Why is the public’s image of the accounting profession important and how does Ethics for Accountants affects that public image?

Q: Who is responsible for assessing the accountant's competence? A The American Institute of Certified…

A: AICPA (The American Institute of Certified Public Accountants) is the Certified Public Accountant's…

Q: Define accounting, and describe the roles of private andpublic accountants.

A: Accounting is a process of identifying business transaction, analyzing, measuring, recording, and…

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: Explain the relevance of law to accountants in their capacity as business owners. Include any…

A: The importance of the role of professional accountants in business in ensuring the quality of…

Q: Many professional certifications now have requirements for ethics training. Define ethics. Why does…

A: Ethics training program are the program created by a company to encourage ethical behavior. An…

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: Discuss the importance of professional ethics for the Accountant and auditors?

A: Ethics are the set of values which can be shown in a human’s behavior everywhere he goes. Ethics can…

Q: Discuss the impact that corporate scandals have had on the accounting profession, including forensic…

A: Corporate scandals: Corporate scandals mean the misstatements or misappropriations made by…

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

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Q: Are accountants and auditors moral agents of corporations and society? Explain.

A: Moral responsibility means a liability of an individual to perform tasks in a moral or ethical…

Q: Discuss the professional ethics of an accountant

A: Professional accountants play a vital role within the community. Professional accountants are…

Q: Is accounting a trustworthy profession? How would you know whether it is or is not?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

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: s a prospective member of the accounting profession detail what you consider to be the four (4) most…

A: competent professional accountant in business is considered to be Paramount and invaluable assets…

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: 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…

Q: With reference to Code of Ethics for accountants, discuss the ethical principles applicable to the…

A: Capitalization   Capitalization means treating a cost as a part of an asset instead of recording the…

Q: What is the difference between accounting and business government

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: How should an accounting professional go about determining whether a proposed action is in the…

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Q: Identify the relevance of “Professional Competence and Due Care” with one of the following options.…

A: Solution:- The following option relevant of “Professional Competence and Due Care” as follows…

Q: What elements should accountants examine while developing a company's PPE accounting policy

A: The assets on a company's balance sheet are the things that will bring it money in the future. The…

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: Why is it important for U.S. accountants to be familiar with IFRS?

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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: What are the role of accountants in the organization?

A: Role of accountants in an organization: 1. Collecting and recording accurately all the financial…

Q: Which of the following organizations is responsible for the creation and governance of accounting…

A: The answer is option (b.) [i.e, Financial Accounting standards Board (FASB)] Refer Step 2 for…

Q: how have the last decade of scandals affected the accounting profession? What about the public's…

A: Accounting Scandals: The term "accounting scandal" refers to a corporate controversy that results…

Q: Describe the role of professional judgment in ethical leadership as it pertains to accountants and…

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: the importance of accounting in economic activity, explaining its most important functions and the…

A: Accounting is the process of recording financial transactions pertaining to a business. The…

Q: 5. Discuss the importance of personal competence, professional judgment and ethical behavior on the…

A: i) Importance of personal competence , professional judgement and ethical behavior on the part of…

Q: Which of the following are important factors in ensuringthe integrity of accounting information?a.…

A: Certified Public Accountant (CPA): CPA is the accountant who is certified and licensed to examine…

Q: Which of the following are important factors in ensuringthe integrity of accounting information?a.…

A: Probity of financial accounting information is quite significant as a number of users rely on such…

Q: Explain the professional ethical responsibility of an accountant and TWO(2) possible courses of…

A: An audit report is issued by the independent accountant that contains the opinion on whether the…

Q: The character fundamental on which public trust is placed on accountants is A independence. B…

A: Accountants need to keep in mind that establishing trust requires more than just honesty: it…

Q: What really is accountants, and how does it apply to the business world?

A: Introduction:- Accounting plays important role in every business because it helps you track income…

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: explain each of the 7 reasons why the Code of Ethics exists in accounting. It is inherent to the…

A: Honesty, morality, and integrity are examples of ethical values. These rules are created in…

Q: If someone asked you now if you think accounting is important in our society, what will you say?

A: ANSWER ÷ yes Accounting is important in our society. It plays important role in running business for…

Q: Why  is  it  important  for  engineers and scientists  to  understand  the  viewpoints  of financial…

A: Importance of financial knowledge: It helps in cost management of the project It helps in cash…