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SS1: FINANCIAL ACCOUNTING - 1ST TERM

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  1. Introduction to Booking Keeping and Accounting | Week 1
    9 Topics
    |
    1 Quiz
  2. Introduction to Books of Account | Week 2
    5 Topics
    |
    1 Quiz
  3. Subsidiary Books of Account I | Week 3
    4 Topics
    |
    1 Quiz
  4. Subsidiary Books of Account II | Week 4
    4 Topics
    |
    1 Quiz
  5. Principles of Double Entry Book Keeping | Week 5
    1 Topic
    |
    1 Quiz
  6. Cash Book | Week 6
    6 Topics
    |
    1 Quiz
  7. Petty Cash Book | Week 7
    1 Topic
    |
    1 Quiz



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Definition of Accounting Ethics:

Accounting ethics is the field of accounting which refers to the guideline consisting of judgment and moral values that a professional needs to follow while practising accounting.

Accounting ethics can also be defined as a set of distinct guidelines needed by a business to maintain a clean balance sheet, accounting for their profit, losses, and expenses incurred and preventing it from mishandling financial reports and the statement must not be “biased”.

Ethics:

Ethics deals with human conduct in relation to what is morally good and bad, right or wrong. It is applicable to values for decision-making. These values include honesty, fairness, responsibility, respect, and compassion.

Qualities of Accounting Ethics:

An Accountant is a person that is responsible for the collection, recording, analysis, and Interpretation of Financial Information. An accountant is a practitioner of accounting that measures, disclosure, or makes the provision of assurance about financial information that helps managers, investors, tax authorities, and others to make decisions about allocating resources.

The following are the qualities of a good accountant:

(i) Integrity
(ii) Objectivity
(iii) Confidentiality
(iv) Transparency
(v) Honesty
(vi) Professional Competence and Due Care  
(vii) Professional Behaviour
(viii) Accuracy

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