Essay Sample on Business Ethics in Bible

Introduction

The Bible is full of doctrines that deal with business ethics, especially in the accounting and finance fields. Although the Bible was developed in an agricultural society, many of its ideas can be extended to modern business society. In fact, Joseph may have been the first accountant. In Genesis 39:11 it is written, "And it came to pass on a certain day when Joseph went into the house to do his work". Joseph must have been a competent accountant because when he was the official in charge of the entire food supply, he ensured that Egypt survived seven years of drought. In addition to this example, the Bible discusses concepts like accountability, monitoring, budgeting, and confidentiality. Hence, this paper seeks to describe the relationship between biblical concepts to the fields of accounting and finance.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Accountability

Any person charged with the responsibility of managing finances must be accountable for the money (Axtell, Smith, & Tervo, 2017). Various people in the Bible showed accountability. For example, when the Israelites were in the wilderness, Moses recognized the importance of keeping accurate records. The Israelites had contributed various precious metals to the construction of the Tabernacle, and Moses ensured he recorded the total amount of metals used. Keeping correct records is so vital that the Bible listed the quantities of gold, silver, and copper that the Israelites donated and how they were utilized. In particular, in Exodus 38:21-31, the Bible states, "This is the sum of the things of the Tabernacle, the Tabernacle of the Testimony, as they were counted according to the commandment of Moses". Evidently, Moses realized the significance of making a full account of all contributions and commanded others to do a proper audit so that the Israelites would not suspect any metals were stolen (Smith, 2018).

Monitoring

Monitoring the use of resources is a key objective of accounting. It ensures that employers, accountants, and outsiders do not defraud a company or business and that they uphold honesty while dealing with the business's finances (Axtell et al., 2017). In 2 Kings 12, the workmen who had oversight of the house of the Lord were honest while dealing with the money that the King and the high priest, Jehoiada, gave to them. Even in 2 Kings 12:15 the Bible states, "And they did not ask an accounting from the men into whose hand they delivered the money to pay out to the workmen, for they dealt honestly." One can argue that the high priest would have kept accounts if the workers were not honest (Smith, 2018). Thus, the Bible opines that accounting is essential to monitor finances within an entity as well as the dealings of employees (Smith, 2018). Further, in the New Testament, the parable of a rich man and his steward shows that accounting was used as a measuring instrument for performance. When the rich man learned that his steward was misusing and wasting his goods, he asked him for the accounts of his stewardship (Luke 16:2).

Budgeting

According to Axtell et al. (2017), a budget is an estimate of the amount of money that the business will make and the amount that it can spend over a period such as a fiscal year. Successful businesses employ budgets to track their profits and expenditures. Without a clear budget, it is likely that a business would use more money that it already has, which can lead to wastage and bankruptcy or start projects that later stall when money ends. Although the Bible does not use the word budget, it replaces it with stewardship. It recognizes the need for budgeting in Luke 14:28 where it states, "For which of you desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?" Additionally, in Proverbs 27:23 the Bible states, "Know well the conditions of your flocks, and give attention to your herds." The flocks in this verse can be equated to the resources a company has, and the entity can only know about its available resources through its budget. In addition, the Bible expected stewards to manage well since the master of the house anticipated his wealth to grow and his property to be well maintained (Matthew 25:14-30). Joseph was a good steward and he budgeted for Egypt's grain and made it last for the seven years of drought (Genesis 41:39-41).

Confidentiality

A professional accountant should respect the confidentiality of information obtained from professional and business relationships. Hence, he or she should not disclose any such information to third parties without proper authority unless there is a professional right or legal duty to disclose (Axtell et al., 2017). The Bible also teaches people to guard carefully any information entrusted to them. In Proverbs 11:13 it states, "He who goes about as a talebearer reveals secrets, but he who is trustworthy in spirit keeps a thing hidden." Further, in Proverbs 2:11 it states, "Discretion will watch over you and understanding will guard you." Similarly, in 1 Timothy 6:20 it states, "Timothy, guard what has been entrusted to you. Avoid the godless chatter and contradictions of what is falsely called knowledge."

Conclusion

To conclude, it is evident that many of the accounting and finance precepts that are in the application today were in use by the society presented in the Bible. For instance, the rationale of accountability, monitoring, budgeting, and confidentiality exhibited in businesses of the present day was used effectively by key biblical figures such as Joseph and Moses. Hence, there is a great relationship between present accounting and financing and that presented in biblical times.

References

Axtell, J., Smith, M., & Tervo, W. (2017). The advent of accounting in business governance: from ancient scribes to modern practitioners. International Journal of Business Governance and Ethics, 12(1), 21-46.

Bible Gateway. (n.d). Revised Standard Version. Retrieved from https://www.biblegateway.com/versions/Revised-Standard-Version-RSV-Bible/#booklist

Smith, M. (2018). Luca Pacioli: The father of accounting. Available at SSRN 2320658.