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The Role of Ethics in Professional Accounting - Essay Example

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The success of a business depends largely on its accounting. The role of Accounting in a business can be compared to the role the vertebral column in an organism. It is the spine, the backbone of every business. When well handled, it keeps the business profitable…
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The Role of Ethics in Professional Accounting
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Download file to see previous pages Ethical behavior itself is affected by several factors. When speaking specifically about a career, one of the most influential factors on ethical behavior are gender and education. The extent to which these factors influence ethical behavior for any given career has received widespread attention in recent years. The accounting field is not left out. The task is to show that there exists a liaison between accounting and the way gender, (sex) and education affect ethical behavior.
Ethical and professional accounting forms a clear financial image of a business, and allows managers to make informed decisions, keeps investors abreast of developments in the business, and keeps the business profitable.1
Operating information is relative to the day-to-day running of the organization. Pay tracks, information of the evolution of liabilities and assets, inventories on goods, follow-up of customers and suppliers; these are only a few of the day-to-day activities in an enterprise. Financial accounting information on its own part concerns information such as the evolution of liabilities and assets. This information is used by stakeholders to analyze the progress of the organization in attaining its set objectives. In this light, shareholders would want to know if they would be benefiting from the business while banks who want to know if their money would be refunded. ...
Financial accounting information on its own part concerns information such as the evolution of liabilities and assets. This information is used by stakeholders to analyze the progress of the organization in attaining its set objectives. In this light, shareholders would want to know if they would be benefiting from the business while banks who want to know if their money would be refunded. All information relative to financial accounting is arranged in what is known as bookkeeping. In effect, booking can be defined as:
maintenance of systematic and convenient records of money transactions in order to show the condition of a business enterprise. The essential purpose of bookkeeping is to reveal the amounts and sources of the losses and profits for any given period. Proper bookkeeping should also reveal the nature and value of the assets and liabilities of a firm, as well as its net worth at the close of that period.3
Your last name 4.
Managerial information is provided to the managers of the organization in a well prepared and easy to comprehend form so as to enable them make informed decisions that would shape the future of the enterprise or organization.
As a result of its importance, the accounting of an enterprise is imperatively handled by a professional (accountant) whose (professional) work 'requires specialized and theoretical knowledge, acquired through college training or comparable work experience'.4
Professional work in accounting requires the examination, analysis and interpretation of records. Examples of such work include the:
modification and implementation of manual and automated accounting systems to meet the specific fiscal requirements of an agency,
development and revision of policies to improve accounting control and efficiency, ...Download file to see next pagesRead More
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