Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

301 > Week 2 Ethics > Flashcards

Week 2 Ethics Flashcards

1
Q

what is ethics?

A

Manner by which we try to live our lives according to a standard of ‘right’ or ‘wrong’ behaviors

how we think and behave toward others and how we would like them to think and behave toward us

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what is moral standards?

A

Principles by which judgments are made about good and bad behavior that are based on:

  • religion
  • culture
  • philosophical beliefs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

sources of belief?

A
  • Family and friends •Ethnic background •Religion
  • School
  • Media
  • Personal role models and mentors
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

morality?

A

Collection of influences built over a person’s lifetime

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

golden rule?

A

Do unto others as you would have them do unto you

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what are the 3 Kolberg’s stages of moral development?

A
  1. preconventional
  2. conventional
  3. principled
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Kohlberg’s Stages of Moral Development

1. preconventional?

A
  • make decisions based on immediate self interest

e. g. take flashdrive home from work as need one and dont want to pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Kohlberg’s Stages of Moral Development

2. conventional?

A
  • make decisions that conform to expections of groups/institutions like family, peers, society
    e. g. think about taking usb but decide against as wouldnt look right
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Kohlberg’s Stages of Moral Development

3. principled?

A
  • made decisions based on self-chosen ethical principles

e. g. dont take usb from work as believe wrong

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

business ethics is?

A

Application of ethical standards to business situations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

2 ways business ethics approached? what is not applicable as?

A

Approachable in two perspectives
• Descriptive - Documentation of what is
happening
• Normative (prescriptive) - Recommendation of what should happen

• Not applicable as a separate set of moral standards or ethical concepts from general ethics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Stakeholder Impact from Unethical Behavior:

stockholder/shareholders?

A
  • false/misleadings financial info on which to base investment decisions
  • loss of stock value
  • cancellation of dividends
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Stakeholder Impact from Unethical Behavior

employees?

A
  • loss of employment

- not enough money to pay severance packages or meet pension obligations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Stakeholder Impact from Unethical Behavior:

customers?

A
  • poor service quality
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Stakeholder Impact from Unethical Behavior:

suppliers/vendor partners?

A
  • delayed payment for delivered goods/services

- unpaid invoices when company declared bankruptcy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Stakeholder Impact from Unethical Behavior:

Federal gov?

A
  • loss of tax revenue

- failure to comply with all relevant legislation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Stakeholder Impact from Unethical Behavior:

Creditors?

A
  • loss of principal and interest payments

- failure to repay debt according to agreed schedule

18
Q

Stakeholder Impact from Unethical Behavior:

Community?

A
  • unemployment of local residents

- economic decline

19
Q

what is code of ethics?

A

Company’s written standards of ethical behavior that are designed to guide managers and employees in making the decisions and choices they face every day

  • Cornerstones of the organization
    • Mission
    • Values
    • Principles
20
Q

what is ethical dilemma?

A

Situation in which there is no obvious right or wrong decision, rather a right or right answer

Recognizing: the type of conflict can lead to the resolution of an ethical dilemma

21
Q

what the types of conflict for ethical dilemma?

A
  • Truth versus loyalty
  • Short term versus long term (financial benefits?)
  • Justice versus mercy (follow instructions or forgive/compromise_
  • Individual versus community (one person suffer for rest?)
22
Q

what are the 3 resolution principles?

A
  1. ends-based (teleological (consequentialist) theories)
  2. rules based (deontological(non-consequentialist) theories)
  3. golden rule/ care based
23
Q

what is ends based?

A

Which decision would provide the greatest good for the greatest number of people?

24
Q

what is rule based?

A

What would happen if everyone made the same decision as you?

25
Q

what is accounting function?

A

Keeps track of all financial transactions by documenting the credits and debits and balancing the accounts at the end of the period

26
Q

what is auditing function?

A

Certification of an organization’s financial statements, or books, as being accurate by an impartial third-party professional

27
Q

internal auditors features?

A
  • professionalism, integrity, efficiency
  • objective assessment of operation
  • provide counsel for improving management
  • suggest ways to reduce cost, increase profit
  • deliver competent consulting, assurance and facilitation services
28
Q

Auditor’s Code of Ethics?

A

• Not falsifying documents
• Not stealing money from the organization
• Not undertaking any other form of fraudulent
activity

29
Q

Ethical Challenges Faced by Internal Auditors?

A

Generally Accepted Accounting Principles (GAAP)

Creative bookkeeping techniques

30
Q

what is Generally Accepted Accounting Principles (GAAP):?

A

Set of standard operating procedures that govern the accounting profession
o Not a set of laws and established legal precedents

31
Q

what is creative bookkeeping techniques?

A 
• Legal to defer receipts from one quarter to the next to manage the tax liability
• Ethical challenges faced
     o Falsifying accounts
    o Underreporting income
    o Overvaluing assets
     o Taking questionable deductions
e.g., Enron and Arthur Andersen.
32
Q

In Australia, management accountants may join?

A

– CPA Australia
– Institute of Chartered Accountants in Australia
– Institute of Public Accountants (formerly NIA)
– Chartered Institute of Management Accountants (CIMA)

33
Q

ethics in accounting?

A
  • Code of Ethics for Professional Accountants

* Fundamental principles of the code

34
Q

what are Code of Ethics for Professional Accountants?

A 
• Integrity : honesty/ truthfulness
• Objectivity: unbias
• Professional behaviour: comply
with laws and regulations
• Competence and Due care:
professional knowledge and skills
• Confidentiality
35
Q

Ethical decision making model

5-step model:

A
  1. identify fact and define ethical issue
  2. identify principles or theoretical frameworks to address issue (e.g. Code of ethics, end-based, rule-based approach)
  3. identify alternative course of action and effect on stakeholder
  4. match alternatives from step 3 to step 2
  5. determine which action to take
36
Q

How organisations can promote ethics?

A
  1. Creating a strong ethical climate
  2. Screening prospective employees
  3. Instituting ethics codes and training programs
  4. Rewarding ethical behaviour: protecting whistle-blowers
37
Q

who is a whistle blower?

A

employee who discovers corporate misconduct and chooses to bring it to attention of others

38
Q

what is internal whistle blowing?

A

employee discovering corporate misconduct and bringing it to attention of supervisor, who then follows established procedure to address it

39
Q

what is external whistle-blowing?

A

when employee discover corporate misconduct and chose to bring attention of law enforcement agencies and/or media

40
Q

When is Whistle-Blowing Ethical?

A
  • when cause harm to public or break law
  • threat of harm
  • employee tries all methods internally first with no action
  • employee has accurate evidence
  • must have valid reasons to belive it will bring good results to company to remedy situation
41
Q

When is Whistle-Blowing Unethical?

A
  • Motivation is the opportunity for financial gain or media attention
  • Employee is carrying out a vendetta against the company
42
Q

How does being good pay off?

A
  • Effect on customers
  • Effect on employees’ work effort
  • Effect on job applicants and employee retention
  • Effect on sales growth
  • Effect on company efficiency
  • Effect on company revenue
  • Effect on share price
  • Effect on profits

301 (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions