Code of ethics: The “ethics” word comes from the Greek term “duty”. The code of ethics means all the responsibilities that professional must respect when carrying out their work. It also contains the core value of the work and the behavior which should be adopted. Example: Professional and confidentiality secrecy are responsibilities contained in the code of ethics and conduct in numerous professions like accountants, lawyers, doctors and journalists. Intent of the code of ethics: The intent of the code of ethics established by a professional order as a way to safeguard public and the status of the professionals. The employee who breach their code of ethics suffer disciplinary actions that can range from a warning or rebuke to dismissal or ejection from their professional order. Privacy policy: A privacy policy denotes a statement that discloses some or all ways an organization would gather, use, disclose and manage data of customers as well as clients. It fulfills a legal requirement for protecting privacy of customers as well as clients. Personal information denotes anything that could be used to identify an individual. It represents a generalized treatment that tends to be more specific and detailed. The exact content of certain privacy policy will depend upon applicable law and need to address requirements across all boundaries.

Question

As of the time of writing, Damon Davis was completing out the paperwork for Drano Plumbing. He estimated a $50,000 net profit would be made. He counted the columns of the balance sheet and knew how much was in the credit column ($300,000) and how much was in the negative column ($400,000). What, in your opinion, was the most plausible reason for the discrepancy in the results? What should he do next to identify the issue's cause if this wasn't the cause of the issue?

Answer 1

Question

Chapter 7, Problem 1EDM

Program Plan Intro

Code of ethics:

The “ethics” word comes from the Greek term “duty”.

The code of ethics means all the responsibilities that professional must respect when carrying out their work.

It also contains the core value of the work and the behavior which should be adopted.

Example:

Professional and confidentiality secrecy are responsibilities contained in the code of ethics and conduct in numerous professions like accountants, lawyers, doctors and journalists.

Intent of the code of ethics:

The intent of the code of ethics established by a professional order as a way to safeguard public and the status of the professionals.

The employee who breach their code of ethics suffer disciplinary actions that can range from a warning or rebuke to dismissal or ejection from their professional order.

Privacy policy:

A privacy policy denotes a statement that discloses some or all ways an organization would gather, use, disclose and manage data of customers as well as clients.

It fulfills a legal requirement for protecting privacy of customers as well as clients.

Personal information denotes anything that could be used to identify an individual.

It represents a generalized treatment that tends to be more specific and detailed.

The exact content of certain privacy policy will depend upon applicable law and need to address requirements across all boundaries.

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As of the time of writing, Damon Davis was completing out the paperwork for Drano Plumbing. He estimated a $50,000 net profit would be made. He counted the columns of the balance sheet and knew how much was in the credit column ($300,000) and how much was in the negative column ($400,000). What, in your opinion, was the most plausible reason for the discrepancy in the results? What should he do next to identify the issue's cause if this wasn't the cause of the issue?

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