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Ethics in Accounting A Decision Making Approach 1st edition Gordon Klein - Solutions
While standing on a pedestrian bridge above trolley tracks, you notice that a runaway trolley will kill five people if the trolley continues unimpeded on its present course. A fat man next to you is leaning slightly over the side railing of the pedestrian bridge. If you push the fat man onto the
Five teenagers with a rare disease are hospitalized and will die unless they receive organ transplants today. A healthy teenager visits the hospital for a health checkup and has routine tests. The test results reveal that the healthy teenager's organs can successfully save the five dying teenagers.
The Hippocratic Oath that doctors adhere to often is interpreted to say, "First do no harm." Is this oath consistent with deontology, utilitarianism, or both?
As the Assistant Controller, you have struggled to balance the books at the hospital where you work. Your employer is a tax-exempt, nonprofit hospital that has a superb emergency room and offers free preventative health care to the low-income community it serves. However, by caring for a large
In 2014, Brendan Eich, the CEO of the Mozilla web browser organization, was fired from his job when it was discovered that he had donated $1,000 to a political campaign in favor of a California ballot initiative to ban same-sex marriage. Several groups favoring gay rights threatened to boycott
X is an ill-tempered man who did not commit a crime and does not want to go to prison. Y, a mild-mannered taxi cab driver, did commit the crime, but he also does not want to go to prison. Ten people believe that X, the innocent man, committed a crime and are very afraid of him. These same ten
In the late 1800s, three individuals were shipwrecked and stranded in the ocean. To survive, they decided to kill the weakest member of the ship's crew, eating his flesh and drinking his blood. If they had not done so, all four passengers on the ship, including the one who was killed, would have
The deontology concept of the Categorical Imperative implies that certain duties are never subject to exceptions. Can you think of a situation in which it would be ethical to make an exception to the following duties? • The duty to always be truthful • The duty to never harm or kill another
Is privacy an inalienable right that cannot be trampled upon or sold? Have you ever, in effect, sold your privacy rights in return for economic consideration?
On a well-known website, a middle-aged accountant posted a photo of herself. The photo was about 6 years old and was far more flattering than her appearance. Was the posting of this photo ethical?
The following problem is provocative and potentially controversial. However, by triggering a strong emotional response of disgust, it helps students realize that they often make decisions out of gut feeling rather than out of rational thought: The county coroner just finished performing an autopsy
A recent study shows that recent female medical school graduates earn 13% less, on average, than recent male medical school graduates. a. Is this consistent with Aristotle's philosophy of distributive justice? b. Why do you think that this pay differential exists?
Many hotels post a sign in guestrooms that says, "As our contribution to the environment, we ordinarily do not wash bed sheets or towels daily. If you would like us to do so, please leave these washable items on the floor. Thank you for helping the environment." Is this a commendable act of
During the summer, a large technology corporation located in a rural community provides funding for a free concert series. The concerts present varied genres of live music and are presented in a city park near the company's headquarters. Is this an act of corporate social responsibility?
Before creating Berkshire Hathaway's "owner-directed" policy of social responsibility, Berkshire Hathaway requested an IRS ruling that its decision to empower shareholders would not result in them incurring a tax bill. Can you discern why Berkshire Hathaway had these concerns?
In the aftermath of an earthquake in Chile, a large wireless phone company did not charge people for two weeks to make phone calls. This allowed customers in affected regions to let their loved ones know that they are safe. a. Was this an act of corporate social responsibility? b. A few days
What pro bono activities commonly are engaged in by members of the medical and legal professions? Can you identify opportunities for accountants and businesspeople to perform pro bono activities in your community?
When law-abiding citizens purchase a gun, they customarily are required to obtain a gun permit. Consequently, the names and addresses of people who possess guns are available in public records. A group opposed to gun ownership disseminated on its website the names and addresses of people in a
The SEC historically has only required companies to disclose information that is "material to a reasonable investor." Assume that Intel's disclosure of the sources of its conflict mineral supplies does not affect any of its financial results numerically. Do you consider its use or nonuse of
When a business engages in corporate social responsibility, it hopes to engender greater goodwill among its various stakeholders. a. How are these expenditures accounted for? b. If the resulting goodwill was capitalized under GAAP, do you believe that acts of corporate social responsibility would
Should the SEC require publicly traded corporations to disclose their annual expenditures on corporate social responsibility? How do think that requiring such disclosures would affect the companie's stock price and, more broadly, the allocation of capital in financial markets?
