How should an accounting professional go about determining whether a proposed action is in the public interest?

Q: What are the bases of accounting? Describe how government accounting systems are structured. How do…

A: Government accounting is a technique used for collecting, processing and evaluating the economic…

Q: How does the accountant's focus on the commercial goals as a priority affect the performance of his…

A: Accountants are the professionals which have the specialized degree to prepare accounts of the…

Q: What is the purpose of the Code of Professional Conduct for the accounting profession?

A: A code of ethics must have traditionally been the conventional mechanism whereby a profession…

Q: What is a certification authority, and what are the implications for the accounting profession?

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Q: What are the prohibitions in the Code of Ethics for Professional Accountants

A: The International Code of Ethics for Professional Accountants, (including Worldwide Independence…

Q: What are the ethical and professional expectations for CPA's by the accounting prefession?

A: Auditors work on behalf of shareholders and various other stakeholders; whereas, they are required…

Q: explain the relationship between culture and the adoption of accounting practices

A: Culture includes the beliefs, ideas and customs followed by the individuals in a particular society.…

Q: What are some examples of assurance services performed on nonfinancial information?What are some of…

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Q: What is the “special function” that auditors perform? Whom does the public accounting profession…

A: Auditing:   It is an independent examination of the financial information of an organization to test…

Q: One reason that an cntity is allowed to change its accounting policy is when It is required by an…

A: Accounting Policies-  Accounting principles are the ethics that are to be followed by an accountant…

Q: What are the costs and benefits of management’s use of judgement in financial reporting?

A: Management is the internal part of any organization and thus it plays a very crucial role in making…

Q: What is meant by the professional designations CPA, CMA,and CIA, and how do these designations add…

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Q: In what ways does the practice of internal auditing differ from the practice of public accounting?…

A: Internal audit is assessing the risk & fraud and compliance of Accounting standard, Law…

Q: What is a responsible party? Why is it necessary for the accountant to identify one?

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Q: What is the cornerstone of accounting ethics?

A: Introduction: Accounting ethics is a subset of applied ethics that is linked to business ethics and…

Q: Which of the following statements about desirable attributes of accounting standards boards is most…

A: Accounting standards boards should not concede to political pressures because then it will not be…

Q: Why are stakeholders important in accounting ethics?

A: Stakeholders' refers to the person(s) or a group who has some interest in a company and can be…

Q: Who among the following is a direct user of accounting information? Labor association Financial…

A: Users of accounting information is classified into 2 categories:  a. Direct users  b. Indirect users…

Q: Explain why arise issues scandal in auditor based public accounting

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: What is Fair Value Accounting? What are the factors contributing toward the trend of fair value…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What is the difference between an auditor and accountant?

A: Accounting: Accounting is recording of day to day financial transactions of the business in order to…

Q: Why do you believe Accounting Standards should be mandatory?

A: A document created by a rule-making body that prescribes how accounting transactions should be…

Q: Why is it necessary for accountants to assume that business entity will remain a going concern?

A: According to the going concern principle of accounting, it is assumed that the company's operations…

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A: Definition of an Accountant An accountant is an expert who is liable for keeping and deciphering…

Q: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: What is the indirect effect of a change in accounting policy? Briefly describe the approach to…

A: Here is the answer :

Q: Why is having knowledge of accounting terms useful to persons other than in an accounting…

A: Accounting terminology refers to complete description of associated terms that are used and for the…

Q: Explain why establishing accounting standards is characterized as a politicalprocess

A: The standard setting process is a political process that is affected by the impact of several…

Q: In what way is the Securities and Exchange Commission concerned about and supportive of accounting…

A: Securities and Exchange commission (SEC): It is a government body established to safeguard the…

Q: What factors create a need for assurance services? Explain how these factors are important to the…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: When is it permissible to violate generally accepted accounting principles (GAAP)

A: Certain types of information must be disclosed in a company's audited financial statements in…

Q: How reported accounting numbers can affect an individual's perceptions and actions.

A: Financial reporting means releasing the financial reports of the company to its shareholders and in…

Q: what are the reasons financial accounting standards inspire or encourage political action and…

A: The financial accounting standards are used while accounting by all the entities which are required…

Q: How has the Sarbanes-Oxley Act changed Public Accounting? Cite examples.

A: Sarbanes-Oxley Act (SOA)The Sarbanes-Oxley Act is the most far-reaching and significant federal…

Q: What shall the internal auditor pay attention in reviewing the Executive Compensation Benefits and…

A: Internal Auditor:- An internal auditor is trained professional, who is employed by the firms in…

Q: Explain the difference between public and private accounting

A: SOLUTION-   ACCOUNTING  IS THE PROCESS OF RECORDING FINANCIAL TRANSACTIONS PERTAINING TO A BUSINESS.

Q: In what ways was it felt that the pronouncements issued by the Financial Accounting Standards Board…

A: The American Institute of Certified Public Accountant created the Accounting principles board in…

Q: What is meant by the term adequate disclosure, and howdo accountants fulfill this requirement in the…

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Q: Explain the relevance of law to accountants in their capacity as third parties acting for/on behalf…

A: Professional ethics refers to the ideals, guiding principles, and professional agreed standards of…

Q: How does the ethics are important in the accounting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What was the Committee on Accounting Procedure, andwhat were its accomplishments and failings?

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