1. The role of ethics in the accounting profession governs how an accountant performs in any given situation. Ethical behavior for accountants is following approved guidelines, representing themselves truthfully, representing their clients honestly, and not doing anything to cause mistrust between the two. Social responsibility is the ethical framework of an organization or individual to work on behalf of the society. Accountants must compile and prepare financial data that is truthful and accurate so everyone who uses the information may make informed decisions by following all laws and accounting principles.
2. The movie, Catch Me If You Can, is about a young man, Frank Abagnail Jr, who travels around the world to seek an adventure of a lifetime. …show more content…
The banks lost money on fraudulent checks they cashed for Frank.
a. Loss due to Fraud Cash
Pan Am had to pay for the uniforms thank Frank went and got, the money was supposed to come out of his paycheck.
b. Loss due to theft Cash
9. While it was not available during this period, electronic verification could have prevented many of the fraudulent checks. Ciphers could have been used at the time to safeguard checks. During this time, technology was not advanced enough to prevent criminals from creating something so basic as a paper check. Banks would simply have to refuse to cash checks that were not from their customers. This practice is common in today’s economy. Every bank has a fraud department that is responsible for preventing its assets from being exploited; however, the Federal Reserve also creates standards to help protect consumers and financial institutions such as the Check Clearing for the 21st Century Act(or Check21).
10. Frank’s motivation was trying to be someone after watching his father fail in business. He wanted to escape his original life and be something great and important. Many attempts had been made to use his money, professions, and marriage to bring his parents back
2. The movie, Catch Me If You Can, is about a young man, Frank Abagnail Jr, who travels around the world to seek an adventure of a lifetime. …show more content…
The banks lost money on fraudulent checks they cashed for Frank.
a. Loss due to Fraud Cash
Pan Am had to pay for the uniforms thank Frank went and got, the money was supposed to come out of his paycheck.
b. Loss due to theft Cash
9. While it was not available during this period, electronic verification could have prevented many of the fraudulent checks. Ciphers could have been used at the time to safeguard checks. During this time, technology was not advanced enough to prevent criminals from creating something so basic as a paper check. Banks would simply have to refuse to cash checks that were not from their customers. This practice is common in today’s economy. Every bank has a fraud department that is responsible for preventing its assets from being exploited; however, the Federal Reserve also creates standards to help protect consumers and financial institutions such as the Check Clearing for the 21st Century Act(or Check21).
10. Frank’s motivation was trying to be someone after watching his father fail in business. He wanted to escape his original life and be something great and important. Many attempts had been made to use his money, professions, and marriage to bring his parents back