Two wealthy individuals each invested $1 million in productive assets. The first investor purchased real estate that generated net rental income of $80,000. The second investor bought stock in a start-up company that generated net long-term capital gains of $80,000. Under the Internal Revenue Code,
While performing an inventory count at a medical supply company, an auditor observed that waste from radioactive isotopes produced at that facility appeared to be leaking into the surrounding soil. The auditor was concerned that these leaks might affect the underground water supplied in the
As a student, you have the opportunity to work in the Volunteer Income Tax Assistance Program, commonly known as VITA. VITA volunteers principally prepare tax returns for indigent taxpayers, free of charge. Is working for VITA an act of social responsibility?
"I focused on...green glass used for wine bottles. Glass is heavy and inert...The commodity that glass can be ground into, called 'cullet,' just isn't very valuable. The alternative to recycling green glass is to use virgin materials-sand-and add the chemical compounds and color required. A cubic
Truett Cathy, founder of the Chick-fil-A restaurant chain, wasa devout Christian who maintained a policy of keeping his restaurants closed on Sundays so his employees can spend more time with their families. Chick-fil-A generates revenues of about $6 billion per year. As a result, being closed on
According to popular folklore, Robin Hood and his band of merry men "robbed from the rich to give to the poor." a. Would utilitarians approve of Robin Hood's actions? b. Would supporters of Rawls' theory of justice approve of Robin Hood's actions? c. Is Robin Hood a believer in egoism? d. Would
In your role as an internal auditor for a car manufacturer, you discovered that your employer can produce a car engine that will get 8 more miles per gallon than the existing engine. However, the cost of producing this car engine would be an additional $3,000 per car. Assume that a typical driver
Was philosopher Rawls more concerned with the relative well-being of the less fortunate compared to the more fortunate, or was he more concerned with the absolute well-being of the less fortunate?
A coal producer in West Virginia pays its Chief Executive Officer more than 100 times the amount that it pays a typical coal miner. The CEO works in an air-conditioned office that overlooks a majestic river. The CEO also travels frequently on business to Europe in a private jet. The coal miners, in
A company has a diverse workforce that principally is comprised of African-Americans and Asian-Americans. According to actuarial statistics, its African-American employees will live 7 years post-retirement, while its Asian-American employees will live 12 years post-retirement. All employees receive
Two unmarried individuals, Albert and Benita, each earn an Adjusted Gross Income of $100,000 for tax purposes. Their personal and professional activities are fundamentally identical. In each of the following independent cases, decide whether the pairs are "equals" who should pay the same amount of
Did you ever shoplift when you were a child? If so, was your decision to shoplift consistent with the Becker's Rational Model?
A well-known brand of home insulation materials is pink in color. This company spends millions of dollars each year on advertising that depicts the Pink Panther cartoon character and emphasizes the pink color of its product. You recently started manufacturing a similar home insulation product.
All products for cleaning windows use a slightly acidic solution that contains ammonia. One of the well-known brands of glass cleaning products uses this same solution. To make it more appealing, it also contains a lemon scent and is yellow. You have decided to manufacture a glass cleaning product
Active Telecom, a major cell phone manufacturer, recently released a new model of its highly successful brand of cell phones. Your client, a competing cell phone maker, immediately broke open one of these new models to see how the components are arranged and integrated together. a. Your client
In Las Vegas casinos, people ordinarily convert their money into chips before placing bets at the gaming tables. Of course, chips have certain advantages over money, from the casinos' perspective, because they are easily stacked up, and their vivid colors make them more readily identifiable than
Two taxpayers each have had $6,000 of income taxes withheld from their wages during the year. After preparing draft versions of their tax returns, the first taxpayer tentatively has a tax liability of $5,900, and the second taxpayer tentatively has a tax liability of $6,100. Taxpayers receive a
The IRS usually announces its biggest criminal indictment for the year during the month of March. Why do you think that this occurs?
