Exam (elaborations)
AICPA FINAL EXAM QUESTIONS AND ANSWERS
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AICPA FINAL EXAM QUESTIONS AND ANSWERS
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AICPA FINAL EXAM QUESTIONS AND ANSWERSThe Principles state that a member has responsibility to colleagues, to clients and to the
profession. - Answers -(False)
Rules are the cornerstone of ethical behavior. - Answers -(False)
In performing an attest engagement, a member should only rely on the AICPA rules of
conduct regarding independence. - Answers -(False)
The principles apply the rules of conduct and interpretations to particular circumstances.
- Answers -(False)
Professional services include all services performed by a member in private practice. -
Answers -(False)
The code, interpretations and rulings are not designed to impact your behavior. -
Answers -(False)
PCAOB was created by the Sarbanes-Oxley Act of 2002. - Answers -(True)
The AICPA Code of Professional Conduct provides assurance to clients and to the
public that the professional intends to maintain high standards. - Answers -(True)
The AICPA bylaws require that members adhere to the rules in the Code. - Answers -
(True)
Members not in public practice must maintain the appearance of independence. -
Answers -(False)
AICPA Interpretations limit the scope and application of the rules. - Answers -(False)
AICPA Code of Professional Conduct begins with a preface that applies to all members.
- Answers -(True)
Ethics Rulings summarize the application of Rules of Conduct and Interpretations to a
particular set of factual circumstances and AICPA members cannot depart from such
rulings. - Answers -(False)
Under the Rules of Professional Conduct promulgated under the Texas Public
Accountancy Act, all of the rules of professional conduct shall apply to and must be
observed by a certificate or registration holder engaged in the client practice of public
accountancy. - Answers -(True)
The Public Interest principle of the AICPA Code of Conduct highlights the
responsibilities of members to serve the client. - Answers -(False)
, Members would be violating the Integrity principle if they have inadvertent errors and
have honest differences of opinion while performing their duties. - Answers -(False)
The principles are positive statements of responsibility that provide the framework for
the rules which govern performance. - Answers -(True)
Under the Due Care Principle members should observe the profession's technical and
ethical standards. - Answers -(True)
The State society of CPAs has authority to suspend or remove a CPA's license to
practice in that state. - Answers -(False)
CPAs who practice in public accounting are required to be members of AICPA. -
Answers -False)
The AICPA's Code of Professional Conduct contains principles, rules, interpretations,
and rulings. - Answers -(False)
The AICPA Rules of Conduct apply to all professional services performed. - Answers -
(False)
A member who has the authority but fails to correct financial statements or records that
are known to be false or misleading violates the Integrity and Objectivity Rule to the
same extent as a member who knowingly makes false or misleading entries. - Answers
-(True)
A member in business does not violate the Integrity and Objectivity Rule by accepting a
laptop computer from a vendor as a token of appreciation for the work the member's
company has provided his company. - Answers -(False)
A member in business would not be in violation of the Integrity and Objectivity Rule if
they were directed by their supervisor to record misleading entries in an entity's financial
records but at the time did not know the entries were misleading. - Answers -(True)
A member in public practice may serve as a director or officer of a consumer credit
company that purchases installment sales contracts from retailers and receives
payments from consumers, as long as he or she does not audit the company or
participate in matters that might involve a conflict of interest - Answers -.(true)
The SEC prohibits auditors from being a broker-dealer. - Answers -(True)
If there is a difference of opinion between a member in business and his supervisor over
accounting entries he believes are misleading , the member should discontinue his
relationship with his employer immediately. - Answers -(False)
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