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Ethical Dilemma

   

Added on  2020-09-03

8 Pages2924 Words439 Views
Controversy Essay

Ethical dilemma will happen when a person has to select amongst two unfavourableoptions. It is a complex judgement to make balance between social and in addition economicperformance. This circumstance will arise if there is raise in moral problems which cannot beanswered clearly or simply. It can occur in any field such as law, business or accounting(Braswell, McCarthy and McCarthy, 2017). A case which is identified in above mentioned fields, i.e. improper accounting for sales.There was a firm of three people who are operating their business as accountant. Almost twoyears ago, they were appointed in an organisation as a extrinsic accountants. Company wherethey were assigned, is a fast growing firm. At present, almost 160 staff members are workingwith them. Therefore, it is not mandatory for them to conduct statutory audit. But, if they want itthen, they can do this. Members of partnership firm has an adequate relations with production and salesmanager. Some material was purchased by employer and it was not recorded in the books. Goodswere manufactured and sold out to customers and entries related to sales were also not done inthe books of accounts (Zaman, 2017). Money which is earned through this, used by superior forparty of New year. All this was done without consultant of director of association. Therefore, thiswas entirely wrong in the eyes of law, business and accounting. This mistake is determined byaccountants, but as their relations are very strong with manager of production and salesdepartment. Thus, there is an ethical dilemma in front of them i.e. they have to share about this tohigher authority or not. If they do this, they this will affect their relationship with employers. Butif they don't do this then, they are termed as a dishonest and in addition breaking trust ofmanagement. Finally they decided to share this information with top authority. This will help them tobuild up trust and loyalty. Additionally, it has been found out that they are recording each entryand following all accounting standard in an adequate manner (Antonakakis, Chatziantoniou andFilis, 2017). But if they are sharing this information with any customer or workers then, this willaffect goodwill of enterprise. By doing all this, they are able to protect interest of stakeholders orcustomers. This will also assist enterprise to maintain their profits effectively as well asefficiently.A restaurant, New Street Grill is newly opened in London, which is providing best foodand beverages to their customers at a reasonable price. They are located at the prime location1

which is near to city mall. To improve customer base or attract more clients, it is fundamental formanager of hotel to conduct market research in an adequate manner. For above stated purpose,they need to make an appropriate planning which needs to be follow by them in a systematicway. Company will utilize two methods, i.e. primary and secondary (Coolican, 2017).Firstly, it is required for employer to divide market into some category i.e. age, gender,income and so on. This will aid them to identify needs and wants of people in an effectivemanner. Therefore, they will accomplish their requirements within limited period of time.Furthermore, to acquire recent data and information they will use primary method. This willconsist focus groups, surveys, observation, experiments, interviews and many more. In this,survey and interview, these two are best tool which will be used by manager. They will preparequestionnaire to know about the prerequisite of customer (Williamson and Johanson, 2017).Apart from all this, employer will take assistance of social sites as this is much effectivetechnique which is using by many restaurants in recent time. If they are using primary methodthen, they need more time and fund (Market research methods, 2017).Rather than this, to save time and cost superior will use opt secondary methodology.There are many tools which include in this, like internet, research papers, newspaper, magazineand so on. New Street Grill is newly opened restaurant in UK; thus, they will select anothermethod, i.e. secondary, because it helps them to save finance and time. To run business2Illustration 1: Market research methods(Source: Market research methods, 2017)

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