acc - 220 - week 1 dq 2

acc - 220 - week 1 dq 2 - With the three steps there are...

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Ethics are significant in the field of accounting because to carry on a company or put in money in you would not depend on the financial reports to be truthfully organized. For ethics be significant in financial reporting you first must have successful communication and economic action could be not possible. Knowledge could have no trustworthiness. Successful financial reporting is contingent on sound ethical actions. There are three steps in solving an ethics dilemma, which include identifying an ethical situation and the ethical concerns involved, recognize and examine the principal elements in the condition, and recognize the choices, and consider the impact of each option on different stakeholders.
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Unformatted text preview: With the three steps, there are questions that need to be asked which include the following sentences. Some companies and specialized associations supply written policies of ethics for leadership in several business circumstances. Recognize the stakeholders, which may include people or organizations that might be injured or benefited. Then ask what are the responsibilities and requirements of the parties concerned? Choose the main ethical choice and consider every cost. Occasionally there will be one right answer. Other conditions entail an additional right answer; these conditions need an assessment of each and a choice of the best choice....
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