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Introduction to Management Accounting - Assignment Example

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The author of the present assignment "Introduction to Management Accounting" casts light on the idea of professional ethics. According to the text, the fundamental ethical issue is the issue of objective reporting as regards the company's real financial and operational situation…
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Introduction to Management Accounting
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Download file to see previous pages According to Horngren, Bamber & Stratton, an accountant, or a management accountant must “perform their professional duties in accordance with relevant laws, regulations, and technical standards (1996, 23). Lis proposal clearly violates laws, regulations and technical standards by incorporating her personal assets in order to increase the company's assets, as well as making her employee shoulder temporarily a part of the expenses in order to increase the company's income. Aside from violating the standard of competence, Lis proposal also violates the standard of integrity, which according to Horngren, Bamber & Stratton, accountant should “refrain from engaging in any activity that would prejudice their ability to carry out their duties ethically [and to] refrain from engaging in or supporting any activity that would discredit the profession (1996, 23).” The philosophy behind accounting is to come up with reports that will show the performance of the company to people with vested interests to the company, such as the government, for the taxes, and the company's investors such as shareholders and creditors. With accounting, fair and accurate information is desired to be produced for the purpose of objectivity, another ethical standard for accounting. Only with objective information will people such as investors and creditors will put their trust in the company, investing in the company for the hope of gaining some return through competent management in the process. This will be violated with Lis proposal, as well.
A. Using the Weighted Average method, prepare a production cost report (following the 4 steps outlined in the text) for the Strings department for October. Round to 4 decimal places for unit costs and to the nearest dollar in the production cost report. ...Download file to see next pagesRead More
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