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AICPA Ethics Code Exam With 100% Correct And Verified Answers
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AICPA Ethics Code Exam With 100% Correct And Verified Answers
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AICPA Ethics Code Exam With 100%Correct And Verified Answers
Which step in the decision-making model is characterized by
asking the question, "Are these opinions consistent with
applicable professional ethics rules, regulations, and laws?"
A. Recognize ethical issues
B. Gather critical facts
C. Consider the effect on stakeholders
D. Consider rules, regulations, and laws - Correct Answer-D.
Consider rules, regulations, and laws
Step 7 asks this question. You may determine that the greatest
benefit and least amount of harm would likely result if you take a
particular course of action, but if that course of action is
inconsistent with the profession's rules of conduct, you may not
ignore those rules.
Which step in the decision-making model is characterized by
asking the question, "If you had to discuss your decision in
public, would you be concerned about how it reflects on your
ethics"
A. Recognize ethical issues
B. Consider your comfort level
C. Consider the effect on stake holders
D. Consider rules, regulations, and laws - Correct Answer-B.
Consider your comfort level
Step 6 asks you to consider your comfort level. Before you make a
decision about the correct action when facing an ethical issue,
you should ask yourself some questions.
CPAs must follow the rules and standards promulgated by which
body?
Vendarsol
,A. AICPA
B. SEC
C. PCAOB
D. Your state CPA licensing board - Correct Answer-D. Your state
CPA licensing board
State CPA licensing boards are charged with issuing CPA licenses
and overseeing the ethical conduct of CPAs in 55 jurisdictions in
the United States. It is critically important for CPAs to know their
state board's requirements. If you are licensed by more than one
state board, you should familiarize yourself with each state's
requirements.
As a professional CPA, I have the greatest responsibility to serve:
A. My clients
B. My best interest
C. The public's interest
D. My superior's interest - Correct Answer-C. Your primary
responsibility is to serve the public interest.
As a professional CPA, I have a responsibility to maintain and
broaden public confidence by performing all my responsibilities
with:
A. Integrity
B. Speed
C. Agility
D. Perfection - Correct Answer-A. Integrity
Integrity is one of the cornerstones of our profession.
I also must maintain my objectivity, be free of
conflicts of interest, and discharge all of my
responsibilities with due...
A. Respect
B. Care
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, C. Diligence
D. Speed - Correct Answer-B. Care
Due care implies a certain level of quality and
competence in the performance of services.
Bob is a CPA who works as as senior
accountant in a small but diversified financial
services company. Bob works for the parent
company (bank) in a division that makes
business loans. His mother has been offered a
seat on the board of directors of a subsidiary
company that is an investment advisor.
Does Bob's situation cause a significant
threat to Bob's integrity and objectivity
(conflict of interest)?
A. No. The bank and investment advisory firm
are separate and distinct businesses
B. Yes. Directorships of relatives always
result in conflicts of interest
C. Maybe. But more facts should be
considered - Correct Answer-C. Maybe. But
more facts should be considered
We need more information to determine
whether this situation creates a significant
threat to Bob's ability to be objective.
Which factor must be in place for you to
perform services in light of a potential
conflict of interest?
Vendarsol
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