Question 1 The ethical guidelines which accountants are obliged to follow in the conduct of their work are made to combat criticism and gain credibility by preventing fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors
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CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’
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Since the society has become progressively dependent on networks for business‚ the management of company’s information online has developed into an issue to be concerned. AIS‚ which is short for Accounting Information System‚ is not merely related to accounting information management as the business develops around the world. In the various explanations of AIS in the Lecture 1‚ p12130 Accounting Information System‚ presented at the University of Nottingham Ningbo by Trevor Bayley‚ Vaassen (2002)
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“ The article talks about watching on videotape does not alter our perception. It also talks about how our intimates and those who spend the most time with us know us best. But‚ even strangers have myriad cues to know who we are: clothes‚ musical preferences‚ or even Facebook postings. It also talks about how our parents and friends have different appearances about who we are. Our parents say that we are beautiful and smart‚ and they do mean it because they love us for who we are. “ “In a different
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is collected for the sale of the house. d. the house is completed. The basic document for keeping track of costs in a job order costing system is a Answer a. labor time card. b. job order cost card. c. process cost report. d. materials requisition form. The following information is available at the end of May: Balance in work in process on May 1 $141‚800 Direct materials costs for May 174‚500 Direct labor costs for May 162‚500 Overhead applied at rate of 140% of direct labor dollars
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Seattle‚ Washington. Explain why each of the following individuals or organizations would be interested in financial information about the company. a. California Public Employees Retirement System. One of the world’s largest pension funds. They would be interested in Boeing’s financials to see how much the company contributes to their employee’s 401K plans. b. Chinese Airlines‚ a rapidly growing airline serving the Pacific Rim. Seeing the amount of sales that Boeing has‚ shows the reliability
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Discussion Questions 1. Discuss some of the challenges facing business today. Does information technology play a role in these challenges? Explain. The business world and society in general are undergoing phenomenal and sometimes turbulent change. The “new economy” driven by the Internet has seen the rise of entirely new businesses like Amazon.com‚ Yahoo‚ eBay‚ and of course Google. While the “dot com bust” of 2000 saw the demise of thousands of Internet-oriented businesses‚ the fact remains that
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The Role Of Chemistry To Our Society Chemistry plays a huge and important role in society‚ with relation to shelter and clothing. For example‚ chemists come up with new paints and epoxy sprays that protect shelters from the wear and tear inflicted by rain‚ wind‚ sun and pollution. These space age coatings and paints are designed to make properties look better‚ perform better and last longer. Thermal chemical compounds may protect rooftops and also help structures stay at the right temperature
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The Common Courtesy in Our Society In every society‚ there are norms established that are used as laws‚ with no consequences if you decide to break them (Schaefer 48). I decided to break a social norm to see other people’s reactions to my out of the ordinary behavior. One type of social norm is an informal norm‚ which is a generally understood behavior that is not written down as a law (Schaefer 49). An example of an informal norm in the United States is asking someone how they are doing as a form
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Assignment 1: Review of Accounting Ethics 1. Given the corporate ethical breaches in recent times‚ assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer. With the historical amount of fraud that has taken place over the last few decades‚ there had to be a stop of some sort to this type of unethical behavior. Through our class lectures‚ discussions‚ and readings‚ I have learned about the
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