C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning C H A R A C T E R C O U N T S CHAPTER 1 Accounting Scandals Rock the Financial World.

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C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning C H A R A C T E R C O U N T S CHAPTER 1 Accounting Scandals Rock the Financial World

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning Understanding Business Ethics 68 Research state and national organizations and laws that govern the accounting profession. 70 Identify desirable traits of professionals 71Identify ethical considerations related to technology Chapter 1 SLIDE 2 Identify characteristics of individuals who make good ethical decisions.

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning Chapter 1 SLIDE 3 Accounting Scandals Rock the Financial World Background Entering the 21st century, Enron, WorldCom, and Andersen were three of the most celebrated names in corporate America. But the action of a few individuals forced financial mammoths Enron and WorldCom into bankruptcy. Andersen, once one of the prestigious “Big 5” accounting firms, was forced out of business

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning Chapter 1 SLIDE 4 Accounting Scandals Rock the Financial World Impact These accounting scandals caused hundreds of thousands of employees to lose their jobs and millions of individuals to lose billions of dollars in investment and retirement accounts. The scandals rocked the public’s confidence in the accounting profession and the stock markets.

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning Chapter 1 SLIDE 5 Accounting Scandals Rock the Financial World Ethics The principles of right and wrong that guide an individual in making decisions are called ethics. Business ethics The use of ethics in making business decisions is called business ethics.

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning Chapter 1 SLIDE 6 Accounting Scandals Rock the Financial World Making ethical business decisions is a skill you can learn. Each chapter contains a feature on business ethics. You will explore a model that guides your evaluation of business decisions. You will apply that model to make ethical business decisions. You will be exposed to sources that will enable you to continue learning about business ethics long after you have completed this accounting course.

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning Chapter 1 SLIDE 7 Accounting Scandals Rock the Financial World Instructions Obtain an article that describes an accounting scandal such as Enron, WorldCom, Adelphia, Healthcorp South, or Parmalat. Write a one-paragraph summary that describes what happened and the individuals involved.

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning What is GAAP? GAAP (Generally Accepted Accounting Principles) – the standards and rules that accountants follow while recording and reporting financial activities. Chapter 1 SLIDE 8

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning What is SEC? SEC (Securities and Exchange Commission – by law has the authority to establish GAAP. Chapter 1 SLIDE 9

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning What is FASB? FASB (Financial Accounting Standards Board) was established in 1973, an organization that has the authority to set accounting standards. Chapter 1 SLIDE 10

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning Exit Ticket for Chapter 1 Why are ethics important? What is business ethics? Why is GAAP necessary? What is SEC? What is the responsibility of FASB? Chapter 1 SLIDE 11 Answer the following in a Word Document, SaveAS: Chapter1EthicsYourName and drop a copy in my Inbox today!

C ENTURY 21 A CCOUNTING © South-Western, Cengage Learning Chapter 1 Assignments on Aplia Complete Chapter 1 Study Guide Complete Mastery Problem 1-4 Chapter 1 SLIDE 12