Topic: New Class 2: Generally Accepted Accounting Principles

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Topic: New Class 2: Generally Accepted Accounting Principles


1. You have a friend who tells you that ethics are completely unimportant in business since a number of laws have been set up for us to know the rules of the game. Explain, with examples of unethical behavior noted in the past, why or why not this statement is correct.
2. The U.S. GAAP is based on a set of five principles that form the basis of accounting standards. Identify and explain these fundamental principles, and describe the overall meaning and purpose of each one.
3. Suppose that you just attended a lecture on Time Value of Money. On your way home, you stopped in to get a cup of coffee. One of your classmates, who missed the lecture, joined you for coffee and asked you to explain to them the key concepts of Time Value of Money and how you could use it to solve some of lifes financial problems. What would you tell them?
4. Differentiate the characteristics of common and preferred stocks
Provide one paragraph explaining how you believe the concepts reviewed thus far can have a real impact on management of your personal finances.


New class 2


Institutional Affiliation

Question 1

The statement is incorrect because ethics determines the success of business. First, the knowledge by investors that a company they are dealing with upholds certain morals and principles gives them confidence that their finances are utilized morally. Additionally, it develops customers` confidence in buying their products, as they know their source is unquestionable (Lagan, 2013, p.6). However, if a company fails to have ethics, they result in unethical behavior such as bait and switch in to lure customers into buying their products.

Secondly, employees appreciate a business driven by principles and values. Ethics determines how both employees and their bosses behave, thereby putting them in the same position. These values consequently, reduce employe


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