ACCT 525 Week 4 Homework Assignment; Explanatory & Essay Type Answers

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ACCT 525 Week 4 Homework Assignment: Reading “It’s Time for Principles-Based Accounting Ethics"

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Acct 525Homework Week 41. Do you agree with the authors that a code of ethics should do more thanstablish minimum acceptable standards? Why? Or Why not?Yes I agree that a code should do more than stablish minimum acceptablestandards. The minimum acceptable standards allow accountants andmanagement the use of loopholes and technical exceptions, as a result theyhave financial statements that are in compliance with GAAP, but do notprovide a fair representation of the company in an ethical way. This situationserves as camouflage to problems that could be resolved if the accountantproceeds in an ethical manner but there is not such rule for this case becausethere are only minimum standards therefore there is no consequence to this act.Stablishing more than minimum standards helps to keep discipline in theprofession and helps the accountants to understand the values and aspirationsrelated to ethics in every situation in a very clear manner, it also inspiresaccountants to move forward with moral excellence, and most importantly toprotect those who do the right thing.Whenever a code of ethics does not have enough rules to specify behavior indifferent situations then the accountants would get into the habit of makingdecisions by themselves and not necessarily be under a code of ethics.2. Describe the five cardinal virtues of professional accountants that thearticles authors discuss.a) Integrity: Inside this cardinal virtue there are two elements: the honest
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