Cpa Exam Questions with 100% Correct Answers | Graded A+
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Course
CPA - Certified Public Accountant
Institution
CPA - Certified Public Accountant
Which of the following is not an attribute of a profession?
A. Extensive education process
B. Existence of a governing body
C. Application of professional scepticism
D. Systematic body of theory and knowledge - C. Application of professional scepticism
Which of the following best describes the...
Cpa Exam Questions with 100% Correct Answers | Graded A+ Which of the following is not an attribute of a profession? A. Extensive education process B. Existence of a gove rning body C. Application of professional scepticism D. Systematic body of theory and knowledge - ✔✔C. Application of professional scepticism Which of the following best describes the 'traditional' or 'functional' view of a professional? I Professionals a re law abiding citizens. II Professionals behave in an ethical and appropriate manner. III Professionals have a significant level of training and competence. IV Professionals apply their skill and judgment in areas of importance. A. I and II only B. II and III only C. I, III and IV only D. II, III and IV only - ✔✔D. II, III and IV only Which of the following is not one of 'the four Es' that form the ideals of the accounting profession as identified by Carnegie and Napier (2010)? A. Expertise B. Education C. Enlightenment D. Entrepreneurship - ✔✔C. Enlightenment Which one of the following is not a perspective of a service ideal? A. Pro bono work B. Community service C. The well -being of society D. The pursuit of excellence - ✔✔A. Pro bono work Which of th e following is not part of the self -regulatory structures of CPA Australia? A. A process to discipline members for misconduct. B. A requirement to have continued professional development. C. Rules relating to the maximum fees to be charged for accounting s ervices. D. Entry requirements relating to minimum qualifications and experience. - ✔✔C. Rules relating to the maximum fees to be charged for accounting services. Which one of the following best describes what makes up the ethos and culture of a profession ? A. Values and norms B. Customs and rituals C. Symbols and traditions D. Values, traditions and rituals - ✔✔A. Values and norms Which of the following statements about the Australian accounting profession's regulation is correct? A. The professional acco unting bodies set their own ethical standards. B. The Financial Reporting Council reports to the Australian Accounting Standards Board. C. Auditors are professionally bound but not legally required to comply with auditing standards. D. The Australian Auditing and Assurance Standards Board reports to the Financial Reporting Council. - ✔✔aasb report to frc auasb report to frc D. The Australian Auditing and Assurance Standards Board reports to the Financial Reporting Council A is incorre ct because the Accounting Professional and Ethics Standards Board (APESB) is responsible for setting professional and ethical standards, not the professional accounting bodies such as CPA Australia. Which of the following is not a part of a multi -level re gulatory framework for quality assurance? p19 A. Monitoring B. Firm regulation C. Standard setting D. Practice reviews - ✔✔A. Monitoring Which one of the following is not traditionally recognised as being an attribute of a profession? A. The service ideal B. Extensive preparatory education C. Substantial financial remuneration D. Application of professional judgment - ✔✔C. Substantial financial remuneration Which one of the following features is not included in the concept of 'service ideal'? A. The efficient and effective use of society's resources B. The provision of accounting -related services as cheaply as possible C. The pursuit of excellence in accounting practice by the individual professional accountant D. The responsibility to behave in a manner that m aintains the good reputation of the profession - ✔✔B. The provision of accounting -related services as cheaply as possible Which one of the following describes the way that accounting interacts with society and organisations? A. Accounting can change socie ty's behaviour through changes in accounting policy. B. Accounting responds to the needs of society and as such reacts to change rather than creating change. C. Accounting is not appropriately placed to make changes in society because accountants are more interested in making money than in seeking what is best for society. D. Accounting involves recording and reporting useful information, and, as such, it should remain impartial and objective and not be concerned about people, organisations and societies. - ✔✔A is correct because accounting policies will in fluence how informa tion is recorded, reported and analysed. This in turn will affect important and significant decisions about resource allocation by a variety of stakeholders including investors, governments, lenders and managers. As such, the way we use and implement account ing influence how societies behave. Which one of the following best describes professional judgment? A. The acquisition of knowledge through a formal educational process B. The ability to diagnose and solve complex, unstructured 'values -based' problems C. Practical experience that ensures the accounting role can be completed in a professional manner D. Problem solving and the ability to apply the right technical solution despite pressure or social ideals - ✔✔B is correct as this description of professional judgment is provided in the materials and attributed to Becker (1982). Which one of the following was an implication for the accounting profession following the collapse of large companies such as Enron, HIH Insurance and Lehman Brothers? A. An increase i n the profession's autonomy B. Increased regulation and greater scrutiny by the regulators C. A tendency for the community to have more faith in the accounting profession D. A further reduction in the number of large accounting firms resulting from a merger process - ✔✔B. Increased regulation and greater scrutiny by the regulators Which of the following is not a way that accounting meets the traditional attributes of a profession? A. Achieving in all circumstances the best outcome for the client B. Establis hing specialist skills and experience supported by a well -founded body of knowledge C. Using professional judgment to diagnose and solve complex, unstructured values -based problems D. Upholding a service ideal in which the reliable quantifying and reportin g the basic facts of economic life serves the public interest - ✔✔A. Achieving in all circumstances the best outcome for the client Which of the following is not relevant to generating value as part of the multi -dimensional role of the professional accoun tant in a mid -sized business? A. Managing risk and measuring performance B. Managing costs through rigorous budgeting and forecasting C. Looking for external opportunities to invest the capital of the business
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