Exam (elaborations)
Accounting Ethics Exam 1 With 100% Correct And Verified Answers
- Course
- Institution
Accounting Ethics Exam 1 With 100% Correct And Verified Answers
[Show more]
Content preview
Accounting Ethics Exam 1 With 100%Correct And Verified Answers
Which of the following statements best reflect
the ethical obligation of CPAs with respect to
working with outside advertising agencies to
market professional services for the CPA?
A) Prohibit advertising on social media
B) Prohibit statements about the scope of
professional services
C) Make sure that advertising is done
professionally
D) Make sure the agency does not do
anything that would put you in violation of
the ethics rules - Correct Answer-D) Make
sure the agency does not do anything that
would put you in violation of the ethics rules
Kevin Lowe's ethical dilemma in the Eating
Time case can best be described as whether
to:
A) Quit his job because he can't meet the
firm's expected quality of work
B) Date another staff member of the CPA firm
Vendarsol
,C) Inform his supervisor about a lack of
diligence of other staff accountants
D) Devote time on an audit and not charge it
to the job - Correct Answer-D) Devote time on
an audit and not charge it to the job
Explain how an ethical workplace culture can
be best established. - Correct Answer-Teach;
Enforce; Advocate; Model
A difficult choice between two moral
principles that are in conflict with one
another is known as a/an:
A) ethical relativism
B) situational ethics
C) conflict ethics
D) ethical dilemma - Correct Answer-D)
ethical dilemma
Your manager asks you to "cook the books" to
support a loan application at the local bank.
The manager insists it is a one-time request.
What should you do?
Vendarsol
,A) Refuse to go along with the request
B) Go along with the manager's request
C) Inform the audit committee
D) Talk to others in the company to
determine how they handled such situations -
Correct Answer-A) Refuse to go along with
the request
An accountant who blows the whistle on financial wrongdoing by
his/her employer by going outside the entity violates:
A) One's reliability obligation
B) Confidentiality
C) The due care principle
D) Public interest obligation - Correct Answer-B) Confidentiality
Under certain circumstances, internal accountants are eligible to
become Dodd-Frank whistleblowers. Which of the following is not
one of those conditions?
A) The whistleblower has first reported the violation internally and
at least 120 days have passed with no action
B) Disclosure to the SEC is needed to prevent "substantial injury"
to the audit firm
Vendarsol
, C) The whistleblower "reasonably believes" the entity is impeding
investigation of the misconduct
D) Disclosure to the SEC is needed to prevent "substantial injury"
to the financial interest of an entity or its investors - Correct
Answer-B) Disclosure to the SEC is needed to prevent
"substantial injury" to the audit firm
Virtue ethics emphasizes development of good habits of
character. What should be the greatest reward of practicing good
habits of character, according to MacIntyre?
A) Internal rewards
B) Authority of rules
C) External rewards
D) Loyalty from others - Correct Answer-A) Internal rewards
Wanda is faced with an ethical dilemma. She knows her
supervisor, the CFO, wants to accelerate the recoding of revenue
to an earlier period to "make the numbers," but Wanda is
convinced this would violate GAAP. If Wanda reasons at stage 4
of Kohlberg's model she is most likely to:
A) Inform the board of directors of the difference of opinion with
the CFO
B) Consider the interests of the stakeholders but decide based on
what is in her best interests
C) Make a decision based on what is in her own best interests
Vendarsol
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Vendarsol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $24.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now