Easy FIVE 100 word response to classmates' post, accounting homework

Jan 17th, 2016
Anonymous
Category:
Accounting
Price: $10 USD

Question description

Do not bid if you are asking more than $7.    0% PLAGIARISM!!!!! 

1 Q: What are the characteristics of a profession?  What are the characteristics of a professional?  Choose a profession (or a professional) as an example and show how that example meets the criteria.

There are many characteristics of a profession, but the text list seven.  The characteristics are based on specialized knowledge, education, professional qualifications that is governed by the admission into the profession, conduct, identification of status, inherent social responsibility, and social obligations of a group.  Which seems to deal with the job or position and not necessarily the person.

The characteristics of professional seems to deal with the person ethical behavior such as a purpose or mission that meaningful and moral to motivate love and enthusiasm from the professional, has to have expert knowledge of the professional purpose, must be able to apply the knowledge without treating the client or employer as a mean to make money, and should be able to be loyal to others in the profession.

To sum it up a profession would be what a person specialize in (the work) and professional would be the person specializing in the profession. An example would be a lawyer.  A lawyer would meet both the characteristics of the profession and the professional because they would have to meet the specialized education as stated and would have to have expert knowledge of the professional purpose.

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2. Q: What are the characteristics of a profession?  What are the characteristics of a professional?  Choose a profession (or a professional) as an example and show how that example meets the criteria.

A profession is a career path that is defined by education and experience based. A profession would be an Educator. An educator meets the characteristics of a profession because it is defined by the necessary education and experience needed to perform the job duties efficiently. A professional is a person who possess or have obtain the educational background that is associated with the profession. Also, a professional would have gained enough experience as well to become proficient in their profession. A professional in the educator profession would include teachers, professors, or educational assistants. They are required to have a certain level of knowledge before they can be considered a professional.

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3. Q: What are the principles of the AICPA Code of Professional Conduct? What are the criticisms of the Code of Conduct?  What are suggestions for improvement?

One of the codes of conduct that is mentioned in this chapter is motivation.  Time after time we are given the information that it is the accountants responsibility to present a picture of the company's financial status in a truthful and accurate manner.  In order to do so, it is the responsibility of the accountant to be motivated "through peer pressure" in relation to the decision making process.  The accountant knows the comings and goings of the company accounts and they play a vital role to the company.  I think it can also be inferred that a code is put in place to help provide a basis of how to handle issues that are morally wrong.  For example, in week 1, we discussed that managers can use their approach of peer pressure into getting the accountant to manipulate the financial statements in order to create a higher standing for the company or to show that business is growing well.  While they have the responsibility to perform the job function specified, they also have the responsibility to accurately show the financial status of the company following all the guidelines set forth in respect to accounting practices.

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4.Q: What are the principles of the AICPA Code of Professional Conduct? What are the criticisms of the Code of Conduct?  What are suggestions for improvement?

For group members of the American Institute of Certified Public Accountants to open a personal financial service they must adhere to the principles of the AICPA Code of Professional Conduct. The principles are as followed: 

Section ET 52 - Article I - Responsibilities

Section ET 53 - Article II - The Public Interest

Section ET 54 - Article III - Integrity

Section ET 55 - Article IV - Objectivity and Independence

Section ET 56 - Article V - Due Care

The purpose of these principles are to ensure that all professional certified public accountants are carrying out their responsibilities as a professional at all times, acting in the publics best interest, having integrity with everything one does, One must always have the quality of being objective, being independent while providing services, and observe professions technical and ethical standards.

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5. Q: What do we mean when we refer to "principles-based" accounting ethics? Let's discuss!

What principle based accounting means to us is that we used the basis of generally accepted accounting principles for accounting.  There are a similar set of examples that can be used as guidance and from there work towards the objective that is to be met.  The one thing that is really beneficial with principle-based accounting is that it is so general that it can be used for many different scenario types.  One may not be able to use the guideline set forth in the principle based accounting for every issue.  The main issue with using this type of accounting is that it is not reliable or consistent when you compare the practice to another entity.

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