Accounting Ethics

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Accounting Ethics: Ethics is a term that is commonly used to describe a code or moral system that serves as a criterion for assessing right and wrong. Professionals operating in the business world usually face ethical dilemmas, which are situations where a person or group is faced with a decision that tests the moral system or code. While most of these dilemmas are easy to identify and resolve, they come with temptations that test a person's or group's ethics. Similar to others operating in the business world, accountants experience some ethical dilemmas that are complex and difficult to resolve (Langenderfer & Rockness par, 2). The complex and difficult to resolve ethical dilemmas require more than technical competence to deal with them. In the case of a faulty budget, there are major legal and ethical issues surrounding the wrong projections of demand for the soaking tanks. The case revolves around a common mistake in the accounting profession i.e. making a mistake in a projection or estimate. The main ethical issue in this case is how to handle the situation of having made a mistake in job with regards to the short-term and long-term consequences of such an action. Jackson Daniels is faced with the dilemma of whether to report the mistake of wrong projections of sales of 250,000 units of products, which he exaggerated as twice the level of sales than will likely occur. The projection of the sale of 250,000 units of soaking tanks is primarily based on possibility

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