Business Finance Homework Help

I’m working on a accounting question and need an explanation to help me study.

Unit 1 Discussion Thread

As an accounting professional or manager, you may be in situations where ethical dilemmas arise. In theory, you may “know” the right action to take, but in practice (where there are company norms that contradict your ethical standards, for example), it may be difficult to act on what you feel is “right.”

Let’s say that a client asks you to misrepresent something in the client’s favor on a set of financial statements or a tax return. Your boss wants to do what the client asks. You could ignore GAAP or tax law and do what the client and boss want. Or you could opt for a different plan of action.
Answer the following:

• a. What are the factors you would consider in deciding what to do? (Use this format to answer: “The following factors would influence my decision:” [then list in bullet points])
• b. What would you do? (one sentence)
• c. What system of moral philosophy would you apply in this decision? (I would be applying _______)
• d. LIST any “downsides” to you in making that decision. (“The downsides to me might include:” [list in bullet points]
• e. LIST any “positives” to you in making that decision. (“The positives to me might include:” [list in bullet points])