• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Ethical behavior is just as important as competence in the accounting and financial field.

Extracts from this document...


Ethics Article Keneisha Dunlap University of Phoenix FIN-324 GA04BSMO9 Emmanuel Ogunji October 5, 2005 Financial Translations Four Corners article assist stakeholders with the understanding finance and financial statements, the four corners represent the four basics of financial statements. The first corner is the balance sheet, which is a statement of equity that includes assets, stockholders, and liabilities. The balance sheet must give an account of the total assets and total liabilities. The balance sheet is usually done quarterly or per fiscal year. The second corner is income statement. The income statement is reviews a company's revenues and expenses, they also project sales, expense, profit or loss. ...read more.


For example, depreciation has been implicitly included in fixed expenses, but it represents a non-cash accounting entry rather than an explicit expenditure of funds. To the extent that we were doing break-even analysis on a strictly cash basis, depreciation would be excluded from fixed expenses. While cash break-even analysis is helpful in analyzing the short-term outlook of the firm, particularly when it may be in trouble, break-even analysis is normally conducted on the basis of accounting flows rather than strictly cash flows. Within every organization someone's has to keep track of the money. At my previous organization that would be me, I was a director for an after school/ day camp programs. ...read more.


For example the organization had nine centers that operated whenever there was an event that all nine centers interacted together, all nine accounts were charged. This happen sometime knowingly, and sometimes directors were unaware until they received a receipt for expenses after the fact. Ethical behavior is just as important as competence (Williams, 2003). In the accounting, and financial field it is important of have honesty and a strong commitment to ethical behavior. As stated in the New York Times (2002), by "outlining inappropriate behavior in a code to avoid future problems can be a healthy response to an ethics problem. But if the code is 'inconsistent with the culture as employees perceive it, then it appears to be only window dressing and hypocritical. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Accounting & Finance section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Accounting & Finance essays

  1. Cost Accounting: Its role and ethical considerations

    Ethics help management in: * Providing factual and true information to its users, * Determining the nominal price of its products, * Maintaining appropriate professional relationships, and * Maintaining efficacy In today's world of corporate scandals, an appreciation of ethical

  2. The concept of financial statement

    The Consistency Concept: It is the principle that there is uniformity of accounting treatment of like items, within each accounting period and from one accounting period to the next. For e.g. in the case of depreciation of fixed assets, there is more than one accepted accounting treatment.

  1. This report has been produced as evidence for Unit 9 - 'Financial Services' - ...

    Standard savings accounts Most banks and building societies offer a standard savings account. Usually these require a minimum amount to be put away each month. Withdrawal conditions vary for each account but savers may find that they are offered limited access without penalty or a bonus if they refrain from making withdrawals.

  2. The Purpose of Keeping Accurate Accounts

    These include purchases, trading Account, subscriptions and operating costs. The purchase's section does not appear on the sole trader account as one section. Sole trader accounts have purchases and payments but not together under one section. The sole trader account shows the Gross profit, which is the same as the Club account.

  1. Financial Analysis of Matalan PLC

    Therefore if the net realisable value of stock is less than the cost of stock, then the figure to be taken for the final accounts is that of net realisable value, i.e. following the concept of prudence. At one time the terminology was 'lower of cost or market value'.

  2. International Accounting Standarts

    Intangible Assets HGB: 1) It is allowed to list intangible assets that are acquired against payment (mirrors real market value). But it is forbidden to list items that are acquired gratuitously or generated by ones own (� 248 II HGB).

  1. Identifying and describing the main financial service needs for a student starting at university

    You can apply for an interest-free overdraft, or an interest-free loan to pay off an existing overdraft, of up to �2,000 in the first year after you graduate, �1,000 in the second, and �500 in the third, with preferential rates if you borrow more and no account fees.

  2. Unit 5 Introduction to Accounting

    For this reason, it is also known as the EBIT (earnings before interest and taxes) margin. * Net profit margin - this is a much narrower measure of profits, as it takes all costs into account, not just direct ones.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work