between managerial and financial accounting. The content of reports of the managerial accounting pertains to subunits of the business, and they are very detailed. The content extends beyond double-entry accounting to any relevant data, and the standard is relevance to decisions. The content usually has no independent audits. On the other hand, the content of reports of the financial accounting pertains to business as a whole, and highly aggregated. It is limited to double-entry accounting and cost
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year. These actions are unethical in accordance to IMA’s Statement of Ethical Professional Practice. The reasons are stated below: This practice hampers the “Integrity” standard of the professional. The standard states that “ Abtain from engaging in or supporting any activity that might discredit the profession” and also “Credibility” which is ‘Communicate information fairly and objectively’. The scenerio also violates the standard of “Competence” which states that ‘Provide decisions support information
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According to our online textbook, ethics deals with well-based standards of how people ought to act. It concerns for what is right and what is wrong, which is good and which is bad. Ethics have also addressed questions such as: How should I live my life? What kind of person I should turn out to be? What standards or principles should I live by? In the accounting field, the ethical standards are influenced by the practices of those the people working in this field like state laws, the board of accountancy’s
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Case 1-8 A Faulty Budget Jackson Daniels graduated from Lynchberg State College two years ago. Since graduating from the college, he has worked in the accounting department of Lynchberg Manufacturing. Daniels was recently asked to prepare a sales budget for the year 2011. He conducted a thorough analysis and came out with projected sales of 250,000 units of product. That represents a 25 percent increase over 2010. Daniels went to lunch with his best friend, Jonathan Walker, to celebrate the
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to management and concerns have been raised by doctors about increases in miscarriages, birth defects and health disorders. Is Lorman Lumber Company effectively dumping chemicals into the Mohegan river? Since the company is adhering to all EPA standards the answer to that question is certainly no, however are chemicals “leaking” or being exposed to the river via the sawmill; possibly. One possible solution to this problem would be a new “closed cycle” production technology. This technology would
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CHAPTER 1 INTRODUCTION TO FINANCIAL STATEMENTS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVE AND BLOOM’S TAXONOMY |Item | |1. | |41.
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The company accounting department currently needs to hire another managerial accountant to focus on the company internal (managerial) accounting system. The CEO is uncertain and not convinced that a managerial accountant is needed at this time. A managerial accountant would benefit the company in a great way. The internal accounting system and developing important accounting information would be the accountant main focus. The managerial accountant would also hold up the company code of ethics.
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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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Conduct includes two sections: principles of professional conduct and rules of conduct. The principles of professional conduct provide the framework for the rules of conduct. The framework for the Code of Professional Conduct includes six fundamental ethical principles. The first two principles mention about a CPA’s responsibilities to exercise professional and moral judgment in a manner that serves the public interest. The third and fourth principles require CPA maintain integrity and objectivity. According
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Accounting professionals are obliged to comply with certain standards in an effort to protect shareholders and the general public. When one joins any of the accounting professional organizations, such as the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA) or the Institute of Management Accountants (IMA), one is agreeing to adopt the ethical code. This professional code is a positive set of statements and guidelines for CPAs with explicit rules
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