When discussing and evaluating professional ethics, it is essential to understand the purpose, terminology, and repercussions of professional misconduct. The American Institute of C
When discussing and evaluating professional ethics, it is essential to understand the purpose, terminology, and repercussions of professional misconduct. The American Institute of Certified Public Accountants (AICPA) code of professional conduct is the gold standard for defining professional conduct in accounting; it is therefore important for business professionals to be familiar with. In this discussion, you will explore one principle in depth and discuss it and others with your peers.
First, select one of the following principles of professional conduct to examine in the AICPA Code of Professional Conduct document:
- Public interest
- Objectivity and independence
- Due care
- Scope and nature of services
Then, for your initial post, reflect on what appropriate practice of your selected principle would look like in the field, and also on some potential examples of violations of the principle. Use the following questions to help guide your reflections:
- How would you define and describe your selected principle in your own words?
- What value does the principle bring to practitioners, businesses, and clients?
- What is an example of a difficult situation that a practitioner may face related to your selected principle, and what would an ethical response to the situation be? Why might a practitioner be tempted to, or accidentally, not take an ethical course of action?
In your response to at least two peers, discuss actions and consequences that should be taken in response to a violation of their selected principle. Use the following questions to help guide your responses:
- What actions or strategies could you or others take to remediate the ethical issues?
- What are some repercussions of not abiding by your peer's selected principle from a legal, business, or general professional perspective?
For this problem, you are given the Absorption Costing Income Statement and now requested to prepare a Variable Costing Income Statement.
Keep in mind, absorption costing includes all cost, unlike variable costing that will break out VC and fixed costs.
Step 1:enter the sales
Step 2: Enter the variable costing information based on the following information:
We now need to back out the fixed costs amount to determine the VC of goods sold.
Step 3: Determine the value of inventory on April 30th through variable costing.
Step 4: Calculate the manufacturing margin:
Step 5: determine the variable and selling & admin expenses
Step 6: calculate the contribution margin
Step 7: enter the fixed costs
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