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How does one behave ethically when faced with financial or other types of pressure? 2 Integrity, Objectivity, and Ethics in Business In June 2009, Bernard L. “Bernie” Madoff was sentenced to 150 years in prison for defrauding thousands of investors in one of the biggest frauds in American history. Madoff’s fraud started several decades earlier when he began a “Ponzi scheme” in his investment management firm, ­Bernard L. Madoff Investment Securities LLC. In a Ponzi scheme, the investment manager uses funds received from new investors to pay a return to existing ­investors, rather than basing investment returns on the fund’s actual performance.

Nature of Business and Accounting Types of Businesses Role of Accounting in Business Role of Ethics in Accounting and Business Opportunities for Accountants Summarize the development of accounting principles and relate them to practice. Generally Accepted Accounting Principles Business Entity Concept Cost Concept EE 1-1 State the accounting equation and define each element of the equation. The Accounting Equation EE 1-2 Describe and illustrate how business transactions can be recorded in terms of the resulting change in the elements of the accounting equation.

20,000 +20,000 Bal. 5,000 20,000 c. +1,350 Bal. 5,000 +1,350 20,000 d. +7,500 Bal. 12,500 1,350 20,000 e. –3,650 Bal. 8,850 1,350 20,000 f. –950 Bal. 7,900 1,350 20,000 g. –800 Bal. 7,900 550 20,000 h. –2,000 Bal. 5,900 550 20,000 Owner’s Equity Accounts Chris Clark, Chris Clark, Fees Wages Rent Supplies Utilities Misc. = Payable + Capital – Drawing + Earned – Exp. – Exp. – Exp. – Exp. – Exp. +25,000 25,000 +1,350 +1,350 25,000 1,350 25,000 +7,500 7,500 1,350 –950 400 25,000 7,500 –2,125 –2,125 –800 –800 25,000 7,500 –2,125 –800 400 400 25,000 25,000 –2,000 –2,000 7,500 –2,125 –800 –800 –800 7,500 –2,125 –800 –800 –450 –450 –275 –275 –450 –275 –450 –275 –450 –275 The four types of transactions affecting owner’s equity are illustrated in Exhibit 5.

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