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ACC 291 Week Five Reflection Team B

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Running head: WEE FIVE REFLECTIION 1
Week Five Reflection
Team B
ACC/291
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WEE FIVE REFLECTIION 2
Week Five Reflection
Unethical behavior, we know that it is strictly forbidden in the workplace is, especially
for publicly traded companies and their accounting practices. Everyone that has input with these
practices i.e., accountants, finance officers, auditors, and so on, knows that behavior if unethical
effects the whole company and most importantly the stakeholders.
There are laws on both state and national levels, is intended on preventing one from
conducting unethical accounting practices. In addition to these laws, have been many
recommendations to implement changes geared toward the improvement of professional ethics.
In addition to state level mandates, we have the Sarbanes-Oxley Act. Section 406 of the
Sarbanes-Oxley Act requires that publicly traded companies disclose their code of ethics for
senior financial officers. The Act is designed to promote honest and ethical conduct, full and
accurate disclosure in periodic reports, and compliance with applicable government rules and
regulations.
We Talked About The effects of unethical behavior. The corporations need to teach
ethical financial reporting starting with the upper management. The upper management can help
behavior and relationships between management. Sarbanes calls for internal control by upper
management. Internal control will reduce the opportunity for fraudulent or unethical behavior. It
is a combination of strong culture, Laws, rewards and penalties that provide a context for
obtaining ethical financial reporting. Unethical behavior is more likely found when economic
conditions change.

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WEE FIVE REFLECTIION 3
The topic that weare most comfortable with as a team for week five was the vertical and
horizontal analysis. We understood that vertical analysis reports each amount on a financial
statement as a percentage of another item. For example, the vertical analysis of the balance sheet
means every amount on the balance sheet is restated to be a percentage of total assets. If
inventory is $100,000 and total assets are $400,000 then inventory is presented as 25 ($100,000
divided by $400,000). Horizontal analysis looks at amounts on the financial statements over the
past years. For example, the amount of cash reported on the balance sheet at December 31 of
2006, 2005, 2004, 2003, and 2002 will be expressed as a percentage of the December 31, 2002
amount. This allows you to see how each item has changed in relationship to the changes in other
items. Week five topics discussed in class help the team to get a better understanding on how
well the company that one of our team members work for is doing versus their competition.

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