Describe an ethical issue that you might encounter in your business.

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In a 4-6 page, APA format, Times New Roman 12-point font, double-spaced paper, you will
explore the goals and functions of accounting, legal forms of business, and the importance of
ethics in accounting (and business). Keep this Final Assessment, and grading feedback, readily
available. It will be helpful as you prepare the Final Assessment for the capstone course,
Implementing and Monitoring Business Plan.
In order to complete this assignment, you will need to think of a company that you might start.
This could be any company such as a consulting service, restaurant, or a new product. Be
creative, fun, and inspiring. If you have already completed the Managerial Economics course,
please use the same company used for that Final Assessment. If you have not taken Managerial
Economics and plan to in the future, you may use the company created for this assignment for
that upcoming Final Assessment. When considering the company that might interest you in
starting, reflect on how it can help the community, what purpose it would serve, and what you
hope to achieve. The paper will include the following sections:
1 – Introduction: Company Overview. Begin the paper with 1-2 paragraphs, clearly describing
the business, customers, location, industry, and market the business will serve. This section
should create a clear picture of the company, industry, goals, aspirations, and focus of the
business.
2 – Legal Forms of Business: In Objective 3 of this competency, legal forms of business were
presented and discussed. Applying that discussion to this Final Assessment, think of which legal
form your business will be. The next 1-2 paragraphs should focus on the legal form of the
business and rationale for choosing such. This section will include why you choose a sole
proprietor, partnership, S-Corp, C-Corp, or other legal form of business and the reasoning for
choosing such. (You may want to re-visit the Discussion Board post regarding legal forms of
business and ensure all applicable Tutorial Faculty comments are included.)
3 – Goals and Functions of Accounting: The following 2-4 paragraphs will discuss the goals
and functions of accounting. Look back at the first part of the competency to help identify the
value of accounting and how it will be used in your company of choice. This section should
include comments about the importance and value of accounting, especially in start-up
businesses. This section should include at least two external sources to support your perspective
and analysis.
4 – Main Financial Statements: The following 2-4 paragraphs will identify the four main
financial statements (as mentioned in the second part of the competency) and how they will be
used in making business decisions for the company both internally and externally. This section
should include how the financial statements might be used such as to acquire a bank loan,
presented to investors, for projections, and other financial and/or operational decisions. In other
Final Assessment: Outline and Rubric 2
Fundamentals of Accounting Final Assessment: Outline and Rubric
words, how will these financial statements be used in your business to make financial decisions
and which ones do you feel that you will use most often?
5 – Ethics in Accounting: The next 2-4 paragraphs will address ethics in accounting. Describe
an ethical issue that you might encounter in your business. Explain how an employee might
behave ethically, or unethically in that situation and how you would handle the situation. An
example would be, suppose you have hired sales staff and have included bonuses attached to
their sales volume, as an incentive and bonus to their compensation. As such, sales staff could
misrepresent numbers for their benefit and/or the accounting staff could revise numbers to
achieve, or not achieve, sales revenue. The inflated sales would appear that the sales staff should
receive a larger bonus. This section would identify how you would handle unethical behavior in
terms of the sales staff misrepresenting their sales volume to achieve more compensation, or the
accounting staff misrepresenting sales revenue. Comment on how you will ensure your staff does
not misrepresent numbers to achieve their own interests and which safeguards you might
implement to ensure compliance and discourage unethical behavior.






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