assignment is regarding to accountants‚ a professional career‚ meant to be very important to corporation or public because it is the base that offers great support to management for planning‚ controlling as well as decision making process. As far as people is concerned‚ accountants as information keepers and produce financial reports to stakeholders face major ethical challenges such as misrepresenting or misstatements in financial statements etc. However‚ accountants are required to behave ethically
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those two characteristics. There are many careers that are essentially a service to others. I can only hope that my accounting mindset will be just that: a service to others. If my abilities‚ desires‚ and opportunities all aligned my life as an accountant would be perfect. I would see my dreams of becoming a Chief Executive Officer (CEO) come true; however‚ the title CEO would mean more to me than just a status. It would boost my inner confidence and reassure me that I can achieve my dreams with
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of work‚ using work equipment for personal use‚ taking things from work to your home‚ and in the accounting world- embezzling money from others for financial gain. There is no reason for unethical behavior except for self interest and greed. Accountants might falsify reports with bad information for a company so that they would have a better outcome on their papers‚ or to cover up something that is going on with the money. This would also include falsifying and altering business documents like
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filing that they were restating its earnings since 1997‚ and this would reflect a $586 million dollar reeducation. They reported this only a couple months after there first quarterly loss‚ this loss was the first in four years. In this case a;; the accountants were charged with preparing inaccurate information. This lead the investors to invest in something that was not there and something that was not true. All investors are relying on a company to have accurate financial information. This is how investors
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related to companies’ business processes and the related controls in place to minimize those risks. Public accounting‚ tax - Tax accountants prepare individual and corporate tax returns‚ provide their clients with advice on how best to structure business transactions to minimize current and future taxes‚ and engage in estate planning. Private industry - Accountants employed in private industry are involved in preparing budgets‚ analyzing variances‚ costing products and services‚ and evaluating
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will be his to explain his dilemma. Second he has another option to resolve his dilemma by telling the problem direct to the manager. Question 3: Consider the impact of this company’s approach on young accountants. How could working long hours be an ethical problem? Answer: For the young accountant‚ long
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MBA 607 – Financial Accounting The Nature and Purpose of Accounting Accounting Purpose and Process 1 MBA 607 – Financial Accounting The Nature and Purpose of Accounting 1. The Need for Accounting Information 2. The Accounting Profession 3. Financial Statements Accounting Purpose and Process 2 MBA 607 – Financial Accounting 1. The need for Accounting Information A. Framework Stakeholders (creditors‚ shareholders‚ regulators) in an entity require quantitative information on the financial
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Board (FASB). Clients will ask questions when they do not understand the reasoning behind the information needed. Adjusting costs‚ determining capitalization‚ asset disposal‚ and goodwill are often harder to understand concepts in accounting and the accountant needs to be able to explain the requirements of the accounting standards codifications (ASC) in relation to the issues the clients ask about. Adjusting lower cost of market inventory on valuation FASB ASC 330-10-35-1 through FASB ASC 330-10-35-11
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making in major U.S. companies like Enron‚ Tyco and Adelphia. The Institute of Management Accountants has created “Standards of Ethical Conduct” which demonstrate how ethical behavior should be practiced by professionals. By examining past ethical breaches‚ a strategy can be developed that can help deter unethical practices from happening in the future. II. Outline b. The Institute of Management Accountants’ (IMA) "Standards of Ethical Conduct for Practitioners of Management Accounting and Financial
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discuss my personal business goal that I have selected. My personal business goal is to get an accountancy job at a well-known international top best accounting firm such as Price Water house Coppers‚ Deloitte and Ernst and Young; to become a charted accountant for my future business goal. In addition‚ I would also like to get the opportunity in New Zealand banks sector. I am going to gain the knowledge and the experience skills required for that jobs. I have been planning to get that experience once I
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