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3 years ago

Ch14 C1: Explain the purpose and nature of, and the role of ethics in, managerial accounting.

Business

2 answers:

Wittaler [7]3 years ago

8 0

Answer and Explanation:

Purpose of Ethics- Ethical codes are the fundamental principles that accounting professionals choose to abide by to enhance their profession, maintain public trust, and demonstrate honesty and fairness.

Nature of Ethics- Independence and objectivity, Integrity, Confidentiality, professional confidence and professional behaviour.

Role of Ethics:

Understanding the ethical frameworks for independence, integrity, confidentiality and professional competence can help decision-making & enhance reputation of the field of accounting.

Shkiper50 [21]3 years ago

5 0

Answer:

Managerial accounting is a function of the internal part of a business that manages a company's financial information. Managerial accounting is often used only business to allocate business cost to goods and services

PURPOSE OF MANAGERIAL ACCOUNTING

PLANNING: managerial accounting is used to plan for future needs of the company. They plan budgets and also implement productive strategies to ensure profit

DIRECTING: this is a purpose of managerial accounting. It serves as a cooperation between employees and upper level management to answer questions and help solve problems.

CONTROLLING: the plans developed earlier by the accountants ensures that it is followed

ANALYSING: managerial accounting helps to analyse informations. They look for problematic areas and create ways to correct them to ensure increase in profit

REPORTS: Most of the goals and plans developed by the managerial accountants take the forms of report. This reports help them state clearly the conclusions they have reached and their solution to the problem.

ROLES OF ETHICS IN MANAGERIAL ACCOUNTING

Ethics are important when it comes to managerial accounting and companies usually develop a code of ethics or conduct to set expected ethical behaviour for accountants.

The IMA notes the following as ethics

Competence, Confidentiality, Integrity and Credibility.

Managerial accounting ethics ensures that all financial information is correctly relayed to business owners and managers. It also Ensures that there Is trust amongst each employees when it comes to sensitive business information

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Rudik [331]

Answer:

7,727 units

Explanation:

According to the scenario, computation of the given data are as follows:

Department S beginning = 500 units

Completed % in process = 70%

Total completed during period = 7,600 units

End of period = 900 units 53 % completed

So, we can calculate the units of production using FIFO method.

Check attachment for the Solution.

The attachment is attached below.

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3 years ago

Rolando, a senior employee, has been asked to monitor the activities of some new employees and report to her if he finds them en

vazorg [7]

Answer:

Explanation:

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3 years ago

Jeff believes in the principle of rights theory and uses it to make ethical decisions for his business. He must decide whether t

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How his decision will affect the rights of his employees, his consumers, and others

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2 years ago

On January 1, 2017, Hage Corporation granted incentive stock options to purchase 25,000 of its common shares at $9 each. The opt

MAVERICK [17]

Answer:

$211,750

Explanation:

The computation of diluted earnings per share for the quarter is shown below:-

Particulars Shares

Proceeds from exercise of options a $225,000

(25,000 × $9)

Used to repurchase of common stock b $18,750

( $225,000 ÷ $12)

Number of shares if option is exercised c $25,500

Less: Shares assume repurchased d $18,750

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Add: Number of common f 205,000

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(e + f)

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3 years ago

A state government condemned Cory Co.'s parcel of real estate. Cory will receive $750,000 for this property, which has a carryin

Mamont248 [21]

Answer:

The amount of cost Cory should use to determine the gain on the condemnation is $581,000

Explanation:

Carrying amount $575,000

appraisal fees to support a $750,000 value $2,500

attorney fees for the closing with the state $3,500

Attorney fees to review contract to acquire replacement property $3,000

Title insurance on replacement property $4,000

The amount of cost Cory should use to determine the gain on the condemnation compared to $750,000 received from state = Carrying amount + appraisal fees to support a $750,000 value + attorney fees for the closing with the state

= $575,000 + $2,500 + $3,500 = $581,000

The Attorney fees to review contract to acquire replacement property and Title insurance on replacement property reduces the net proceeds from the state thereby decreasing the gain. The $3,000 and $4,000 amounts pertaining to the replacement property are not associated with the existing property and do not affect the gain on its condemnation.

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3 years ago