Why Is It Important to Have a Global Code of Ethics

question 42

Essay

Why is it important to have a Global Code of Ethics for professional accountants around the world? That is, what is such a code trying to accomplish?

Grasp the concept and necessity of adjusting entries in the preparation of accurate financial statements.

Gain knowledge of the use of worksheets in the accounting process for preparing financial statements and adjusting entries.

Understand how to calculate and interpret the effects of accounting adjustments on the adjusted trial balance and financial statements.

Understand the types of funds used in governmental accounting and their purposes.

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Definitions:

Job Involvement

Refers to the degree to which an individual identifies psychologically with his or her job and considers their perceived performance level important to self-worth.

Psychological Identification

A psychological process whereby an individual assimilates an aspect, property, or attribute of another person or group and is transformed, wholly or partially, by the model the other provides.

Organization

A structured group of people with a specific purpose or goal, often characterized by a systematic approach and formalized roles within the context of its operation.

Engagement

The emotional and cognitive connection that employees feel towards their work, often resulting in higher levels of motivation and productivity.