Question 1 Discuss the accounting principles and concepts that were violated in the case. Explain the appropriate accounting treatments that should be used. Accounting is a systematic recording of business transactions and statements relating to assets‚ liabilities and summarizes the financial events that occur in a business. There are certain accounting principles and concepts to preparing reports on financial statements. These accounting principles and concepts are usually referred to as
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TABLE OF CONTENT 1.0 Introduction | | 2.0 Issues Surrounding the Professionalism of Accounting | | 3.0 Literature Review | | 4.0 Presentation of the main Idea about the Professionalism of Accounting | | 5.0 Analysis and discussion | | 6.0 Conclusion | | 7.0 Reference | | 1.0 INTRODUCTION 2.0 ISSUES SURROUNDING THE PROFESSIONALISM OF ACCOUNTING Twenty years ago‚ Briloff (1986) alerted the profession to the crisis of credibility being faced because society perceived
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Chapter 8 Activity-Based Costing: A Tool to Aid Decision Making Solutions to Questions 8-1 Activity-based costing differs from traditional costing systems in a number of ways. In activity-based costing‚ nonmanufacturing as well as manufacturing costs may be assigned to products. And‚ some manufacturing costs—including the costs of idle capacity—may be excluded from product costs. An activity-based costing system typically includes a number of activity cost pools‚ each of which has its
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Ethical Dilemmas 1) You are a prosecutor in a jurisdiction that does not use the grand jury system. An elderly man has administered a lethal dose of sleeping tablets to his wife ‚who was suffering from Alzheimer’s disease. He calmly turned himself in to the police department‚ and the case is on the front page of the paper. It is entirely up to you whether to charge him with murder. What would you do? What criteria did you use to arrive at your decision? 2) You are a probation officer and
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| |[pic] |Government Authorized Accounting Procedures | |[pic] |Generally Applied Accounting Procedures | |[pic][pic] |Generally Accepted Accounting Principles | The total equity of Timberlake
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Introduction Ethics in accounting and financial decision making is important in today ’s business world. Many organizations put emphasis on ethics and the financial decision making process with the organization and expect that auditors‚ managers and accountants will behave in an ethical manner. There are many factors that inspire organizations to assure and push ethical policies. In the last seven years‚ the world has witnessed stunning financial collapse in many companies that were ranked among
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Ethics in Accounting • • • • • • • • Systematic body of theory and knowledge Extensive education process for its members Ideal of service to the community High degree of autonomy and independence Code of ethics for its members Distinctive ethos/culture Application of professional judgment Existence of a governing body Attributes of a profession • Service ideal • Market control view The service ideal vs. the market control view Accountants work in: • private companies
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key principles of ethical conduct to emphasize in its practice. 2. Analyzing Ethical Situations Discussions of case studies that apply ethical standards to common workplace situations can be particularly effective‚ since professional conduct and ethical behavior depend on the good judgment of individuals in what are often complex‚ challenging‚ and ambiguous real-life situations. 3. Choosing Associates and Clients Associating with ethical people can strengthen an ethical culture. In making
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Statement of Purpose We know education‚ today‚ is considered as a key to success. Every profession and the jobs require both the practical and theoretical knowledge. With this growing importance of education and knowledge‚ it has become very important for every individual especially students to compete in every step of life. As I have completed my Higher Secondary Education in Nepal with good marks. I have always wanted to be a businessman from my early childhood. I have realised the fact that
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— RINT - Task 2: SCIENTIFIC CONCEPTS‚ THEORIES‚ & INQUIRY — Harrison Rusinyak — Scientific Concepts or Phenomenon — Solar System — The Solar System in past concepts. — Earth was thought to be the center of the Universe. — The stars and planets revolved around the Earth. — The Earth was thought of as flat. — No one experimented to see how far they can see. — The Solar System current concepts. — The planets revolve around the sun
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