1-2. Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is—and Should Be—Different. The five environmental differences include mission/purpose, source of revenue, potential longevity, relationship with stakeholders, and role of budget. The mission/purpose is defined by the goals of the organization. The purpose of a
where business leaders and organizations operates with one set of standards in their homeland and another overseas (George, 2008)? Now, that our world has gone global, it is imperative that we maintain a common set of ethical standards of making decisions and running businesses across the globe. Ethics, derived from the Greek word “ethos” means custom or usage, it includes the ideas of character and of disposition. Ethical standards are based on the principles of trust, integrity, fairness, equality
True False 26. In IFRS, the conceptual framework indicates appropriate accounting when a more specific accounting standard does not apply. True False 27. The funding of the standard-setting bodies that promulgate IFRS is as independent as that underlying U.S. GAAP. True False Multiple Choice Questions 28. External decision makers would not look primarily to financial
Managerial Auditing Journal Emerald Article: Audit evidence: the US standards and landmark cases Rocco R. Vanasco, Clifford R. Skousen, Richard L. Jenson Article information: To cite this document: Rocco R. Vanasco, Clifford R. Skousen, Richard L. Jenson, (2001),"Audit evidence: the US standards and landmark cases", Managerial Auditing Journal, Vol. 16 Iss: 4 pp. 207 - 214 Permanent link to this document: http://dx.doi.org/10.1108/02686900110389151 Downloaded on: 30-04-2012 References: This
Ethics in Accountancy Case Analysis Case 2-5: Eating Time 1. Frame the ethical issue: Should Kevin Lowe “eat time” by taking work home and not record the time? 2. Gathering all the facts: * Kevin Lowe is a new staff accountant at Stooges LLP * Kevin took 50% longer to complete audit work than his predecessor. * Stooges LLP is on a fixed budget for these audits. * Bo Chambers and Moe Chambers are partners supervising Kevin. * Bo and Mo explicitly say that they do not
accounting rule-making body has established it in an official pro-nouncement. b. it has been accepted as appropriate because of its universal application. c. both a and b. d. neither a nor b. 39. A common set of accounting standards and
ethical debate. For this discussion, one should assume SCE is in violation of the AICPA Code of Professional Conduct by recognizing revenue in the current period as detailed in the previous issue. To first consider the ethics of Gilmore whistleblowing, it is essential to define the steps that should be taken by her before she considers whistleblowing. For this, one can use the standard on ethical conflicts outlined in the AICPA Code of Professional Conduct. In this instance, the conflict in question surrounds
Certified of Public Accountants (AICPA), was founded in the United States of America. The professional organization was founded in 1887, to help ensure that the accounting profession will gain the same respect as the other prestigious occupations have received from the public. The accounting profession, similar to the medical, legal, and engineering profession, is characterized by “…rigorous educational requirements [150 credit hours], high professional standards, a strict code of professional ethics
Example Test Questions Chapter 1 Multiple Choice: 1. Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States? a. Securities and Exchange Commission b. Financial Accounting Standards Board c. International Accounting Standards Committee d. Internal Revenue Service Answer a 2. What historical evidence of the business operations of the private estate of Apollonius was discovered early inthe20th century? a. The Iliad b. Plato 's Republic
proper filing. 2. Tax Ethics and Professionals Standards The ethical standards to be followed by CPAs in tax practice require them to know about applicable rules of the AICPA, IRS, and other statutory and regulatory rules. According to aicpa.org, “CPA tax practitioners are subject to many different standards and ethics rules, including AICPA Code of Professional Conduct (the AICPA Code), AICPA Statements on Standards for Tax Services (the Standards), Treasury Circular 230, Regulations Governing