Accounting

Joan serves on the board of the same company that she audits. Which standard has she violated?

Mention the five key principles . Also give two situations in which you will use them.

If you record a financial report wrongly and if you knew about it. Which principle is it?

Assume that the cost per CPA employee to maintain professional competence is as follows:

continuing professional education course, $900; travel, $350; lodging, $135; meals, $75; and lost work time, $480. If the firm has 37 CPA employees, what is the total cost of the commitment to quality work? What is the cost per employee? What is the possible cost of not maintaining professional competence?

What is cost of not maintaining professional competence?

Read the following scenario. Identify and discuss behaviors that you believe might violate the key principles of conduct for accountants.

In your new position as an accounting manager with Triple B Markets, you supervise three staff

accountants: Jennifer, Marcus, and Ing. You become aware of the following situations:

• Jennifer, a new employee, has never worked as an accountant but scored high marks in her college

math classes.

• Marcus often records payments of utilities as assets instead of expenses because he wants to show a higher net income for the business.

• You overheard Ing talking with a friend on the phone about the payroll details of the company.

How is independence different from integrity?

What qualities are involved with the principle of objectivity?

To which key principle do the qualities of knowledge and experience apply?

Keeping a client’s data protected refers to which key principle?

Give the main points of the lesson.