Purchase Solution

Ethical standards exist in accounting

Not what you're looking for?

Ask Custom Question

Why do ethical standards exist in accounting?
What role does the cost principle play in Accounting?
I just need a better understanding and a 2nd opinion on this matter.

Purchase this Solution
Solution Summary

Ethical standards in accounting is discussed in this solution.

Solution Preview

Ethical standards exist in accounting in order to avoid frauds, manipulations and misappropriation of financial statements and to prevent such practices which misguide the people using the statements.

There has been so many frauds related to accounting standards and practices such as that of Enron, MCI Worldcom, etc., which has led to an increased concern among the people with respect to fairness of accounting practices, standards and disclosures. There has been an increasing importance on ethics now a days due to a sudden upsurge of ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
Recent Feedback
  • "Thank you. "
  • "Thank you"
  • "Thank you. I got 20/20 last week for my discussion you help me out with."
  • "Thank you. Great Job. "
  • "Thank you. Great Job. "
Purchase this Solution
Free BrainMass Quizzes
Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

View More Free Quizzes
Related BrainMass Solutions

  • Harmonization

    The accountant should behave in a proper manner and should see to it that the condition is satisfied and in compliance with the ethical values that exist in the countries round the globe.

  • The evolution of joint ventures into business corporations.

    In the beginning anyone could claim to be an accountant and standards did not exist to determine who was appropriate or ethical for the position. Meanwhile, in the United States companies began to grow due to the large amount of immigration.

  • Accounting Ethics Importance

    ethical standards in performing the work.

  • Emerging Issues Task Force: Multiple exchange rates

    EITF also analyzes emerging accounting ethical dilemmas and the principle elements in the situation, identify the alternatives weighing the impact of each and selecting the best or most ethical alternative.

  • Pension Plans, Ethical Reporting, Bribes and Kickbacks

    Question #4: The International Accounting Standards Board (or IASB) through its International Accounting Standards pronouncements compensate for the inconsistencies in accounting rules through the additional disclosures requirement.

  • This post addresses accounting ethical standards.

    469836 including ethical standards in a contract Would it ever be beneficial for an accountant to include ethical standards in a contract? Explain. How about in an information technology system? Explain.

  • Contracts and Edits

    This is why it is important to include ethical standards in an accounting contract.

  • Outline for Paper on Accounting Standards: AICPA and IFAC

    Discuss how the effort for a global set of accounting standards has increased the motivation or need to establish a global set of ethical standards. Include in your discussion the history of the 1) U.S.

  • Business Ethics Potential Conflicts

    Self-interest-professional standards conflicts of interest are predicated upon situations wherein auditors may be capable of benefitting by violating professional standards that have been established by accounting organizations for personal gain.

View More Related Solutions