Periodic inventory system -- Recording merchandise transactions -- Recording purchases of merchandise -- Freight costs -- Recording sales of merchandise -- Comparison of entries-perpetual vs periodic -- Look at IFRS -- Reporting And Analyzing Inventory: With this fourth edition, accountants will acquire a practical set of tools and the confidence they need to use them effectively in making business decisions. It better reflects a more conceptual and decision-making approach to the material. The authors follow a "macro- to micro-" strategy by starting with a discussion of real financial statements first, rather than starting with the Accounting Cycle.
Solving Ethical Dilemmas in the Accounting Profession Essay Abstract The accounting profession like any other is governed by code ethical principles that determine how decisions are made and actions taken.
This is because of the fact that professions are established primarily to serve the society, the services provided to the society are so crucial that, high standards of expertise and integrity are required. This is important because whenever dealing with the public maximum credibility is always very important as it helps to builds public trust.
Based on the Stakeholder Impact Analysis and the philosophical approaches to ethical decision making [Bayles, M. Introduction Based on the American Institute of Certified Public Accountant AICPA regulations on Certified Public Accountants code of ethics it is an irregularity to manipulate an audit to suit the demands of the employer, the client, or any other investor or non-investor stakeholders.
Bakers Greenleaf is one of the Big Eight accounting firms with prominent accounting professionals such as Oliver Freeman and Daniel Potter and others alike. However, a special audit on a wholly-owned real estate subsidiary Sub that was assigned to Dan poses an ethical dilemma to him Dan and also to the firm.
In the course of the audit Dan comes across a problem — he discovers that the owners of the Sub have overvalued one of its real estate properties. However, his decision draws severe reprimands from his senior — Oliver Freeman. The Senator Metcalf call for nationalizing the accounting profession resonate sin him as the only alternative to the dilemma.
All these stakeholders are entitled to a substantial stake in the Sub, based on its performance, and therefore a true and fair audit is one of their rights. The actions indeed led to the creation of a mountain as Dan was negatively evaluated and could not find an impartial forum within the organization Baker Greenleaf to air his sentiments.
However, the best thing Dan would have done was to first seek a dialogue with the personnel department whom he termed as ineffective, and then irrespective of the outcome of the dialogue with the personnel department, Dan would then write or personally visit the office of Senator Lee Metcalf in order to help set the stage for a more long term solution to the problem nationalizing the profession.
The reasons behind this decision are obvious, that according to a report that was released by the same Senator Metcalf indicating that despite constant revisions to regulations governing the accounting profession anomalies always cropped up.
But on the other side of stakeholders it will impact them negatively. The applications of these fundamental principles always leads to the creation of public stakeholders interests as well as the interests of the profession and that of the members of the profession.
It follows that some stakeholders those benefiting from false audits will be negatively affected by such a new move but majority of the stakeholders will benefit.
For instance, potential buyers will not be conned into paying more for overvalued houses, credit institutions will be saved the risks of extending credit to organizations that exceeds their credit worth, passive business partners will get a clear picture of the business performance and hence make wise decisions on whether pull out, hold on, or to invest more, employees will get a clear glimpse of the fruits of the efforts, city planners will get a clear picture of the tax to levy on houses relative to their true values.
As it is with many changes the vision of nationalizing the profession also will bring other positive and negative impacts to the stakeholders. However, the decision to consult Senator Metcalf would bring along term solution to the accounting irregularities and therefore increase the stakeholders trust.
Wadsworth, accessed on February 28, Behrman, J. Essays on Ethics in Business and the Professions.
Prentice-Hall, accessed on February 28, Brooks, L. London, England, available at; www.Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online.
Easily share your publications and get them in front of Issuu’s. Accounting Tools for Business Decision Making Kimmel 5th Edition Solutions Manual – Free download as PDF File .pdf), Home > Document results for ' wiley solutions manual financial accounting kimmel 5th' wiley solutions manual financial accounting kimmel 5th book results.
© Online Accounting College. The Mac is back! McCain at a VFW hall in Merrimack, New Hampshire, during the runup to the Republican presidential primary (Marc Nozell via Flickr [cropped]) The American Conservative Union, a lobbying powerhouse for conservative causes that rates members of Congress according to their voting records on conservative issues, gives McCain a lifetime score of percent for his tenure.
The reasons behind this decision are obvious, that according to a report that was released by the same Senator (Metcalf) indicating that despite constant revisions to regulations governing the accounting profession anomalies always cropped up.
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