About This Chapter
Ethics in Cost Accounting - Chapter Summary
Most industries adhere to a system of ethics, because such standards ensure that people are treated fairly and that quality control is maintained at all levels. This chapter focuses specifically on the ethics in the field of cost accounting. Each lesson is packed with only the most pertinent information about each of the major concepts in this chapter. Each lesson is also self-contained, so if you only need help on one topic, use the chapter menu to go directly to that lesson. If you complete all the lessons in the chapter, you will have increased your knowledge enough to do the following:
- Describe the necessity of ethics in accounting
- Identify the function of the Cost Accounting Standards Board
- Explain how consistency is maintained when reporting costs and estimating
- Define the standard for consistency in allocating costs for the same purpose
- Elaborate on the purpose of the Sarbanes-Oxley Act
- Point out the different types of internal controls in accounting
- Assess value chain management techniques for implementing ethics
1. The Importance of Ethics in Accounting
Ethics - are they really important in accounting? In this lesson, we will discuss what ethics are and what role they play in accounting; we'll also review a case that is deeply rooted in ethics. In the end, we will decide whether or not ethics are important in accounting.
2. Cost Accounting Standards Board: Function & Background
The Cost Accounting Standards Board develops, delivers, and amends published cost accounting standards as they relate to contracts entered into by the U.S. government. This lesson will discuss their role in the government.
3. Consistency in Estimating, Accumulating, and Reporting Costs
Learn more about Cost Accounting Standard 401, which is outlined in the Federal Acquisition Regulations System within the Code of Federal Regulations. Find out what is compliant when estimating, accumulating, and reporting costs.
4. Consistency in Allocating Costs Incurred for the Same Purpose
In this lesson, you'll learn how to identify direct and indirect costs when reporting contract costs. Learn more about the Cost Accounting Standard (CAS) 402 from the Federal Acquisition Regulations System (FARS) and exemptions to that standard.
5. The Sarbanes-Oxley Act: Definition and Explanation
Government regulations play a major role in corporate financial reporting. In this lesson, you will learn about one of the most important regulations enacted in the last two decades - the Sarbanes-Oxley Act.
6. Internal Controls in Accounting: Definition, Types & Examples
Rules and regulations are a part of everything we do. In this lesson, you will learn about internal controls in accounting. You will learn what they are, why they are important and see examples.
7. Ethics of Value Chain Management Techniques
Today's global economy provides opportunities for value chain optimization, but many techniques may also present an ethical dilemma. This lesson provides an overview of the ethical dilemmas and highlights the key danger areas managers may confront.
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Other chapters within the Accounting 303: Cost Accounting course
- Cost Classifications in Accounting
- Costing Methods & Techniques
- Formulas for Cost Accounting
- Standard Costs in Accounting
- Job Order Cost System in Accounting
- Process Cost System in Accounting
- Activity-Based Costing Overview
- Product & Service Costing
- Budgetary Process
- Cost Behavior Analysis
- Cost-Volume-Profit Analysis Overview
- Cost Estimation
- Service Department & Joint Cost Allocation
- Cost Accounting for Decision Making
- Modern Trends in Accounting
- Required Assignments for Accounting 303
- Studying for Accounting 303