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Ch 15: Ethics in Cost Accounting

About This Chapter

Check out this chapter for a thorough discussions of ethics in cost accounting. Our lessons make it easy to complete homework assignments or prepare for exam questions about accounting standards and ethics.

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

7 Lessons in Chapter 15: Ethics in Cost Accounting
Test your knowledge with a 30-question chapter practice test
The Importance of Ethics in Accounting

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.

Cost Accounting Standards Board: Function & Background

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.

Consistency in Estimating, Accumulating, and Reporting Costs

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.

Consistency in Allocating Costs Incurred for the Same Purpose

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.

The Sarbanes-Oxley Act: Definition and Explanation

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.

Internal Controls in Accounting: Definition, Types & Examples

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.

Ethics of Value Chain Management Techniques

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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