ACC 122 Career Paper Managerial Accounting Managerial Accounting, also known as Cost Accounting, is defined as: “A branch of accounting that observes and calculates the actual costs of a company’s operations. It is the process of identifying, measuring, analyzing, interpreting, and communicating information in the pursuit of a company’s business goals. “ Farlex Financial Dictionary. (2012). Retrieved from: financial-dictionary.thefreedictionary.com/Managerial+Accounting Managerial accountants
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How can John use the IMA Standards of Ethical Professional Practice to evaluate his own ethical behavior? The four IMA ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. John should use these four principles and determine whether or not he acts in accordance with them. In terms of honesty, John tends to follow this principle because he suggests reporting honest numbers on the financial statements. When it comes to fairness, John also acts ethically. For example,
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clearly defined business ethics. Ethical standards have an important role not only in business decisions but also in a person’s everyday life. If a person is making unethical decisions others tend to not want to follow that person and the level of respect and trust are diminished, which can lead to a shift in employee organizational behavior. Even though there is not a published set of ethics to follow the Institute of Management Accountants (IMA) has a code of ethical principles that include honesty
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expressed his suspicions that the romantic relationship might affect the audit process negatively. Morris promised to investigate. 2. Framing the Ethical Issue: In the case of Giles and Regas we see a variety of ethical issues including conflict of interests, integrity, credibility, and more. These ethical issues tie into one primary ethical problem. More specifically, the case demonstrates a conflict of interests created due to a romantic relationship between members
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management of the unusual use of standard costs. Stacy had found that the vice president, Preston Lansing, in charge of the Home Security Division, had rigged the standards so there were always large favorable variances. When Stacy brought the subject up with the President of Merced Home Products she was told the company was aware and, as long as the reports were good, that it was okay. Evaluate how it’s is possible that the standard costs are being “rigged”: Standard costs are used in relation to
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When someone says accounting the thought of the definition seems to be universal. What many don’t realize is that there are different kinds of accounting and different uses with those types. One major and different type of accounting other than the well-known financial accounting is managerial accounting. In the following paper I will discuss what managerial accounting is and how it’s used, the difference between managerial and financial accounting, the users of this accounting, ethics in accounting
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PART I: EXPLORATION OF BUSINESS ETHICS Ethics not only guide people what is right or wrong, but also are the basic standards in people’s lives and depending mainly on different perspectives, people will have their own ethical standards. Generally, a person will face difficult decisions whether their decisions have to violate ethical standards because of their personal purposes or they will disregard personal interests to accomplish their responsibilities. Obviously, it is not easy to stand between
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Ryan Streetman July, 26, 2011 WORLDCOM’S FALL AND THE CONTROVERSY OF SARBANES OXLEY WorldCom provided telecommunication services of voice and internet. They began as a long distance reseller in 1984. The company was headed by Bernard Ebbers who became the CEO in 1985. The company didn’t go public until the middle of 1989. Through the years, WorldCom became more than just a telecommunications company. They were also information technology out-breakers. They were able to become an internet powerhouse
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errors their future projections may be ignored or discounted due to this lack of integrity. 2. Identify the stakeholders potentially affected by what Daniels decides to do. How might each stakeholder be affected by Daniels's action and decision? Use ethical reasoning to support your answer. Employees may be hired or laid off due to Daniels projections. In fact those people hired to meet the
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ISSN 1940-204X Koss Corporation Corporate Governance, Internal Controls, and Ethics: What Went Wrong? Melanie O. Anderson Slippery Rock University INTRODUCTION THE ACCOUNTING FUNCTION Koss Corporation is a Milwaukee company whose principal business is the design, manufacture, and sale of stereo headphones and related accessories. Michael Koss is the CEO; his father, John Koss, founded the company in 1958. The company has trademarks and patents for its products to differentiate
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