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UMUC ACCT635 homework 1

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UMUC ACCT635 homework 1 Chapter 1: 4. Does the AICPA Code apply to AICPA members who leave a private CPA firm to begin work in industry? 5. Is the AICPA’s Code of Conduct applicable to accountants who are licensed outside the United States? Chapter 2: Legality versus Ethicality 1. Determine whether the following are legal, ethical, both, or neither: a. After graduating from college, you now have the opportunity to work as an unpaid assistant to a famous Hollywood director during the production of his new film. You are excited to accept this opportunity because you will gain invaluable experience and connections in the movie industry. A friend, however, recently questioned whether your unpaid endeavor will violate mini- mum wage or other labor laws. b. A bank headquartered in Dallas, Texas, recently hired three new employees from across the country to join its Real Estate Credit Analysis Department. At the time that the bank hired these employees, it knew that it would retain only one of these employees after “trying them out” for one month. The bank also knew that, under Texas law, employment contracts are terminable at will by an employer. The employees moved to Dallas and signed one-year apartment leases in the expectation that their jobs would be ongoing. c. When new consumer electronic devices are introduced for sale, an investment fund buys one at the earliest possible moment and then has engineers break it open. These engineers then advise the investment fund about the names of the suppliers who provide the component parts. The investment bank uses this information to increase its investments in these supplier companies in anticipation of them reporting greater sales. d. You use a prescription asthma inhaler when asthma attacks impair your breathing. It is against the law for you to share prescription items with others because only doctors can prescribe medicines and direct the use of medical devices. Nonetheless, when a companion recently suffered an asthma attack, you shared your inhaler with her. e. Metered parking spaces in the entertainment district of a Colorado ski resort town have posted signs that only permit “Two hour parking per day.” The purpose of these signs is to give all tourists a reasonable opportunity to dine in the entertainment district, where parking spaces are scarce during the peak ski season. During the past summer, you wanted to eat while watching a soccer match at a sports bar in this district. Because the soccer match was expected to last over two hours, you parked in one space for two hours and then drove your car to park in an adjacent metered parking space for the remainder of the game.

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