During 2014, investigations discovered that managers of hospitals serving military veterans, called VA Hospitals, were maintaining secret waiting lists of patients trying to get appointments. These lists were kept secret because managers were rewarded with bonuses if the official waiting list was
"Moose" McMonster, a large but slow defensive football linebacker, was guarding a fast wide receiver. When "Moose" saw that the receiver was highly likely to run past him and catch a touchdown pass, "Moose" deliberately impeded the receiver's path by grabbing his arm. The referee imposed a standard
Few who have seen the vivid video images of the 9/11 attack on the World Trade Center can forget these images. Images of the two planes crashing into the World Trade Center still permeate many Americans' memories. In addition, images of people jumping to their certain deaths out of the windows of
A criminal has taken five of your neighbors as hostages and has threatened to kill them unless five of his compatriots serving time for murder are released from prison. He has already shot one of the hostages in the leg. If the five compatriots are let free, authorities estimate that they will
Have you ever cheated on an exam, course project, or course assignment in college? a. Are you more likely, less likely, or equally likely to cheat on an exam in a course in which grades are "curved" or a course in which they are not "curved?" Why? b. If you successfully cheat on an exam and the
According to the IRS, about 17% of income goes unreported each year for tax purposes. Does the Issue-Contingent Model of moral intensity give you any insights into why cheating on income taxes is so commonplace?
Before exiting a restaurant, it is customary to leave a tip equal to about 15% of the price of your meal. Although patrons are not legally required to leave a tip, virtually all customers do so. A traveler was driving through a town and never intended to visit a particular restaurant again.
After finding a lost purse, you kept a small portion of the money in the purse, but not all of it, before returning the purse to its rightful owner. No one noticed you finding the purse, so no one would have ever discovered that you had possession of this lost purse. Was your behavior consistent
When you found a lost purse, several of your work colleagues noticed that you found it. You took the purse to your office, closed the door, and took a small portion of the money in the purse, but not all of it. Then, you returned the purse to its rightful owner. Is this behavior consistent with
For many years, the IRS would select 50,000 tax returns at random for audit and demand that taxpayers meticulously substantiate every line item on their tax returns. This program was called the Taxpayer Compliance Measurement Program, but it currently is not in use. Would you expect this program to
Professional athletes who use performance-enhancing drugs often are punished by the sports leagues that govern their conduct. A commentator stated that, "People should stop ranting about players using performance-enhancing drugs. The fans get to see players hit balls farther, run faster, and jump
Have you ever knowingly worn a counterfeit version of a famous brand-name item? If so, did your action cause any harm to the company that produces goods bearing that brand name? Did it cause any harm to you?
Yelp's Code of Business Conduct and Ethics states that employees should not "solicit contributions for any charity or political candidate from any person or entity that does business or seeks to do business with us." Why is this prohibited?
After cracking your tooth on a popcorn kernel, you called your dentist's office. After explaining that your pain was excruciating, you were told by the front desk receptionist that you "could get fit in immediately" by giving the receptionist "an extra $50 in cash...discreetly." Otherwise, the next
A retail store carries goods from two small beverage manufacturers. The owner of the store has asked you to pay a flat $100 "supplemental fee" weekly to be featured prominently by the checkout aisle. Is this "supplemental fee" ethical?
An accountant performs bookkeeping services for a trust fund. When the manager of the trust fund decided to change brokerage firms, the accountant recommended that the client shift to a particular stock brokerage. The stock brokerage agreed to give the accountant a one-time fee equal to 1% of the
Section 5061(a) of California's Business and Professions Code states that "a person engaged in the practice of public accountancy shall not ... pay a fee or commission to obtain a client." You are a young CPA who wants to purchase the professional practice of a CPA located in California who is
In the accounting profession, what is the key difference between a referral fee and a commission?
An auditor's husband is recovering from emergency surgery after being severely injured in a car accident. One of the auditor's longstanding clients sent a $180 gift basket of cheese, crackers, and dried fruits to her home. Does she continue to maintain her independence to audit this client?
Your client is vigorously challenging the IRS's determination of your client's stock cost basis that resulted from its recent stock-for-stock acquisition of another company. Your client's claim is being decided within the IRS internal appeals process, not by a court. The IRS will conclude that
Your former employer currently is being sued by its customer Brozdang, Inc. for selling it defective merchandise. Brozdang is a publicly traded corporation. You worked as a staff accountant for your former employer for about one year, but quit a few months ago because you thought that he was a
Your company is bidding against another company to sell multi-billion dollar industrial equipment to the country of Brazil. The other company is a state-owned enterprise that is owned by a country run by a ruthless dictator. This dictator regularly mutilates and tortures citizens who disagree with
During the course of serving on an audit engagement team, you discovered that your client last year recorded the receipt of cash as a sale rather than as a loan. As a result, the company's revenues and profits were overstated. You expect the company to eventually issue a "prior-year accounting
When you told your former college roommate that you were about to work as a staff auditor on the Engagamatic, Inc. account, your buddy said you half-jokingly, "tell me if you learn anything cool there because I am about to sell all my holdings in that company so I can pay for grad school."
