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Introduction to Financial Accounting- Doc

   

Added on  2021-06-14

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Running head: INTRODUCTION TO FINANCIAL ACCOUNTINGIntroduction to Financial AccountingName of Student:Name of University:Author’s Note:
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INTRODUCTION TO FINANCIAL ACCOUNTING1Table of Contentsa)Overview of the ethical principles...........................................................................................2b)Overview of ethical decisions making models........................................................................2c)Stakeholders involved in the situation and their effect by the ethical issues...........................4d)Ethical Issues...........................................................................................................................4e)Necessary duties as a financial accountant..............................................................................5References........................................................................................................................................7
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INTRODUCTION TO FINANCIAL ACCOUNTING2a)Overview of the ethical principlesAs discussed by Ethics and Icade (2016), the four fundamental ethical principles can beidentified as principle of respect for autonomy, beneficence, non-maleficence and justice.The principle of respect for autonomy states that we are obliged to respect the autonomy ofother individuals with the decisions made by them concerning their lives. This is also seen asprinciple of human dignity and is not seen to interfere with the decisions of competent adultsand positive duty to “empower others for whom we are responsible”. The corollary to thisprinciple is depicted with maintaining honesty in dealings and obligations to retain promises.The principle of beneficence is associated to the obligation which is to bring good in all ouractions. Henceforth, we should take positive steps to prevent any harm. The principle ofNonmaleficence refers to the obligation not to cause harm to others. The corollary principlesare recognised with, situations where we cannot avoid the harm, then we are obligated tominimise the same. Similarly, one should not increase the risk of harm to others. Thecorollary of this principle also states that one should not waste resources which can bebeneficial to others. The combination of beneficence and nonmaleficence shows that eachaction must produce more good than harm. The various depictions made as per the principleof justice is seen with the obligation to provide the others with what they own and deserve. Inpublic life we are obliged to treat all people with fairness, equality and be impartial to them.We are obliged to work for the benefit of those individuals who are unfairly treated(Web.mnstate.edu 2018).b)Overview of ethical decisions making modelsThe ethical decision-making model will be comprising of five main steps to support thefinal ethical action. The five steps include gathering of the facts, determining the ethicalissue, consideration of ethical principles and responsibilities, identify the stakeholdersimpacted and possible solutions for taking the appropriate actions. The initiatives are seen tosupport the final ethical action. The information gathering process of the facts should includequestions such as concern persons who can provide reliable information, current policiesbeing exercised in the meat processing company, facts which are known to oppose theopinions we hold, legal obligations and rights involved. The ethical issues need to be
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