There have been many scenarios depicted in the expression of business ethics that it is an oxymoron that specifically presents a contradictory term as the business seeks in optimising and maximising gains from its operations. Out of the areas where a business organisation pays a huge emphasis on gaining profits, the situation of ethics indeed implies lots of different bases for these business practices.
Let us take at different ethical dimensions site mapping that Accounting Theory and Practice are based upon.
Consideration of Morals
When examining the ethical values, you need to understand some basic moral considerations which are needed to reflect upon. This indeed involves affecting the attitudes to determine what actually comprises such moral behaviour. The nature of accounting theory determines an understanding of ethics that corresponded the given below topics:
Many people believe in the fact that ethical behavior is determined with the help of moral principles, which are specific means of adhering to a few codes and conduct on how to behave. This actually stands advantageous in your personal as well as professional life. You may also want to know ‘how ethics play a crucial part in professional life’ where you can find everything related to moral and ethical behavior.
Normative Theory of Ethics in Business Accounting
One significant theory known as Utilitarianism plays a significant role today. It states that any action is right when it conforms as per the principle of utility which acts as productive. A particular act is right determines the value of the consequences that result by taking this action.
Purposive explanations are teleological which specifically refers to explaining the scenarios in terms of final causes. Therefore, the following theory believed that moral actions have nothing to do with happiness, instead they arise from a sense of duty. There are two fundamental principles:
- Acting on a principle always led you towards giving rights to everyone else act upon a particular scenario.
- Always be respectful to yourself and others.
Such forms of principles are known as categorical imperative that lays emphasis on the role of accounting theory. These categorical imperatives help in guiding the free human action.
Metaethics is typically related to the study of moral language as well as encompasses the meaning of certainty. This theory was formed when the power of deductive logic came into existence by taking hold of ethical concepts and propositions. It discusses the following set of questions:
- Semantic questions which discusses the meaning of moral terms including concepts of good and right.
- Logical questions that question the validity of moral arguments.
- Ontological questions including the existence of moral facts.
- Epistemological questions that discuss the possibility of moral knowledge.
This theory is widely used in knowing about ethical dimensions that centre around accounting theory and practice. However, there are many similarities between the two above terms, which are accounting theory and accounting practice. Let us look into that as well.
Similarities Between Accounting Theory and Practice
This section vividly talks about similarities between accounting theory and practice. Accounting theory is the major force that helps in examining the practical and theoretical issues prevalent among the various accounting practices which include historical costs, portfolio risks, decision usefulness, executive management compensation as well as earnings, fair value-oriented standards, and much more.
There are many online accounting assignment help services that discuss specific economic and political issues that are limited to accounting practices. These practices elaborate on some common economic and political issues which have been in discussion among large government bodies. The first goal that corresponds to accounting theory is describing and exploring various theories that underline some of the renowned parts of financial accounting and reporting. While the second goal always concerns about explaining and illustrating the relevance of these theories to understand the practical implementation of accounting and reporting.
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