Read the article “Ethics In Accounting.” This article is part of the readings for the week...

Read the article “Ethics In Accounting.” This article is part of the readings for the week and can be found through the DeVry online library. The first sentence of the article says “Ethics in Accounting is one of the most important, yet most misunderstood, concerns in the world of business today.” Do you agree or disagree with this statement?

Expert Solution

Do you agree or disagree with this statement?

Yes, I agree with this statement.

1. Ethics in Accounting is a part of CSR(Corporate Social Responsibility).

2. According to this, the responsibility of the company is to make sure that they provide genuine and fair view of the accounting reports and data to the stakeholder in their decision making.

3. Why these ethics are misunderstood is because there are no universally acceptable ethical standards to solve various issues evolving.

4. Why companies should commit to ethical values?

i. Companies adopting to ethical values are more profitable.

ii. They also enhance leadership in terms of ethical behavior.

5. How to determine whether an action is ethical or unethical?

i. If any action is put forward is customary or not?

ii. Any legal restriction that could arise from the action taken?

iii.Does the company have specific code of ethics on the action taken?

iv. Can the company openly discuss with the coworker and other necessary people belonging to the company?

6. Taking all these into consideration, I agree that ''Ethics in Accounting is one of the most important, yet most misunderstood, concerns in the world of business today.”

ekkarill92 answered 1 year ago

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