Ethics in Financial/Accounting Decisions
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- Identified and analyzed 3 roles of ethics as it relates to judgment and decision making in accounting and financial reporting.
- Gave examples of situations where they were not present.
- Assess the value created by ethics.
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Solution Summary
764 words giving examples of judgement that lacked good ethical input and investigating the value of those absent ethics.
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Accounting is the means by which information about an enterprise is communicated and, thus, is sometimes called the language of business. Costs, prices, sales volume, profits, and return on investment are all accounting measurements. Accountants summarize this information in a balance sheet, income statement, and statement of cash flows. The statement of cash flows provides information about cash receipts and cash payments of an entity during a period. A secondary objective is to provide information about the operating investing and financing activities of the entity during the period. We know a great deal about the company that is valuable in assessing its future cash flows information that is useful to investors, creditors, management, and others. Because the balance sheet, income statement, and statement of cash flows are derived from the same underlying financial information, they are said to "articulate," meaning that they relate closely to each other.
Balance sheet tells about the assets and liabilities of business. It portrays the picture of the organization on a particular date. Income statement discloses the performance of the organization. It tells about the profitability of the organization.
Thus these ...
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