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Due to the high fixed costs involved in the business, PLF has decided to evaluate its financial performance using absorption costing income. The production-volume variance is written off to cost of goods sold.
Quiz yourself with questions and answers for Accounting Ethics Quiz Ch. 4, so you can be ready for test day. Explore quizzes and practice tests created by teachers and students or create one from your course material.
- The Utility Logic
- The Private Commitments Reason
- The Self-Interest Motivation
- The Perfectionist Ends Reason
- The General Duties Reason
- The Specific Obligations Reason
- Practical Conflicts
In the classic understanding of a utilitarian logic, doing the right thing involves weighing up the positive and negative impacts of different courses of action for all parties involved, and selecting whichever scenario has the most favorable—or least unfavorable—impact on the most parties. This type of reasoning is exemplified below. As shown in T...
Having a private commitment is akin to following a personal goal. According to this reasoning, if a forensic accountant has set out to uncover a fraud, s/he will follow that aim until the case is properly documented, in spite of the dangers involved, including threats to his/her own life (as the illustration below suggests). Private commitments are...
We also observed many instances of the self-interest motivation, where the self-interest considered is primarily commercial or reputational. Essentially, in this logic, following one’s self-interest and maximizing the welfare of everyone else are seen as perfectly compatible because accountants have “much to lose” if they commit fraud or become “su...
According to this logic, doing the right thing means doing something because it has intrinsic value per se (e.g., acting with integrity, generosity), not because it has value forcertain groups of stakeholders. It also involves being virtuous and overcoming “temptations”, as the excerpt below suggests. Despite the fact that the accounting profession...
According to what Nagel (1979) calls the general duties reason for action, “doing the right thing” means respecting the general rights of every stakeholder to be treated fairly (e.g., be fully informed of a situation that might harm his/her interests). There is, then, a public interest component to this logic: Further, protecting the public interes...
In this last (and dominant) moral logic, doing the right thing means respecting certain specific obligations towards particular individuals or groups. These obligations may arise formally, for example in a private contract between a CPA and his client. However, the specific obligations logic is not the same as simple compliance with the law. Specif...
A plausible overall explanation for the value fragmentation highlighted in our analysis is the post-modern Western culture, in which reducing something (including professional ethics) to a single dimension is almost inconceivable. On the one hand, this pluralization of approaches to professional ethics can be viewed positively because it encourages...
- Céline Baud, Marion Brivot, Darlene Himick
- 2021
To combat the criticism and prevent unethical and fraudulent accounting practices, various accounting organizations and governments have developed regulations and guidelines aimed at improved ethics within the accounting profession.
Jan 1, 2023 · This entry provides an overview of how the accounting profession addresses ethical issues through the promulgation of its code of ethics, which includes some consideration of the “public interest.”
People also ask
What role does the accounting profession play in making ethical decisions?
What is absorption costing?
What are the components of absorption costing?
What is a good book about ethics in accounting?
How does absorption costing differ from Variable costing?
Does the accounting profession place profit before ethics?
Jun 18, 2024 · Absorption costing, sometimes called “full costing,” is a managerial accounting method for capturing all costs associated with manufacturing a particular product. All direct and indirect costs,...
