Question

In: Finance

Ethical case: You are an entry level accountant at city hall, you work for accounting department...

Ethical case:
You are an entry level accountant at city hall, you work for accounting department loaned outs to the department responsible for building and maintaining roads. While the managers develop their annual budget, the director of the department is in the middle of a nasty divorce, he asks you to work on Saturday to finish up details of the budget, when you arrive he asks you to work on schedule his personal financial information for upcoming divorce court case when you finish the statement, he tells you to record hours as overtime and bill the to the city.
1- what is the ethical issue here?
2-what are the alternatives?
3-if you do as the director asks and your boss finds out, what might happen?
4-what risks are involved? What information relevant to your discussion?

Solutions

Expert Solution

1 - Ethical Issues:-

  1. Whether an accountant should work on non working day (Saturday) should be ask for official purpose?
  2. And if so whether he is required to do the personal work of the director instead of the official work?
  3. And if so whether it amounts to the working as on office duty as overtime hours ?

2- Alternatives: -

  1. If Resources permits the employed more than one accountant, hence no need of overtime in that case workload will be divided in two accountants instead of one.
  1. The said works should be done at some personal place instead of office.
  1. In no circumstances the said work will be considered in office hour working.

3- Outcomes:

  1. The job may be lost.
  2. Penalty may be levied as decided by the boss.
  3. The results may be according to the terms and conditions of the contract of appointment.

4- Risk:-

  1. Risk of lost of Job.
  2. Risk of Breach of Law.
  3. Risk of leaking of information as there are no other staffs on the non working day. etc

Related Solutions

1 ) If the original bid for the city hall project was $5,000,000, what entry would...
1 ) If the original bid for the city hall project was $5,000,000, what entry would be made when the bid was awarded to the contractor. Your answer should be in this form: DR XXX(account name), CR XXX (account name) no amount is needed. Use the following information to answer the next 3 questions regarding property taxes. T-Accounts might help answer some of these questions. The following transactions and events related to Colfax County's tax revenues for the year beginning...
3) You work at a company as an entry level internal auditor. Your manager wants to...
3) You work at a company as an entry level internal auditor. Your manager wants to check the completeness of the audit trail for the purchase of a very expensive asset, which is expected to have a big impact on the way the company does business. Typically, this sort of decision requires a request for tender to be approved. (A request for tender (RFT) is a document put out by the purchaser, letting relevant suppliers know about the opportunity. Suppliers...
Suppose you work as an assistant accountant for an Accounting firm called Maan pty ltd, an...
Suppose you work as an assistant accountant for an Accounting firm called Maan pty ltd, an accounting firm, firm has many clients. Firm is involved with many accounting functions such Bookkeeping, tax, BAS, GST and other requirements. One of their client Marry came to you after July 2015 to lodge her tax returns. Mary has provided you the following information. Read this information carefully and answer below tasks. You must answer all tasks to get satisfactory performance in this assessment...
Imagine that you work in the accounting department of a university and your boss has asked...
Imagine that you work in the accounting department of a university and your boss has asked you to explain components of revenue, expenses, and changes in net asset that are reported on the university’s statement of revenues. Respond to the following in a minimum of 175 words: Discuss at least two unique situations or transactions that you may encounter. Describe any circumstances the entity may engage in activities that result in Unrelated Business Income Tax (UBIT).
Imagine that you work in the accounting department of a university and your boss has asked...
Imagine that you work in the accounting department of a university and your boss has asked you to explain components of revenue, expenses, and changes in net asset that are reported on the university’s statement of revenues. Respond to the following in a minimum of 175 words: Discuss at least two unique situations or transactions that you may encounter. Describe any circumstances the entity may engage in activities that result in Unrelated Business Income Tax (UBIT).
Case 12-66 (Part Level Submission) You have started working as a cost accountant for a firm...
Case 12-66 (Part Level Submission) You have started working as a cost accountant for a firm that has only been in business for one month. The firm is able to buy a new type of biodegradable plastic at a fixed price of $100 per roll. The plastic is then cut and sealed to make garbage bags. Fixed factory overhead is estimated to be $125,000 per month. During this past month, 8,000 cartons of garbage bags were produced, which represents 80%...
Case 12-66 (Part Level Submission) You have started working as a cost accountant for a firm...
Case 12-66 (Part Level Submission) You have started working as a cost accountant for a firm that has only been in business for one month. The firm is able to buy a new type of biodegradable plastic at a fixed price of $100 per roll. The plastic is then cut and sealed to make garbage bags. Fixed factory overhead is estimated to be $125,000 per month. During this past month, 8,000 cartons of garbage bags were produced, which represents 80%...
Ethics in Accounting: What are the differences between legal and ethical conduct, can an accountant act...
Ethics in Accounting: What are the differences between legal and ethical conduct, can an accountant act legally but unethically? What responsibilities do an accountant have and who do they owe the responsibility to?
Business Case: The Managerial Accounting Department at your company has been engaged by the Production Department...
Business Case: The Managerial Accounting Department at your company has been engaged by the Production Department for assistance in evaluating a purchase decision. The equipment the production department is currently utilizing is outdated and has become costly to maintain. New machines would also provide increased efficiencies leading to increased sales. Due to this, the department is considering replacing all equipment with new machines. Data: - Cost of Current Machines: $800,000 - Cost of New Machines: $1,250,000 - Annual Maintenance on...
Business Case: The Managerial Accounting Department at your company has been engaged by the Production Department...
Business Case: The Managerial Accounting Department at your company has been engaged by the Production Department for assistance in evaluating a purchase decision. The equipment the production department is currently utilizing is outdated and has become costly to maintain. New machines would also provide increased efficiencies leading to increased sales. Due to this, the department is considering replacing all equipment with new machines. Data: - Cost of Current Machines: $800,000 - Cost of New Machines: $1,250,000 - Annual Maintenance on...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT