Discuss the Importance of Ethics in the Accounting Profession

question 40

Essay

Discuss the importance of ethics in the accounting profession.

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Definitions:

Ultra Vires Act

An action taken by a corporation or its officers that exceeds the powers granted by its charter or law.

Implied Powers

Powers not explicitly stated in the constitution or legal framework but are deemed necessary to implement the expressed powers.

Publicly Traded

describes a company whose shares are bought and sold on stock exchanges, available to general investors.

Securities Markets

Securities markets are financial markets where the trading of securities like stocks and bonds takes place, facilitating equity or debt capital formation and liquidity.