Question

In: Accounting

.Explain the importance of ethics in cost accounting. .Name three situations the cost accountant may face...

.Explain the importance of ethics in cost accounting.
.Name three situations the cost accountant may face - in which
Your integrity as an accountant - and how you should deal with it - may be in question

Expert Solution

Cost accounting is the subset of managerial accounting and it helps management in determination and accumulation of product process or service cost

Role of cost accounting -

- helps management in making strategic decisions by identifying an organisations comparitive strengths and weaknesses and in a better ways to use improve or eliminate them

- performance measurement

- cost reduction and control

Role of ethics in cost accounting

* ethics - the principles of conduct governing an individual or a profession : the discipline dealing with what is good or bad or right and wrong or with moral duty and obligations, a particular theory or system of moral values

Ethics are important in any field.

In cost accounting ethics play an important role . Ethical situations can arise in any business setting when money is involved

Situation faced by cost accountant

- cost analysis

- budget and forecast effectively

- getting progress data from multiple subcontractors

- integrating schedule and cost

- aligning data between multiple source systems

- time and effort involved with reporting

- managing the customer relationship

- accuracy of reports

- insufficiency resources for controls

- controlling challenges

Integrity requires accountants to be honest candid and forthright with a clients financial information

ekkarill92 answered 2 years ago

Discuss the importance of ethics in financial accounting. What issues may arise if ethics is compromised?...

Discuss the importance of ethics in financial accounting. What issues may arise if ethics is compromised? How would this impact the company internally, how would it impact the external users such as investors, creditors, government?

For this assignment discuss the importance of ethics in financial accounting. What issues may arise if...

For this assignment discuss the importance of ethics in financial accounting. What issues may arise if ethics is compromised? How would this impact the company internally, how would it impact the external users such as investors, creditors, government, etc?

ETHICAL DECISIONS IN ACCOUNTING SECTION 1 — The Importance of Ethics Ethics is an important part...

ETHICAL DECISIONS IN ACCOUNTING SECTION 1 — The Importance of Ethics Ethics is an important part of your accounting education and it will play an increasingly important role in all aspects of your professional life. This module is intended to give you an overview of the study of ethics. It is a starting point for the discussion of ethics that will continue throughout all of your accounting studies. We will begin with a definition of ethics and then review some...

Ethics and accounting are two sides of a same coin. Given below are the different situations...

Ethics and accounting are two sides of a same coin. Given below are the different situations based on ethics and accounting. You are expected, to provide your opinion on the following situations: a) Do you think in the absence of auditing; the business should follow ethics? b) Does ethics has any impact on the financial performance of the business? c) Do you agree that traditional business practices were more ethical than modern business? please I WENT more explanation for each...

Please explain with example for the below importance of management accounting information Determining the Cost of...

Please explain with example for the below importance of management accounting information Determining the Cost of Each Product or Service Offered Implementing the Planning, Directing, Controlling and Performance Evaluating Functions Decision making Rational resource consumption ability Audience targeting

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?

name three professional cost management organizations and explain their roles and objectives

As a nurse explain the importance of these 1)Codes of Ethics for Nursing 2)Metaethics ethics 3)Normative...

As a nurse explain the importance of these 1)Codes of Ethics for Nursing 2)Metaethics ethics 3)Normative ethics 4)Applied ethics— 5)Ethical Issues Related to Immigration and Migration

Ethics Decision Making: You are an entry-level accountant at city hall. You work for the accounting...

Ethics Decision Making: You are an entry-level accountant at city hall. You work for the accounting department, but have been loaned out 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 divorce. He asks you to work on a Saturday to finish up details of the budget. When you arrive, he asks you to work on a schedule for his personal financial...

What do you mean by the Cost Accounting? 1. Cost Accounting: As the name suggests, this...

What do you mean by the Cost Accounting? 1. Cost Accounting: As the name suggests, this type of a product, so that the management can exercise its control accounting is mainly related with the ascertainment of the costin order to minimize the costs and maximize the profits. 2. Cost Accounting: This type of of a product, so that the management cannot exercise its control accounting is mainly related with the ascertainment of the costin order to minimize the costs and...