED FINANCIAL STATEMENTS Chapter Outline A BUSINESS COMBINATION UNDER GAAP INCLUDES COMBINATIONS IN WHICH ONE OR MORE COMPANIES BECOME SUBSIDIARIES OF A PARENT CORPORATION. A A corporation that holds a majority interest (over 50%) of the voting stock of another corporation is referred to as the parent company. B The interest not held by the parent company is referred to as the noncontrolling interest. C A corporation whose outstanding voting
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expenses. In the balance sheet, Commission Advance Receivable accounts represent current and long term asset but I think both accounts should be in neither a receivable nor a liability in financial statements. According to ASC 985-605-55-32 where the AICPA Task Force on revenue recognition issues effectively concluded that a receivable does not exist when revenue cannot be recognized due to extended payment terms. As a result, SEC registrants should treat the contract as an executory contract under which
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1. Most of Judge Lifland’s criticism of E&Y focused on the firm’s audit procedures for CBI’s accounts payable. Generally, what is the primary audit objective for accounts payable? Do you believe that E&Y’s two principal audit test for CBI’s accounts payable would have accomplished that objective if those tests had been properly applied? Why or Why not? The audit objective for accounts payable are detail tie-in, existence, completeness, accuracy, and cut-off. Completeness is management assertions;
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Accountants follow guidelines set forth by GAAP (generally accepted accounting principles), IFRS (International Financial reporting Standards), and The Financial Accounting Standards Board (FASB) The American Institute of Certified Public Accountants (AICPA) Public Company Accounting Oversight Board (PCAOB) International Accounting Standards Board (IASB) Securities and Exchange Commission (SEC) 4. Define long term liability. Using your company project choice, give an example of your company's long
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requirements. While Western International University® programs are designed with consideration for the standards proposed by the National Association of State Boards of Accounting (NASBA) and the American Institute of Certified Public Accountants (AICPA) and the IMA, Western International University cannot
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In this document of ACC 440 Week 2 Learning Team Assignment Ch. 1 Textbook Exercises you will find the next information: E1-2 Multiple-Choice Questions on Recording Business Combinations [AICPA Adapted] Select the correct answer for each of the following questions. 1. Goodwill represents the excess of the sum of the consideration given over the: 2. In a business combination, costs of registering equity securities to be issued by the acquiring company are a(n): 3
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