Unit 1 Lesson 3- Business and Accounting Ethics

Unit 1 Lesson 3- Business and Accounting Ethics - Overview...

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Overview As the business world encounters an increasing number of "accounting scandals", such as Enron, Bre-X, and WorldCom, we, as accounting students, must recognize the importance of studying business ethics and, specifically, ethics in accounting. We must be able to also assess trends in the world of business, such as technological developments and globalization, as they impact the accounting profession. Business and Accounting Ethics Business ethics dictate the moral "rights" and "wrongs" within a business context. Issues related to business ethics vary from the equal and just treatment of employees, to the production of safe products for consumers, to the truthful and accurate reporting of financial information. One of the increasingly relevant issues related to business ethics involves ethics in accounting . The number of reported accounting scandals has increased over time. Therefore, it has become even more important that accounting standards become more prescribed, and that punishments for those involved in these scandals become more strict. Generally accepted accounting principles (GAAPs)
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Unit 1 Lesson 3- Business and Accounting Ethics - Overview...

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