Module 1 Part 1

Question 1

Describe the nature and attributes of a profession.

Answer 1

Profession is an occupational area or a vocation that involves prolonged training and a formal qualification.

Eight attributes of professions (Greenwood 1957)
A. Having a systematic body of theory and knowledge
B. Having an extensive education process for its members
C. Having an ideal of service to the community
D. With high degree of autonomy and independence
E. Having a code of ethics for its members
F. Having a distinctive ethos or culture
G. With application of professional judgement
H. Having a governing body

Question 2

Explain the co-regulation processes of the accounting profession.

Answer 2

Pending

Question 3

Differentiate the roles, relationships and activities of accountants.

Answer 3

Pending

Question 4

Evaluate the challenges faced by the accounting profession in the global context.

Answer 4

Pending.

Question 5

Explain the importance of the soft and technical skills required of accountants.

Answer 5

Pending

Question 6

What is an implied social contract?

Question 7

What is the motivation of the professions?
Altruism or Enlightened self-interest?
(West 2003, Larson 1977)

Question 8

What are the systematic framework of principles for Accountants to make decisions?
And explain the concepts of the frameworks