Answered: Do you think it is reasonable for…

Do you think it is reasonable for employers to require 100% accuracy in accounting? What are the consequences of a loss of data integrity?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 2Q: Is there a way to prevent managers from focusing on accounting measures as performance measures?

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Do you think there are any circumstances when you should go outside the company to report financial wrongdoing? If so, to what person/organization would you go? Why? If not, why would you not take the information outside the company?
Why might a manager focused solely on accounting numbers miss opportunities for future benefits?
Is there a way to prevent managers from focusing on accounting measures as performance measures?
Discuss the importance of ethical behavior in accounting and the consequences of unethical behavior.
How does computerized accounting information systems affect an accounting professional’s ethical and legal obligations?
Why is pro forma earnings reporting coming under scrutiny? How can you mitigate the "bad press" associated with using pro forma data in valuing an organization?
What are operations people’s primary complaints against the accounting procedures used in most firms? Explain how such procedures can cause poor decisions for the total company.
How does an accounting professional's commitment to the firm, the profession, and to colleagues influence whether he/she will blow the whistle on financial wrongdoing? What other factors, related to organizational culture, could contribute to whether or not a professional decides to blow the whistle on a financial wrongdoing?
“Performing tasks for which an accountant is not competent is unethical’. Discuss this statement and provide two (2) examples to support your viewpoint.
Unethical acts are generally committed by unethical people. What are some things companies can do to help ensure that their employees act ethically?
Objectivity refers to the obligation that all members of the professional bodies: a. be straightforward and honest. b. refrain from disclosing information to people outside of their workplace that is learned as a result of their employment. c. not allow their personal feelings or prejudices to influence their professional judgment. d. ensure that they do not harm the reputation of the accounting profession.
Some argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired.