Master Budgets

The company should consider ethical aspects of the changes in original budget and actual sales/amount. The main reason behind it is the variances in materials, labor, and overhead. In addition to this, the firm should evaluate the actual variance in the materials, labor, and overhead and after that change in budgets in order to maintain business ethics and to reduce improper changes in budget that is unethical aspect of the business (Delaney & Whittington, 2012).

Financial reporting practices and ethics have manifested an ocean of literature. This has mainly come from organization theorists that address accounting practices. These theorists and professionals have given fresh accountability measures. Their ideals give this industry the tools needed to survive, grow and prosper. The way an organization prepares and reports its financial information and handles its daily operations is in essence financial practices, and in the way it accomplishes this reveals their ethical standards to which they adhere to. This paper will discuss the financial practices, ethical standards, and

Accountants are held to a higher ethical standards and they must performed their duties in compliance with standards or ethical values of honesty, integrity, objectivity, due care, confidentiality, which must be fully committed to. They must put clients or public interest first before their own. They must have and ethical values and maintain those values way beyond what the society or the company’s code of ethic. It is important that accountants’ behavior or ethical values is in conformity with the

     The accounting system is constantly changing. During these changes, it is important for accountants to adhere to the high ethical standards that they have always lived by. Adhering to the high ethical standards is an accountant's obligation to the public, the profession, and themselves. An accountant's ethical conduct usually lies within four different areas. This includes competence, confidentiality, integrity, and objectivity. NYSSCPA.ORG states, "Members also have a continuing responsibility to cooperate with each other to improve the art of accounting, maintain the public's confidence, and carry out the professions special responsibilities for self-governance," (Article 1).

1. Ethical Obligations and Decision in Accounting Shawn M. Mintz and Roselyn E. Morris page 248

Ethics are the standards and qualities an individual uses to administer their exercises and choices. Within an company, a code of ethics is a set of rules and guidelines that steers the company in its agendas, choices, and methods for the company. Many companies make ethics their main priority by hiring leaders for the department to sit on the board of the company. Wal-Mart has been a company whom displayed ethics at a top level for many years. When it comes to ethics, Jay Jorgensen has been the result of Wal-Mart actions.

Ethics are the principles and values an individual uses to govern his activities and decisions. In an organization, a code of Ethics is a set of principles that guides the organization in its programs, policies and decisions for the business. The ethical philosophy that is used by an organization to conduct business can affect the reputation, productivity and bottom line of the business (1).

The textbook assigned for this course highlighted many important lessons that will guide me in my future as a professional. This course allowed me to learn about many companies who were affected due to the lack of ethicality in their culture and employees that will eventually lead the company to misstate its financial statements. Given that the name of the course is “Ethics in Financial Reporting and Accounting,” I think this book gave an excellent overview of how to avoid financial troubles when working for a public company or a professional services firm. While I think every chapter provided important ethical concepts to be taken into consideration when working in a professional career, some moral lessons caught my eye as I learned about them while I read the textbook. These five lessons include identifying ethical blind spots, avoiding motivated blindness, tone at the top and independence, ethical conduct and its effect on financial statement fraud, and the importance of ethical standards and cultural values when engaging in global business. I think these five lessons are the most valuable ethics lesson that will live on with me forever into my professional career.

These strategies were often used to ensure that all the corporate undertakings were legal, ethical, and that they complied with all the approved regulatory guidelines and policies. Ethical strategies and plans are used to provide directions to ensure that developments are been undertaken both for individual and organizational outlook which are designed to be accomplished through the ethics programs and training of employees. Ethics strategies are also used as a means for overseeing and policing organizational undertaking, as taking this approach helps reduce both the rate of legal and ethical violations. And in situations where ethical programs are not in place, individual board members are held responsible for ethical lapses.

A budget refers to a financial plan that represents the allocation of the income to various expenditure channels such as expenses, savings, and debt repayment. A personal budget is important because avoiding financial surprises and keeping financial stress down helps avoid a crisis and allows you to focus on your overall goals. You cannot avoid all risks in life but if you plan your finances to live within your means, you can avoid being kicked out of your home, losing your car and other terrible things that a solid budget would help you avoid. Knowing what you can afford is a central life skill. Unfortunately, many do not budget even though they know they should (Wagoner, 2012).

Ethics are the moral codes that govern behavior of a person or group of people regarding what is right and wrong. ... Ethics point the way to a particular course of action defining acceptable behaviors and choices. Managerial ethics are a set of standards that dictate the conduct of a manager operating within a workplace.

Corporate ethics, is an application of moral principles, behaviors, and values to conduct activities to accomplish business objectives and the common good toward stakeholders, stockholders, and the broader society. Modern business is focused in making profit for its shareholders and a leader or a group of leaders come together to make corporate decisions to achieve it. Corporate ethics depends upon the personal ethics of those who are in authority and also the employees working in that corporate environment. There are possibilities that the decisions are taken with personal benefit in mind, what they think is the right course of action, and lack of transparency. Ethical dilemmas are common place in today's corporate world due to cutthroat completion and ethical leadership must apply ethical analysis process to make fair and just decisions. Every day, decisions are made to launch products, make sales, support customers and improve organizational processes, so leaders must show self-restraint to achieve the stated objective.

My form of business includes finances, mainly accounting and auditing. As I progress towards my accounting degree, I found out that there are many issues that I have to deal with in regards to the business itself. Eventually, finances also have to go through ethical issues. The ethics of financial business is determined mostly by the numbers, but it also recognizes the business environment, as well. As I realized, there are many ethical issues affiliated with finances; some financial results are the ethical dilemmas. Some examples of these issues are marketing strategies, conduct in the workplace, and financial behaviors. In my future profession, I will be concerned with the ethical decisions that I have to make, and where the line draws between ethics and law.

Ethics ensure that a company achieves its mission, vision, goals, and objectives in such a manner that they give a company a sense of direction and framework. Ethics ensure guidelines are creating that bind the entire organization into one common thread, govern the action of the organizational employees, and avoid deviation from the desired strategic path. Five ways a company can ensure ethics is including in their strategic planning are

Business ethics, social, and environmental guidelines frame the expectations of an organization's stakeholders including customers, employees, and regulatory bodies. An organization's ethical guidelines encompass how the organization and its employees embody ethical principles in their dealings, with each other, and other stakeholders. Therefore, Ferrell, Fraedrich, and Farrell (2008) have defined Business ethics as "The principles and standards that guide behavior in the world of business" (p.6). In many situations, individuals must incorporate their personal ethics to match those of the organization's ethical culture. For this reason, business ethics theory indicates that an organization's ethics are evident in its organizational mission and vision (Hummels & Timmer, 2004). This is because the mission and vision determine organizational structure and culture, and thereby organizational and individual behavior.