A)Identify several different c

Provide a carefully constructed narrative reply to each of the following requirements. You may consider using internet resources beyond your textbook to gather supporting information. Identify several different career paths that one might consider as an accounting professional. Define accounting, and define generally accepted accounting principles (GAAP).

A)Identify several different career paths that one might consider as an accounting professional.

b)What is ethical behavior, and why is it very important to the accounting profession?

c)What challenges might arise that cause an otherwise “good person” to engage in unethical behavior?


According to the Committee of Terminology of American Instituteof Certified Public Account:” Accounting is the art of recording,classifying summarising in a significant manner and in terms ofmoney, transaction, and events which are, in part at least of afinancial character and interpreting the results thereof.”

According to Bierman and Drebin:” Accounting may be defined asidentifying, measuring, recording and communicating of financialinformation.”

Therefore accounting can be defined as” the process ofrecording, summarising, reporting and analyzing required financialinformation relating to the economic events of an organization tothe interested users for making decisions.”

GAAP, which stands for generally accepted accounting principles,is the set of accounting standards followed by most U.S.businesses, not-for-profit organizations, and state and localgovernments, as well as non-U.S. companies that list their stock onU.S. stock exchanges. GAAP guidelines standardize how and whatorganizations report so that interested parties such as investors,lenders, or potential donors can better understand and utilize anorganization’s financial statements, and so taxpayers and citizenscan hold governments accountable.

1.) Scope

Accounting job can vary from entry level to executive level.Accountant plays the very important role in any business. It is avery crucial part of an organization, for managing payroll,auditing and financial management. Due to the individual demand ofdifferent companies, the demand of accountants is increasing.Eligible candidates can find jobs in public, private or non-profitindustries and companies. You can opt for various career profilessuch as clerk, payroll clerks and accounts clerk.

Profession in accounting is one of the top career choices markedby the students of India.

Numerous options open for the candidates seeking career inaccounting. The job of accountants exist in public as well as inprivate sector. If you are choosing your career to be an accountantthen, the career options in this field are available in numbers.You can go for various jobs under this course. One can do job inoutside of India also.

Every organization needs an accountant that manage and maintainsthe financial records of the companies. It enables the organizationto judge their success/failure and plan for the future. There aredifferent positions available in this field. Lucrative jobsavailable for chartered accountants in India as well as in foreigncountries.

One can choose teaching profession in this field. Jobopportunities are available in accountancy firms, insurancecompanies and banks. You are also employed in private organizationsor companies.

Job profiles in accounting field is as follows:

Finance Managers

Financial Controllers

Financial Advisors

Directors (Finance)

Certified Public Accountant

Chief Financial Officer

Chartered Management Accountant

Company Secretary

2.) Generally, ethical behavior is doing the right thing andadhering to professional standards. While this definition is a goodstart, it doesn’t give specific guidance. That why it’s essentialto have a codified set of ethical standards for your business. Thiscode can help to provide employees examples of moral quandariesthey may face and ideas about how to handle these situations. Ifyou are part of a professional association in your industry, thiscan be a great resource. Many of these organizations haveguidelines that you can use. However, you may need to embark on ado-it-yourself journey for your ethical guide.

An accountant’s most valuable asset is an honest reputation.Those who take the high road of ethical behavior receive praise andhonor; they are sought out for their advice and services. They alsolike themselves and what they represent. Occasionally, accountantsdo take the low road and suffer the consequences. They sometimesfind their names mentioned in The Wall Street Journal and newsprograms in an unfavorable light, and former friends and colleagueslook down on them. Some of these individuals are removed from theprofession. Fortunately, the accounting profession has many leaderswho have taken the high road, gained the respect of friends andcolleagues, and become role models for all of us to follow.

3.) people do bad things in business due to a dynamic interplayof a number of factors

including personal, situational and contextual factors;perception; self-delusion; and

rationalisations. A pre-existing sense of moral obligation and atrigger event that

threatens this obligation plays a significant role in promptinga good person to take a

‘bad’ action that they justify using rationalisations thatneutralise their stated values.

The initial decision made is a rational one made using higherorder reasoning which is

however distorted by self-delusion and the person’s overwhelmingdesire to uphold

their moral obligation. The person’s subjective view of justiceimpacts on this process

and once a decision has been made to take action to ‘balance thescales of justice’ a

sense of self-righteousness holds people in the ongoing processof creating unethical

outcomes. This process becomes a ‘slippery slope’.

Note** Answer above provoided has been cited from varioussources, including books, research, internet.

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