Ethical Obligations And Decision-Making In Account
Ethical Obligations and Decision-Making in Account
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Ethical Obligations and Decision-Making in Accounting - Chapter 1 Exam Questions with Verified Solutions Already Passed
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Ethical Obligations and Decision-Making in Account
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Ethical Obligations And Decision-Making In Account
Ethical Obligations and Decision-Making in Accounting - Chapter 1 Exam Questions with Verified Solutions Already Passed
Integrity - Answers An individual person acts on principle - a conviction that there is a right way to act when faced with an ethical dilemma
Ethics - Answers the principles of...
Ethical Obligations and Decision-Making in Accounting - Chapter 1 Exam Questions with Verified
Solutions Already Passed
Integrity - Answers An individual person acts on principle - a conviction that there is a right way to act
when faced with an ethical dilemma
Ethics - Answers the principles of right and wrong that guide an individual in making decisions
Morals - Answers a person's standards of behavior or beliefs concerning what is and is not acceptable
for them to do.
Values - Answers basic and fundamental beliefs that guide or motivate attitudes or actions.
Values in Accounting: - Answers independence, integrity, objectivity, professional skepticism, and due
care.
The Golden Rule in Business - Answers wrong to think that separate standards of behavior exist to guide
our personal lives but that a different (lower) standard exists in business.
Laws - Answers a collection of rules and regulations that come with penalties and punishments if not
followed.
Ethical Legalism - Answers if an intended action is legal, it is, therefore ethical.
Useful Questions to Asked by an Ethical Individual - Answers What does the law require of me?
What do ethical standards of behavior demand of me?
How should I act to conform to both?
Moral Point of View - Answers requires that a decision maker be willing, at least sometimes, to take an
action that may not be in his/her best interest.
Moral Relativism - Answers the view that moral or ethical statements, which vary from person to
person, are equally valid and no one's opinion of right and wrong is actually better than any others.
Ethical Relativism - Answers the philosophical view that what is right or wrong and good or bad is not
absolute but variable and relative, depending on the person, circumstances, or social situation.
Relativists Points of Argument: - Answers What's right for you may not be what's right for me.
What's right for my culture won't necessarily be what's right for your culture.
No moral principles are true for all people at all times and in all places.
Cultural Relativism - Answers the same action may be morally right in on society but be morally wrong in
another.
, Situation Ethics - Answers recognizes the existence of normative principles but question whether they
should be applied as strict directives or, instead, as guidelines that agents should use when determining
a course of ethical conduct
The Six Pillars of Character - Answers trustworthiness, respect, responsibility, fairness, caring, citizenship
Virtue Ethics - Answers certain ideals, such as excellence or dedication to the common good, toward
which we should strive and which allow the full development of our humanity.
Virtues - Answers attitudes, dispositions, or character traits that enable us to be and to act in ways that
develop this potential
Virtues in Aristotelian Ethics - Answers courage, compassion, generosity, fidelity, integrity, fairness, self-
control, and prudence
Trustworthiness Dimensions: - Answers honest, acting with integrity, being reliable, and exercising
loyalty in dealing with others.
Honesty - Answers express the truth as we know is and without deception.
Reliability - Answers ethical obligation for promise keeping includes avoiding bad faith excuses and
unwise commitments.
Loyalty in Accounting - Answers keep financial and other information confidential when it deals with our
employer and client
Respect - Answers treating all people with dignity
Responsibility for Accounting Professionals - Answers To meet one's ethical and professional obligations
when performing services for an employer or client but never forgetting that it is the public interest that
trumps all other interests.
To act with due care by gathering and evaluating relevant evidence in an audit and maintaining
professional skepticism.
To accept responsibility of one's actions and be accountable for them.
Fairness in Accounting - Answers requires objectivity; the financial and accounting information needs to
be presented free from bias, that is, consistent with the evidence and not based solely on one's opinion
about the proper accounting treatment.
Caring in Accounting - Answers having empathy towards others situations even if the situations hinders
the business activities.
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