Hcs 405 Week 2 Ethical Standpoint

People from all walks of life face many ethical dilemmas. These dilemmas have consequences. Our worldview determines how we deal with these dilemmas, and guides us to the right decisions. In this essay, I will examine an ethical issues through my Christian worldview. I will also present other viewpoints, and compare them to mine.

As focusing on each of the five management assertions for the inventory account, we discovered that there are some risky areas that indicate the need for further attention during the audit. First of all, for existence or occurrence, all items in the inventory account must physically exist and be available for sale. Thus, the auditors should physically count finished goods, copper rod, and plastic inventories, and determine actual increase of inventories at year end. Also, they should select items from the inventory ledger and locate them and reconcile the quantity. Second, for completeness, the auditors should make sure that all existing inventories have been recorded completely , go around the warehouse and ensure all the inventories are recorded in the inventory ledger. Third, for valuation or allocation, the auditors should make sure that Laramie Wire manufacturing sticks with one valuation method(For inventory items, valuation is based on the lower of cost or market value, with several alternative methods for calculating cost), find out if there is any scrap inventory that needs to be recorded and written off ,and ask about obsolescence items. Fourth, for rights and obligations, the auditor should ask them if there is any consigned inventory at their warehouse. If there is, those inventories should not be recorded in the company's inventory ledger. Finally, for presentation and disclosure, the auditors should review the company's financial

American Psychological Association. Publication manual of the American Psychological Association (2015). Washington, DC: American Psychological Association

Rannazzisi, J. T. (2010). Role of Authorized Agents in Communicating Controlled Substance . Retrieved from http://www.gpo.gov/fdsys/pkg/FR-2010-10-06/html/2010-25136.htm

The decline of inventory turnover presents the incresed possibility of inventory obsolescence which is likely to be assessed as higher business risk. In debts to equity part, the ratio in current year is much higher than that of preceeding year, which means the extent of use of debt in financing company is much higher than before. Pinnacle has used most of its borrowing capacity and has little cushion for addional debt.This action brought high business risk to Pinnacle. In addition, Pinnacle puchase more inventory in current year that that of preceeding year, and net sales are increasing also compared previous year. However, the net income is decreased significantly. These changes show expenses (maybe direct or indirect) have increased dramaticly. The company uses more expensive materials and labors to manufacure and sell products.

In addition, what is the impact on the financial statements if the ending finished goods inventory is overstated or understated?

Shannon is a juvenile probation officer with the Department of Juvenile Justice. Recently, she covered her coworker, Janet’s client load, while Janet was on vacation.

There are four accepted inventory methods: Specific Unit Cost, Average Cost, FIFO, and LIFO. Unique inventory items are recorded in inventory by the cost of that unit or specific unit cost. Non-unique items use one of the other 3 methods. The average-cost method is: average cost = cost of goods available / number of units available. The first-in, first-out (FIFO) method assigns the first costs into inventory to the first cost of goods sold. The last-in, first-out (LIFO) method assigns the last costs into inventory to the first cost of goods sold. Since inventory costs can vary, companies may choose an inventory method based on tax advantages. When prices are falling, FIFO will have the lowest taxable income. When prices are rising, LIFO has the lowest taxable

| Teddy's Supplies' CEO has asked you to advise him on the facts of the case, and your opinion of their potential liability.  Write a memo to him which states your view of whether the company is exposed to liability on all issues you feel are in play. Include in your memo any laws which apply and any precedential cases either for or against Teddy's case which impact liability. Include your opinion of the "worst case" of damages the company may have to pay to Virginia.

Discuss the ethical dilemmas PMHNPs sometimes find themselves in and name the opposing ethical principles

Accountants are held to a higher ethical standards and they must performed their duties in compliance with standards or ethical values of honesty, integrity, objectivity, due care, confidentiality, which must be fully committed to. They must put clients or public interest first before their own. They must have and ethical values and maintain those values way beyond what the society or the company’s code of ethic. It is important that accountants’ behavior or ethical values is in conformity with the

The predecessor literature about it is Accounting Research Bulletins (ARB) No.43 Chapter 4, paragraph 4 (Issued June, 1953) and Statement of Financial Accounting Standard (FAS) NO.151 Inventory cost- an amendment of ARB No.43, Chapter 4 (Issued November, 2004).

Many ethical guidelines should come to mind when one is considering conducting an experiment. The experiment should allow the researcher to manipulate experimental variables without compromising any of the ethical guidelines. Although all seven principles of the ASA’s Code of Ethics are critical, the principle that would concern me the most when researching human sexuality would be preserving the confidentiality of my test subjects. Confidentiality must exist between the test subject and the researcher so that mutual trust exists between the two and ethical problems do not arise.

The Board is currently proposing a new simplified guidance on the measurement of inventory. The Board suggests that inventory should be measured at the lower of cost and net realizable value, eliminating the old guidance of measuring inventories. The Board defined net realizable value in ASC paragraph 330-10-20 as “Estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” The new guidance should help companies to disclose the measurement of inventory more concisely and reduce the cost to account for them. In addition to that proposal, the Board are also aligning with the measurement of inventory with International Financial Reporting Standard. According to IFRS No. 2, inventories are required to be measured at the lower of cost and net realizable value. IAS No. 2 defined net realizable value as “the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.” This definition is aligning with the definition under

For November, there was an ending inventory of 500 units which led to an operating income of $72,357.03 under absorption costing and a $65,679.68 under variable costing . Due to ending inventory absorbing the fixed overhead cost under absorption costing as opposed to being directly expensed under variable costing, there was a smaller per unit fixed overhead expense under abortion which leads to a higher operating income under absorption costing. However, when the ending inventory decreases as seen in December, operating income was greater under variable costing than absorption costing . This is due to the additional expense of fixed overhead under absorption costing because the beginning inventory in December had prior month’s overhead costs. Under variable costing, the ending inventory did not absorb fixed cost, so this allowed the fixed overhead expense to be lower causing operating income to be higher.