About Ethics In Accounting (58a)

10 Questions | Total Attempts: 51

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About Ethics In Accounting (58a)


Questions and Answers
  • 1. 
    Based on your reading of the ABOUT Ethics in Accounting Reading Material (CA-4, given article 1) respond to the following:Ethics and Integrity Standards are based on the following, EXCEPT: 
    • A. 

      Honesty

    • B. 

      Accuracy

    • C. 

      Impartiality

    • D. 

      Objectivity

    • E. 

      There are no clear roles and responsibilities in the group; people just tend to run.

  • 2. 
    Based on your reading of the ABOUT Ethics in Accounting Reading Material (given article 2) respond to the following:Select the word and/or phrase that completes the following statement:Integrity is an important fundamental element of the accounting profession. Integrity requires accountants to be _______________________________ with a client's financial information.
    • A. 

      Honest, accurate and forthright

    • B. 

      Accurate, candid and forthright

    • C. 

      Honest, candid and forthright

    • D. 

      Honest, candid and accurate

    • E. 

      Each member of the relay team has a very defined role and set of responsibilities in order to win the race.

  • 3. 
    Based on your reading of the ABOUT Ethics in Accounting Reading Material (given article 2) respond to the following:Select the word and/or phrase that is NOT part of the statement:Objectivity and independence are important ethical values in the accounting profession. Accountants must remain free ______________________________________________ when conducting accounting services.
    • A. 

      From conflicts of interest

    • B. 

      Disclosing client information

    • C. 

      Questionable business relationships

    • D. 

      All of the above

  • 4. 
    Based on your reading of the ABOUT Ethics in Accounting Reading Material (given article 3) respond to the following:Select the "EFFECTS" discussed in the article:
    • A. 

      Business reputation

    • B. 

      Personal consequences

    • C. 

      Criminal activities

    • D. 

      Usefulness of financial statements

  • 5. 
    Based on your reading of the ABOUT Ethics in Accounting Reading Material (given article 4) respond to the following:Select the choice that reflects the term(s) and/or phrases that complete the following statement (in sequence):New ________ standards require companies to institute ________ ________ systems and assess those systems annually. Companies also are required to provide full disclosure of _______ _______ _____ ____ items in periodic reports. In section ___, the act clearly states the penalties for unethical accountants, which includes fines and imprisonment.
    • A. 

      Disclosure, internal control, off-balance sheet, 802, disclosure

    • B. 

      Disclosure, internal control, off-balance sheet , 802

    • C. 

      Disclosure, off-balance sheet, 802, internal control

  • 6. 
    Based on your reading of the ABOUT Ethics in Accounting Reading Material (given article 5) respond to the following:The IMA notes the following ethical standards in managerial accounting, EXCEPT: 
    • A. 

      Credibility

    • B. 

      Competence

    • C. 

      Confidentiality

    • D. 

      Integrity

    • E. 

      Materiality

  • 7. 
    Based on your reading of the ABOUT Ethics in Accounting Reading Material (given article 6) respond to the following:Select the choice that reflects the term(s) and/or phrases that complete the following statement (in sequence):Ethics refer to the level of honesty you carry into your job. In principle, ethics are _______ and can vary between individuals with opposing views of right and wrong, which is why codes of ethics are created by certain groups to govern themselves. In accounting, there is only one acceptable position -- complete _____ and _____. Never are accountants more tempted to forgo that ultimate ethical duty as when _____ _______ are involved.
    • A. 

      Subjective, trust, honesty, stock accounts

    • B. 

      Objective, trust, honesty, cash accounts

    • C. 

      Subjective, trust, honesty, cash accounts

  • 8. 
    Based on your reading of the ABOUT Ethics in Accounting Reading Material (given article 7) respond to the following:Select the entities discussed in the article that "created the 'Generally Accepted Accounting Principles' that define the ethical practices and principles of accounting that businesses use."
    • A. 

      FASB

    • B. 

      AICPA

    • C. 

      SEC

    • D. 

      GAAP

  • 9. 
    Based on your reading of the ABOUT Ethics in Accounting Reading Material (given article 7) respond to the following:The "separation of functions within the department" is an example of an INTERNAL CONTROL.
    • A. 

      True

    • B. 

      False

  • 10. 
    Generally, ethical behavior applies at all times, in any function in business. 
    • A. 

      True

    • B. 

      False