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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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Answer: Option B

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3 years ago

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blagie [28]

Answer:

financial freedom

Explanation:

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3 years ago

In the year 2020, a divorced woman under age 50 collects $50,000 of alimony and child support as her sole source of income. The

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The available options are:

A. No contribution can be made because the woman does not have earned income

B. A contribution of up to $6,000 is permitted, but the contribution is not tax deductible.

C. A tax deductible contribution of up to $7,000 is permitted

D. A tax deductible contribution of up to $9,000 is permitted

Answer:

No contribution can be made because the woman does not have earned income

Explanation:

Unlike in the previous years before 2019, concerning divorce agreements, alimony is now declared to be no longer deductible by the payor and at the same time is considered to be a tax-free income to the recipient. In essence, this indicates that alimony is no longer qualifies as earned income and therefore, cannot be utilized to fund an Individual Retirement Account.

Hence, in this case, since it is , year 2020, the correct answer is "No contribution can be made because the woman does not have earned income."

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3 years ago

The number of shares that a corporation's incorporation document allows it to sell is referred to as

SashulF [63]

The number of shares that a corporation's incorporation document allows it to sell is referred to as authorized shares.

<h3>What is a Corporation?</h3>

This refers to a business entity that has a group of members who acts together for a set goal.

Hence, we can see that when it comes to the selling of stocks by the corporation, there is a limit of shares to sell and this is known as authorized shares.