W2

Question 1

What is Ethics?

Answer 1

Ethics deals with human conduct in relation to what is morally good and bad

Bassed on what soceity perceives as right and wrong behaviour

Question 2

Why are ethics important?

Answer 2

• Hepls us judge whether an indivdual’s behaviour is justifiable
• Affects the welfare of society
• Helps create longterm positive effects for businesses
• Enhances overrall productivity and employee morale

Question 3

Ethical theory - Teleogical

Answer 3

Teleogical (Consequential):
* The consequences of a decision or action is the sole determinant of what is right and wrong
* As long as the benefits outweigh the costs it is ethical

Question 4

Ethical theory - Derontological

Answer 4

Deontological (Non-consequential)
* The intentions to do the right thing is more important than the final result
* You do the right thing simply because it is ‘the right thing to do’.

Question 4

Ethical Decision Making Process

Answer 4

1. Identify ethical issues
2. Gather information and consider ethical principles
3. Identify and evaluate alternative courses of action
4. Decide a course of action

Question 5

Role of ethics in Accouting

Answer 5

Accountants are in charge of the finances in a business
Therefore, they must:
* Exercise sound moral judgement in all accounting activities
* Have a responsibility to provide clients with professional services while preventing liabel and accurate details of a company financial information

Question 6

Code of ethics:

Answer 6

Code of Ethics in Accouting is called ‘ APES 110”

Governs how professional accountant should behave to remain ethical

Question 7

Fundamental principles - Integrity

Answer 7

• Be straightforward
• Sincere
• Honest

Question 8

Fundamental principles - Objectivity

Answer 8

• No bias
• No conflict of interest
• Act independently in the mind and in appearance

Question 9

Fundamental principles - Professional competnece and due care

Answer 9

• Attaini and maintian professional technical knowledge for clients or employers
• requires diligence and appropriate training and supervision

Question 10

Fundamental principles - Confidentiality

Answer 10

• Do not disclose sensitive information

Question 11

Fundamental principles - Professional behaviour

Answer 11

• Comply with laws and regulation
• Maintain credible reputation of the profession