Many high-level executives buy or sell their own company's stock immediately after the company announces quarterly earnings to avoid the appearance that they are trading based on confidential, nonpublic information. Is it possible for a company executive to have material, nonpublic information one
A call option effectively is a bet that a company's stock is going to increase in value by the date specified in the call option agreement. Call options often can be purchased for a small amount and can yield a large profit if a stock rapidly appreciates in value. Do the insider trading rules
A put option can effectively be viewed as a "bet" that a stock's price is going to fall. After the September 11, 2001 attack on the World Trade Center, the FBI observed unusual trading activity in put options on certain airline stocks. The investors in these options made large profits from
A psychiatrist had a patient who was struggling with the emotional fallout from discord in her marriage. During a consultation with her psychiatrist, she mentioned that her husband, a top executive, was very busy preparing for a major corporate takeover of a target company. Anticipating that the
The owner of Giuseppi's Italian Restaurant willingly sells its delicious, but expensive, strawberry cheesecake for half-price after 10 p.m. because he will have to throw it away as stale if it remains unsold. Food servers are instructed to offer cheesecake to customers at full price. If they
Prior to its demise, Countrywide Mortgage was one of the largest mortgage originators and loan servicers in the United States. Its top executive, Angelo Mozilo, offered mortgage loans to key government officials and Congressmen at rates that were lower than the rates charged on identical loans to
In sports gambling, when a superior opponent is clearly favored to defeat a weaker opponent, bettors often add or subtract a "point spread" to equalize a bet. For example, if Team A is favored to beat Team B by 7 points, a bettor can take "Team B Plus Seven" or "Team B Minus Seven." "Point
Your company wants to close a major sale to the government of Ireland. A key Irish official involved in the purchasing process has told you that he would "look very favorably" upon your company if it makes a donation to a charity that provides psychological counseling to abused children.a. Would it
You and your father run a small pottery business that exports flower pots and planters to Asia. Your company's sales were only $3 million this year and your profits were less than $100,000. You try to behave ethically, but the Head of Purchasing for your biggest product distributor just told that
You work in the accounting department of a defense contractor. It manufactures guns and munitions. You have learned that the CEO of the company, after sending Requests for Proposals to prospective suppliers, has been "strongly suggesting" that these suppliers make payments to various third parties.
The purchasing representative for your company has a daughter who participates in a local Girl Scout troop. Determine whether each of the following are appropriate: a. The purchasing representative asks suppliers if they would like to buy cookies from her daughter b. The purchasing representative
Two applicants have applied for one space in an elite graduate program. Candidate X has the best qualifications, but Candidate Y comes from a wealthy family. The university can reasonably expect Candidate Y's family to make generous donations to the university if Y is admitted to this elite
An investment bank based in the United States wishes to be selected by the government of an economically underdeveloped foreign country to issue government-backed bonds to the American investing public. To assist in its marketing efforts, the investment bank recently hired the daughter of a key
An acquirer recently purchased a software design firm that has a wonderful reputation and skilled workforce. The acquirer paid a lump sum to buy the entire company. The software firm's two main assets are its patents and its goodwill. The acquirer dishonestly wants to boost its reported near-term
In order to continue to qualify for low-cost government-provided financing, your company must maintain a debt-to-equity ratio of less than 3 to 1 at the end of each calendar quarter. When you recently noticed that the company's debts are too high to achieve the required debt-to-equity ratio, your
Assume that your top marginal tax rate increased from 15% last year to 35% this year. Are you now more likely, or less likely, to claim fraudulent deductions on your tax return? Does the reasons that your tax rate increased influence your answer to this question?
Just before filing a tax return, Person A has determined that she owes the IRS $700 on April 15. Similarly, Person B has determined that she is entitled to receive a tax refund of $700. Which of these two people is more likely to knowingly claim a tax deduction that they don't deserve?
