ACT345- group project

Title: Report on the Principles and Rules of Professional Ethics in Cost Accounting Practices

• Introduction:
• Background:
• Principles of Professional Ethics:Integrity:

• Briefly introduce the importance of professional ethics in cost accounting.
• Highlight the role of ethical principles and rules in ensuring integrity, transparency, and accountability in financial reporting.

• Provide an overview of the historical development of professional ethics in accounting.
• Discuss the evolution of ethical standards and their relevance to cost accounting practices.

• Define the principle of integrity in the context of cost accounting.
• Discuss the importance of honest and forthright representation of financial information.Objectivity:

• Explain the significance of maintaining objectivity in cost accounting decisions.
• Provide examples of situations where objectivity may be compromised and the potential consequences.Professional Competence and Due Care:

• Explore the necessity of continuous professional development in cost accounting.
• Discuss the implications of neglecting due care and its impact on decision-making.Confidentiality:

• Address the confidentiality aspect of cost accounting practices.
• Emphasize the need to protect sensitive financial information and the consequences of breaches.Professional Behavior:

• Describe the expectations for professional behavior in cost accounting.
• Discuss the impact of unethical behavior on the reputation of the accounting profession.

ACT 345- Cost Accounting
Fall 2023
Group Project
The project should address the following areas:
The topics have been uploaded in EDUOASIS. Students are asked to form 4 groups. Each group
should have a maximum number of 4 students.
Instruction
a. Size of the report: 500 words , Times New Roman, 12 Font Size, 1.5’ line space.
b. Due date for submission [ at EDUOASIS through Turnitin]: December 1, 2023. The due
date will not be extended.
c. The presentation on the project will be on December 3 to 6, 2023. Each team will get
10 minutes to present the tasks. Absence during the presentation will not get you the
grades allotted for the presentation. The presentation will not be repeated for those who
are absent.
d. Team Members: Students are free to choose the members. The number of members in a
team should be at most four students.
e. Students can refer to the rubric in the assessment booklet for evaluation guidelines and
the syllabus for assessment weights.
Title: Report on the Principles and Rules of Professional Ethics in Cost Accounting Practices
1. Introduction:
•
•
Briefly introduce the importance of professional ethics in cost accounting.
Highlight the role of ethical principles and rules in ensuring integrity, transparency, and
accountability in financial reporting.
2. Background:
•
•
Provide an overview of the historical development of professional ethics in accounting.
Discuss the evolution of ethical standards and their relevance to cost accounting
practices.
3. Principles of Professional Ethics:
a) Integrity:
•
•
Define the principle of integrity in the context of cost accounting.
Discuss the importance of honest and forthright representation of financial information.
b) Objectivity:
•
•
Explain the significance of maintaining objectivity in cost accounting decisions.
Provide examples of situations where objectivity may be compromised and the potential
consequences.
c) Professional Competence and Due Care:
•
•
Explore the necessity of continuous professional development in cost accounting.
Discuss the implications of neglecting due care and its impact on decision-making.
d) Confidentiality:
•
Address the confidentiality aspect of cost accounting practices.
•
Emphasize the need to protect sensitive financial information and the consequences of
breaches.
e) Professional Behavior:
•
•
Describe the expectations for professional behavior in cost accounting.
Discuss the impact of unethical behavior on the reputation of the accounting profession.