Discussion Question: How can you use the information learned in this course in your current or future career? How information did you find most valuable and why?Ethics Case: Money Laundering SchemeAfter reading the scandal below, share your thoughts about the scandal and what you think the ethical issues in this case are from the perspective of an accountant. Primeaux, E. (2020). Fraud Magazine. https://www.fraud-magazine.com/recap-article19.aspx?id=4295009428 (Links to an external site.) (Links to an external site.) Requirement:Students are required to participate in the discussion forum. Students are required to respond to the discussion question and two others response to earn full points. Students are required to post a minimum of 120 words and post a reference used to substantiate the response to the discussion forum question. The discussion forum responses to others post must be detailed, thorough and have minimum of seventy words. All responses must reflect detail and thorough reflection of the understanding of the chapter and topic assigned.response #1
The information learned in this course serves as a basis for proper accounting. In healthcare and really any business, I know budgeting will be extremely crucial and beneficial. Understanding how to decipher and understand corporate financial statements which include, income statement, statement of equity, balance sheet and statement of cash flows will help in projecting revenue by services provided in a hospital department. Managerial accounting determines the cost of products, services, customers, and other items of interest to managers (Mowen, 2018) in my case the cost of services provided in a hospital such as X-ray costs, Medical costs and so on. The production report will provide me information on services provided in a hospital department and allow me to see the whole picture. Being in healthcare will allow me to practice participative budgeting as there are many stakeholders such as the managers from different departments or directors from different areas.In my opinion money laundering schemes are part of much bigger issue. If a person feels the need to launder money it must come from somewhere whether its drugs or other crimes. This specific case is for such a large amount of money and worrisome that it was actually leaving the US, I feel the authorities should investigate the root cause much more even though the people are charged.response #2
The information learned in this course will help in my future career. In my current career, I do not handle any accounting, and I’m not in management. I now understand what being a manager entails. More importantly, how sales, cost, and production works. I plan to go into human resources management. The most valuable information was decision-making. I see the value in planning and being consistent in my work. Also, this course helps me to understand the value of money. I understand how a business is handled on the financial side.The money-laundering scheme was all about money and preying on others. The romance scheme was to prey on people who want love and need it, to be honest. The business scheme took more finesse because they had to devise emails that resembled the vendors. The ethical issue is the number of people and money that was involved. Money was being spent, sent, and laundered all over the world.