Characteristics of The Economic System

Characteristics of The Economic System

Characteristics of The Economic System

Instructions/Descriptions

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Identifying the issue or problem

For example, a situation where an accountant in finance is in a position of enhancing the reported company’s operational results by designing an arrangement of sale-leaseback where assets of the company will be on sale, there will be a recording of gains, all the appropriate pronouncements of accounting are adhered to, and the company will still use its assets. The transaction intention was not to rid off the assets of the company that is unwanted. Still, it was to avoid breaches in agreements of debt-covenant or circumvent the requirements in regulatory.

Does the above action violate the user’s rights of statements in finances to fair representation of information about their finances? Does the above step have the maximization of the stakeholder’s welfare? In the approach, the agents have adopted the schizophrenia moral, which highlights that a better professional in that sense of being an accountant who is effective economically becomes separated from being a professional who is good in that sense of being an ethical accountant (Boyle, 2014).

Virtue ethics, these are theories that are normative ethics that emphasizes the virtues of character, mind, and honesty sense (Schindler, 2018). It includes the way of acquiring virtues, the application of attributes in various life situations, and if they have their basis in a nature that is human for universal.

Articulating briefly the characteristics of the economic system that serves as the setting

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Virtues theory has the following characteristics: justice, we are required to offer fair and equal treatment to all human beings. Fidelity: it requires people to treat those people who are close to them with special care. Self-care: it requires us to take care of ourselves, mentally, affectively, spiritually, and physically. Prudence: a person who is prudent needs to consider fidelity, justice, and self-care (Pryor, 2013).

Laws violated by the business.

The most important strength of ethics that are virtue is overcoming this schizophrenia moral. Ethics is no more a list that is merely on behaviour constraints. In the case of the financial accountant who maximized the profits of the firm, we find out that if she were virtuous enough, she would not have decided to maximize the benefits of the firm against the ethics code constraints. Maximization of the firm profits does not lie under her docket, so this was not her obligation. The managers of the company are not supposed to bestow too much power on financial accountants to an extent they can maximize the profits of the firm.

References

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Boyle, M. (2014). Schizophrenia: A Scientific Delusion? London, England: Routledge.

Pryor, A. (2013). The Prudent Investor’s Guide to Owning Gold. eBookIt.com.

Schindler, S. (2018). Theoretical Virtues in Science: Uncovering Reality through Theory

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