Explain why ethics are an integral part of accounting.
What will be an ideal response?
The purpose of accounting is to provide useful information for decision makers. For information to be useful, it must be trusted. This requires ethical behavior by accountants and managers in all phases of gathering, analyzing and reporting financial information so that good decisions are made.
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The evolution of strategic selling can most likely be traced to:
A) a need to use fewer salespeople to sell more products B) the growing demand for less expensive products C) the need for salespeople to master sales force automation practices D) new sources of raw materials E) several trends that resulted in a more complex selling environment
The following data is given for the Taylor Company: Budgeted production 1,000 units Actual production 980 units Materials: Standard price per lb $2.00 Standard pounds per completed unit 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: Standard hourly labor rate $14 per hour Standard hours allowed per completed unit 4.5 Actual labor hours
worked 4,560 Actual total labor costs $62,928 Overhead: Actual and budgeted fixed overhead $27,000 Standard variable overhead rate $3.50 per standard labor hour Actual variable overhead costs $15,500 Overhead is applied on standard labor hours. The direct material price variance is: A) 600F B) 600U C) 80F D) 80U
Highland, Inc, an engineering firm, uses a job order costing system to accumulate client-related costs
The predetermined overhead allocation rate is 40% of staff labor cost. The work by engineers is charged to jobs at a rate of $32 per staff labor hour. A recent job for a client used 70 staff labor hours. How much was the total job cost? A) $896 B) $2,240 C) $3,136 D) $28
Illya owes Jenny $1,000 . In a separate deal, Kasey owes Illya $1,000 . Illya unconditionally assigns his rights in the deal with Kasey to Jenny. Illya's right to the $1,000 is then
a. unchanged. b. extinguished. c. incidental. d. assigned to a court.