Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Financial Accounting

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

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Multiple Choice

Why might a brokerage firm choose to create its own set of ethical guidelines?

To avoid compliance with government regulations altogether.

To address specific risks and ethical challenges unique to its operations that may not be fully covered by general industry regulations.

To ensure that employees are not held accountable for unethical behavior.

To eliminate the need for internal controls and audits.

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Verified step by step guidance

Understand the role of ethical guidelines: Ethical guidelines are designed to ensure that a company operates in a manner that aligns with moral principles and industry standards. They help address specific risks and challenges unique to the firm's operations.

Recognize the limitations of general industry regulations: Government regulations provide a broad framework for ethical behavior, but they may not address the unique risks and challenges faced by individual firms. A brokerage firm may encounter specific ethical dilemmas that require tailored guidelines.

Consider the benefits of firm-specific guidelines: By creating its own set of ethical guidelines, a brokerage firm can proactively address areas of concern, such as conflicts of interest, insider trading, or client confidentiality, which may not be fully covered by general regulations.

Understand the importance of accountability: Ethical guidelines ensure that employees are held accountable for their actions and help foster a culture of integrity within the organization. This is crucial for maintaining trust with clients and stakeholders.

Recognize the role of internal controls and audits: Ethical guidelines complement internal controls and audits by providing a framework for ethical decision-making. They do not eliminate the need for these mechanisms but rather enhance their effectiveness in ensuring compliance and ethical behavior.