Assignment Week One ACC260

Assignment Week One ACC260 - They are expected to be...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Assignment Week One Question 13: Is a professional accountant a businessperson pursuing profit or a fiduciary that is to act in the public interest? Question 14: Why is it important for a professional accountant to understand the ethical trends discussed in this chapter? A professional accountant is defined as a person who has the skill and experience in establishing and maintaining accurate financial records for an individual or business. A fiduciary is defined as a legal duty or ethical relationship of confidence or trust regarding the management of money or property between two to more parties, most commonly a fiduciary and a principal. It is the highest standard of care at either equity or law.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: They are expected to be extremely loyal to the person to whom he owes the duty. If we go by what is defined in the definitions of a professional accountant and a fiduciary then I believe a professional accountant could be a fiduciary who also pursues a profit although nowhere in either definition does it say that a professional accountant pursues a profit. So with that being said I believe that a professional accountant would be defined as a fiduciary who acts in the public interest. It is important for a professional accountant to understand the ethical trends so that they will have good ethical decisions which leads to good consequences in the business....
View Full Document

This note was uploaded on 07/15/2011 for the course ACCT 260 taught by Professor Mickipitcher during the Spring '11 term at University of Phoenix.

Ask a homework question - tutors are online