Accounting Ethics

Question 1

What are ethical principles/accounting ethics?

Answer 1

They are principles followed to maintain public trust and demonstrate honesty and fairness

Question 2

What are the ethic principals of accounting?

Answer 2

Integrity, objectivity, professional competence and due care, confidentiality, professional behavior.

IOPDCP

Question 3

Why are ethical principles important in accounting?

Answer 3

They enhance the profession, maintain public trust and demonstrate honesty and fairness

Question 4

What are some unethical actions that leads to a consequence?

Answer 4

Missing taxes
Lack of expertise or knowledge
Fraud
Inappropriate workplace behavior
Sharing client information without consent

MLFIS

Question 5

What are the consequences of unethical behaviour?

Answer 5

Lawsuits, loss of job, loss of integrity and imprisonment.

Question 6

Explain two ethics (add more u need to know all)

Answer 6

Integrity is being straightforward and honest in all your business relationships

Confidentiality is not disclosing your clients private information