What are some of the ethical questions

Assignment Help Cost Accounting
Reference no: EM132932142

Question - CASE - You are one of three partners in a firm of accountants. Five years ago the firm was appointed as external accountants to a young, successful and fast-growing company, engaged to prepare yearend accounts and tax returns. The business had started trading with a handful of employees but now has a workforce of 200, while still remaining below the size of company requiring a statutory audit. Due to your close relationship with the directors of the company (who are its owners) and several of its staff, you become aware that staff purchases of goods manufactured by the company are authorised by production managers, and then processed outside the accounting system. The proceeds from these sales are used to fund the firm's Christmas party.

1. Discuss the improper accounting for sales in the scenario.

2. What are some of the ethical questions that you will ask to yourself in light of the fundamental principles of professional code of conduct for accountants?

Reference no: EM132932142

Questions Cloud

What is Dyer current stock price : The company's beta is 1.80, the market risk premium is 5.50%, and the risk-free rate is 4.00%. What is Dyer's current stock price
Develop request for information : The purpose of this assignment is to evaluate an EHR vendor by analyzing key criteria that would be used to develop a request for information (RFI).
What part of the digestive tract reabsorbs water : 1. The muscles of the trunk are not as well developed in the frog (and other tetrapods) as we would see in fish. Instead the muscles of the limbs are the larges
What amount would debit when record the journal entry : $1 par value common stock as treasury stock, paying $9 cash. What account(s) and amount(s) would we debit when we record the journal entry for this transaction?
What are some of the ethical questions : What are some of the ethical questions that you will ask to yourself in light of the fundamental principles of professional code of conduct for accountants
What is the role of mesophyll cells : Why is photorespiration thought to provide protection to some plants during the light reactions of photosynthesis?
Common rationale for changing ehr vendor platforms : What are the steps involved in EHR vendor selection? What is the most common rationale for changing EHR vendor platforms?
Describe artificial section : Describe artificial section and how it relates to natural selection
Discuss the relationship of oak bhd and beech bhd before : Discuss the relationship of oak bhd and beech bhd before and after the share buy back solution. Oak bhd acquired 40% of the 100 million ordinary shares

Reviews

Write a Review

Cost Accounting Questions & Answers

  Special committee on cooperation with the stock exchange

Do any of the principles coming from ARB 43, or ARS 7 qualify as principles as you have construed them? How similar are these two partial groups of principles?

  What is the budgeted beginning balance in units for finished

?Finished goods inventory as of May 31 6,000 units. What is the budgeted beginning balance in units for finished goods inventory on August 1?

  Determine the net income for march

Determine the net income for March, how much did March's transactions increase or decrease retained earnings?

  Make contribution format segmented income statements

Vulcan Company's, Prepare contribution format segmented income statements for the total company broken down between sales territories.

  What are the cost driver rates using account analysis

What are the cost driver rates using account analysis? What are the estimated costs for a month assuming the following level of cost driver volumes?

  Prepare summary journal entries for april

Prepare summary journal entries for April (without disposing of under- or overallocated conversion costs). Assume no direct materials variances

  Compute expenditure and efficiency variance-abc method

Manila Limited produces a unit where delivery of units to its customers are related with all overheads. Compute expenditure and efficiency variance-ABC method.

  What amount should be debited to Factory Overhead

The actual cost of a spoiled picture frame is P7.00. The spoilage is considered a part of all jobs (factory overhead). What amount should be debited to Factory

  1 prepare the j entries for traditional and backflush

1. prepare the j entries for traditional and backflush costing. for backflush costing assume there are 2 trigger points

  Prepare a note disclosure relating to incident

Counsel believes that the homeowner's case is much weaker and will be decided in favor of Welker - Prepare a note disclosure relating to this incident.

  Calculate the present values of the cash flows

For each of the itineraries, calculate the present values of the cash flows using required rates of return of both 10% and 15% Assume a 15 -year time horizon. Should the company purchase the ship with either or both required rates of return..

  Statement of cash flows direct method

Prepare the journal entries for the year ended 30 June 2012 to account for the above transactions.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd