Provide a unique and supported response to each of the questions below. You are encouraged to use other sources besides the textbook. In your submission, please write out the question and provide the response directly afterwards.
- What qualities would you expect to see in a “virtuous” accountant?
- Based on your review of ethical theory, what role, if any, does “intention” play in the decision-making process?
- Choose one ethical system (consequentialism, deontology, virtue ethics, or hedonism) and relate how it applies to the duties and responsibilities of an accountant.
- Does the fact that revenue recognized prematurely on financial statements will be earned in future periods lessen the severity of such a violation? What about the responsibility of the perpetrator?
- What are some possible ways to proactively search for revenue-related financial statement fraud schemes?
- Why do you suspect that revenue-related financial statement fraud schemes are most common and inventory-related fraud schemes are next most common?
- Describe how deferred revenue can be misused to overstate earnings.
- Identify two specific changes you would suggest be made to the Frank-Dodd Act based on the current accounting environment.