A Ethical Issue Of Accounting - 1673 Words

Paper #1 A Significant Ethical Issue In Accounting California State Polytechnic University, Pomona Written by: Rashika Dialani AG 401-02: Ethical Issues in Food, Agricultural and Apparel Industries Professor Nicole Hammack INTRODUCTION Most people view Accounting as an uninteresting profession because the first thing that pops into one’s mind when thinking of an accountant is usually a book-keeping job. What most people are unaware of is that there is so much more to Accounting than merely bookkeeping. Accountants, especially those who yearn to further their careers in specialized fields such as audit or tax, have a huge legal and moral responsibility – to themselves, the client and most importantly, to the public. Knowing the†¦show more content†¦This is a universally recognized issue as tax returns are prepared in several countries throughout the world. This will be further discussed in detail by applying three ethical theories –Utilitarian, Virtue and Deontological theories. ETHICAL ARGUMENT #1 – Utilitarianism According to utilitarianism, a choice is only ethically right if it results in the greatest amount of happiness for the most amount of people (Farias, 2014, slide 12). This ethical theory is applicable in both personal decisions and public decisions. Specifically, when it comes to deciding with laws to implement and follow, one must think about what would result in the greatest amount of happiness for majority of the population. In this case, the client’s needs are being represented in the ethical issue. A Certified Public Accountant’s main goal is to provide services for his or her clients and the general public but he or she must always make sure that they are adhering to the law when doing so. Applying this theory to the issue would prove that the more ethical route to take is definitely the one that involves following the law and adhering to regular tax procedures without adjustments. Although the higher tax refund would benefit the taxpayer and whoever he or she pr ovides for, it may backfire in the long-run because there is always a slight chance that a taxpayer can get auditedShow MoreRelatedEthical Issues Of Financial Accounting984 Words   |  4 Pagesthe reporting to whom. Financial accounting is meant for external reporting to all who are interested in the company’s activities. But in management accounting it is altogether an internal reporting aimed at helping managers in discharging their responsibilities. Financial accounting basically contains monetary information. But managerial accounting will contain both monetary and non-monetary issues that are helpful to the management. For example financial accounting will show only finance relatedRead MoreEthical Issues in Financial Accounting2059 Words   |  8 PagesEthical issues arise in the midst of financial accounting on a frequent basis. Several tempting situations occur by the hour in firms of every kind. 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