Homework Answers
Education is an economic resource. It makes a country stronger by improving standards and growth.
The roles of education in accounting practices are as below:
No.1) Ethics: Accounting practice requires ethics. This is the understanding of which is right and which is wrong. Suppose a sale of $30,000 recorded as revenue income at the stage of shipment; this is unethical, since it should not be recorded as revenue as the delivery of goods is not complete. An accountant must have adequate education so that he can understand such ethics.
No.2) Usefulness: Education makes the financial reports useful – if it is presented but no one (mainly stakeholders) can understand then it becomes useless. Education gives understanding of financial reports so that the makers (Accounts department) can’t cheat. Suppose a company took loan from a bank of $150,000 and use such fund for personal purpose; this is the cheating with that bank as well as with the investors. Education can detect such cheating and can catch the cheater.
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What role does education play as countries develop their financial accounting practices?
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What role did Toshiba’s target setting practices (“Challenges”) play in the irregular accounting practices described in...
What role did Toshiba’s target setting practices (“Challenges”)
play in the irregular accounting practices described in the
case?
In an attempt to meet profit and loss targets, the Visual Products Business started using C/O (Carryover) techniques, probably from FY 2008 onwards. These techniques aimed to overstate the current profit by "failing to record a provision that should have been recorded or deferring the recording of operating expenses until the next or a later fiscal period” (The Report, page 199). In...
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Ethics is an important part of your accounting education and it will play an increasingly important...
Ethics is an important part of your accounting education and it will play an increasingly important role in all aspects of your professional life.
Which statement is correct as it relates to diverse accounting practices across countries? A. U.S. GAAP...
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What role did Toshiba’s target setting practices (“Challenges”)
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case?
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