Intermediate Accounting Plus MyLab Accounting with Pearson eText -- Access Card Package
Intermediate Accounting Plus MyLab Accounting with Pearson eText -- Access Card Package
1st Edition
ISBN: 9780134053714
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
Question
Chapter 1, Problem 1.2E
To determine

To explain: The importance of doing major in accounting to A by explaining how accounting interacts with its environment.

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In her 1988 article called ‘Financial Accounting: In Communicating Reality, We Construct Reality’, Ruth Hines argues that accountants have a hidden power: “We create a picture of an organization, or the ‘economy’, whatever you like, and based on that picture (not some underlying ‘real’ reality of which no-one is aware), people think and act.  And by responding to that picture of reality, they make it so: it becomes ‘real in its consequences”. REQUIRED: In your own words, describe Ruth Hines’ argument and explain what this tells us about the fundamental limitations of financial accounting.  (800 words)
How are financial accountants pressured when they need to make ethical decisions in their work? Is having technical mastery of GAAP enough to practise financial accounting?
What is the role of accounting and accountants? Include answers to the following two questions in your explanation: What is the difference between financial and managerial accounting? What is the difference between public and private accounting? Provide specific examples from your experience and/or this week's readings to support your ideas.
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  • Which of the following is the most accurate statement regarding ethics as applied to decision making in accounting?a. Ethics involves making difficult choices under pressure and should be kept in mind inmaking every decision, including those involving accounting.b. Ethics has no place in accounting because accounting deals purely with numbers.c. It is impossible to learn ethical decision making because it is just something you decideto do or not to do.d. Ethics is becoming less and less important as a field of study in business.
    Which of the following is a mechanical aspect of accounting? Select one: a. Analyzing the transactions preparatory to the recording process b. Designing the accounting system c. Reviewing the effectiveness of the internal control procedures d. Preparation of the financial budget         Which of the following statement is not true? Select one: a. A non-accounting graduate may work as a bookkeeper or accountant of a business enterprise. b. A non-CPA may be engaged in public accounting. c. To be a good accountant, one must have mastery of mathematics. d. A non-CPA may be the chief accountant of a business enterprise.         The area of accounting that relates to providing audit, tax, and consulting services to clients. Select one: a. General managers b. Public accounting c. Incorporators d. Private accounting
    Why does financial accounting have a positive impact on our society? a. It entails a detailed transaction record necessary for filing taxes with the Internal Revenue Service (IRS).b. It allows investors and creditors to redirect their resources to successful companies and away from unsuccessful companies.c. It prevents competitors from being able to steal the company’s customers.d. It provides a system of useful internal reports for management decision making.
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