Fundamental Accounting
One of the first and most profound principles of accounting is Ethics. As citizens of society, you should realize that ethics and ethical behavior are crucial in your community and the world in general. Ethics are an important feature of civilization.
Reminders of this are always presented to you from the newspapers, television and the internet. How often do you hear or read stories about fraud, misconduct, credit card scams, online marketing scams? What about the elderly who are victims of “rip off” scams or parents who fail to care for or abuse their children? I’m sure you have all heard about political misconduct, government bribery and Wall Street scandals.
Ethics are what is right and wrong, good or bad, or with morals and obligations. They are rules of conduct that guide an individual, profession, organization or governing body. Everybody who is capable of making his or her own decisions is responsible for making moral and ethical decisions. Moral responsibility should be the primary focus of each individual.
The current world economic situation is in trouble largely due to deteriorating ethical behaviors in business and government. Society needs to express concern about ethical conduct in business and recognize that the business community is plagued by ethical problems today. Many banks, insurance companies, and other businesses may need to review and perhaps revise their code of ethics.
In order for society to successfully rise above this current economic crisis, high ethical standards must be put into practice. Ethics is good for business and communities; in fact “Ethics is Good Business”