Joe Bettalia, a general contractor, has struggled in recent years due to a downturn in the construction market in his region of the country. During the past two years, Joe has failed to file tax returns. He now has come to your office and asked you to prepare his tax return for the current year.
While preparing a tax return for a gentleman named Tafoya, he surprised you when he told you that he is a "Paid Assassin" and that you should, accordingly, enter that phrase on the "Type of Business" line on his schedule of proprietorship income. When you asked him if he was joking, he told you
As the newest member of your company's Budgeting and Forecasting Division, you try to be respectful and helpful to all of your colleagues. When you complimented your supervisor Sarah on her tan, she said, "thanks, but it was a tough business trip to Phoenix. A crazy amount of work got done." Then,
Xerox Corporation sells, leases, and repairs photocopying machines to business customers. When a customer acquires a photocopying machine, it usually makes monthly payments over a 3-year period. These payments provide the customer with the use of the machine, the financing benefit of not having to
Krispy Kreme Doughnut, Inc. sells donuts through its network of stores owned and operated by independent franchisees. Franchisees criticized Krispy Kreme's former CEO Scott Livengood for forcing companies with which Krispy Kreme did business to contribute $500,000 to sponsor a "storytelling
Which element of the fraud triangle corresponds to each of the following items? State Incentives and Pressures, Opportunities, Attitudes and Rationalizations, or None. a. A company pays its top executives bonuses if the company's stock outperforms the annual returns of the Standard and Poor's 500
A cellular service provider gives customers a "free" cell phone if they sign a two-year service contract. You are a state tax auditor. The provider records income on this sale by pro rating the sales price on a straight-line basis over the period of the service contract. Do you have any concerns
Xinkwabbly, a privately held software company, was started by a brilliant software programmer six years ago. The founder remained the sole shareholder of Xinkwabbly at all times. When Acquiro, Inc, purchased this privately held software company, Acquiro bought all of its outstanding stock and
Spudville Co. has held land in Idaho for decades. Over time, Spudville appreciated in value from $3 million to $10 million. Spudville decided to sell this land to Idaho Private Equity Investors, Inc. and rent it back by signing a 40-year lease. Investors applauded Spudville for realizing such a
What is a side agreement? Should side agreements be legally enforceable?
A company sold merchandise to a wholesaler for $4 million. In a side agreement, it agreed to reimburse the wholesaler for any lost gross profit if it was unable to resell these goods for at least an 80% markup on cost. In the industry, the usual average markup is about 65% on cost. In the
A dentist offers an in-office teeth brightening service for a cash fee of $500. As part of this offer, the dentist will provide patients with a home teeth brightening kit that uses a special professional-grade bleaching solution. Patients receive a tube of this bleaching solution at no additional
Backdato, Inc. is a start-up company with low profits and a history of operating losses. It compensates its top executives, in part, by giving them shares of company stock in the month of January, after the prior year's financial results are known. For tax and financial reporting purposes, assume
During late-night tax preparation sessions at work, one of your male colleagues talks incessantly about how his gay-dar alerts him to which of your colleagues is gay. He also makes degrading comments about women frequently and talks about how all women "can be bought with a cheap shot of tequila."
A partner at a major CPA firm once confided that "it's simple...we like to hire pretty women. Our clients generally are middle-aged men and they enjoy being around pretty women." a. Did this partner admit to a discreditable act? b. Would your answer be the same if the partner simply had said that
A CPA owns a car rental agency. She is will only rent cars to individuals who are age 25 or older. A recent college graduate who works as an accountant who works for a major corporation attempted to rent a car from this agency, but was turned down because of his age. Has the CPA who owns this car
A CPA firm has a policy of mandatory retirement as of January 1 for "all general partners who reached the age of 60 during the preceding calendar year." On January 1, each such retiring partner receives a cash payment equal to his or her share of the partnership's owners' equity. Does this CPA
While working as a new employee at the Defense Contracting Audit Agency, you noticed that a fellow employee was studying intensely for the Financial Accounting section of the CPA Exam. You planned to sit for that exam section in two months, and your colleague was sitting for that exam section next
A former client has demanded that you "turn over everything immediately" relating to a client engagement that ended two months ago. The client has paid all outstanding fees. Do you have a duty to "turn over everything"?
A former client has demanded that you "turn over everything immediately" relating to a client engagement that ended one year ago. You previously did so at no charge, but the client sustained a fire loss and has requested that you "turn over everything immediately" again. The client has paid all of
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