EthicsFinalExamQuestionsfromMidtermExam
QuestionsandAnswers.
The AICPA's Code of Professional Conduct establishes:
a. The rules of conduct for structuring and conducting audits and other attestation
engagements
b. The rules of conduct for conducting audits, but no other forms of attestation
c...
Ethics Final Exam Questions from Midterm Exam
Questions and Answers.
The AICPA's Code of Professional Conduct establishes:
a. The rules of conduct for structuring and conducting audits and other attestation
engagements
b. The rules of conduct for conducting audits, but no other forms of attestation
c. The rules for resolving technical judgments in achieving a fair presentation of financial
statements
d. The normative rules of ethical behavior that guide professional accountants - Correct
Answer d. The normative rules of ethical behavior that guide professional accountants
The IFAC Code of Conduct applies to:
a. All accountants, even if they are not licensed by the IFAC itself
b. All professional accountants who work in industry
c. All professional accountants who work in auditing, including both internal and external
auditing
d. All professional accountants - Correct Answer d. All professional accountants
One hallmark of a profession is:
a. Its members' unrelenting dedication to clients' interests over the countervailing public
interest
b. Its classification as a profession by the U.S. Department of Labor
c. Its members' willingness to cooperate with clients by subordinating their judgments in
deference to clients' desires
d. A member's exercise of independent judgment - Correct Answer d. A member's exercise
of independent judgment
According to the Responsibility Principle of the AICPA's Code of Professional Conduct,
accountants should always:
a. Make sensitive moral judgments
b. Pursue the public interest
, c. Maintain client confidentiality
d. Use the highest degree of care in performing all professional activities - Correct Answer
a. Make sensitive moral judgments
According to the Objectivity and Independence Principle of the AICPA's Code of
Professional Conduct, accountants should always be independent in providing:
a. All professional services
b. All services to their employer
c. All audit services
d. All tax advisory services - Correct Answer c. All audit services
Legal mandates and ethical mandates are:
a. Identical
b. Different, with legal mandates usually imposing higher behavioral requirements than
ethical mandates
c. Different, with ethical mandates usually imposing higher behavioral requirements than
legal mandates
d. Both imposed on professional accountants, with legal mandates typically having
broader application - Correct Answer c. Different, with ethical mandates usually imposing
higher behavioral requirements than legal mandates
Ethical absolutism means that:
a. All cultures share a common set of ethical values
b. Ethical duties are absolute requirements that are, if necessary, imposed by laws
c. Value systems absolutely vary over time as societal views progress
d. A person has an absolute duty to follow ethical principles, even if they diverge from legal
mandates - Correct Answer a. All cultures share a common set of ethical values
Which of the following principles of the AICPA Code of Conduct is not applicable to
accountants employed in a financial reporting capacity at a corporation?
a. Independence
b. Integrity
c. Objectivity
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