100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Accounting Ethics Final Exam Review With 100% Correct And Verified Answers $20.49   Add to cart

Exam (elaborations)

Accounting Ethics Final Exam Review With 100% Correct And Verified Answers

 7 views  0 purchase
  • Course
  • Accounting Ethics
  • Institution
  • Accounting Ethics

Accounting Ethics Final Exam Review With 100% Correct And Verified Answers IMA (Institute of Management Accountants) Principles - Correct Answer-1. Honesty 2. Fairness 3. Objectivity 4. Responsibility IMA (Institute of Management Accountants) Standards - Correct Answer-1. Competence 2. Con...

[Show more]

Preview 4 out of 36  pages

  • September 16, 2024
  • 36
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Accounting Ethics
  • Accounting Ethics
avatar-seller
Vendarsol
Accounting Ethics Final Exam Review With
100% Correct And Verified Answers
IMA (Institute of Management Accountants) Principles -
Correct Answer-1. Honesty
2. Fairness
3. Objectivity
4. Responsibility

IMA (Institute of Management Accountants) Standards -
Correct Answer-1. Competence
2. Confidentiality
3. Integrity
4. Credibility

Competence - Correct Answer-1) Professional duties in
compliance with laws and standards
2) Professional expertise by continually developing skills and
knowledge
3) Provide information that is accurate, clear, concise, and
timely
4) Recognize professional limitations

Confidentiality - Correct Answer-1) Inform all parties about
an appropriate use of confidential information
2) Refrain from using info for unethical reaons

Integrity - Correct Answer-1) Mitigate conflicts of interest
2) No prejudice that could influence judgment
3) Don't do anything that discredits the profession

Vendarsol

,Credibility - Correct Answer-1) Communicate fairly and
objectively
2) Disclose all material information
3) Disclose all delays and deficiencies

Josephson's Six Pillars of Character - Correct Answer-1.
Trustworthiness
2. Respect
3. Responsibility
4. Fairness
5. Caring
6. Citizenship

Turstworthiness - Correct Answer-1) Honest; truth and full
disclosure
2) Integrity; morale values
3) Reliable; commitments
4) Loyalty; protection of confidential info

Respect - Correct Answer-1) Treat others with dignity and
fairness
2) Civility, courtesy, decency, tolerance, and acceptance

Responsibility - Correct Answer-1) Due professional care or
due diligence
2) Accountability

Fairness - Correct Answer-1) Treat others fairly
2) No emotional interference


Vendarsol

,Caring - Correct Answer-1) Empathetic
2) Consider impacts on other people

Citizenship - Correct Answer-1) Take actions
that benefit society
2) Be a good citizen; obey the laws, volunteer,
etc.

4 Key Constituent Groups of CPAs - Correct
Answer-1) Client organization (hires and pays
for accounting & auditing services)
2) CPA Firm
3) Accounting Profession & Regulatory
Bodies (SEC, PCAOB)
4) General Public (existing & future investors,
lenders who rely on the CPA's work)

Ethics and audit - Correct Answer-1) Requires professional
skepticism and integrity
2) Must not let irrelevant factors influence the professional
judgment

Business Stakeholders - Correct Answer-1. Owners/Shareholders
(existing & potential) (stock value)
2. Creditors/Suppliers (credit or investment); Vendors and
suppliers grant credit based on financial data provided directly or
from credit rating agencies who use published or available
financial data.
3. Employees (jobs, pensions); investment in 401K plan2
4. Customers (products, private info)
5. Society at large (environment, products)
6. Government Agencies (IRS, SEC, EPA, Funding)

Vendarsol

, Primary Ethical Issues in business - Correct Answer-1. Honesty;
lies in general; resume and immaterial supplies
2. Fairness
3. Conflicts of Interest; disclosure as a good prevention
4. Discrimination; treat everyone with equal respect
5. Information Technology; data privacy
6. Fraud

Types of Business Fraud - Correct Answer-1. Corruption (Bribes,
kickbacks)
- Can be acceptable in different cultures
2. Misappropriation or Theft of assets
3. Fraudulent financial reporting

How is fraud detected? - Correct Answer-1) Tips - About 40 - 50%
2) Since 2010, management review 2nd - 15%
3) Internal (14%) & External Auditors (4%)
4) Accidental - 7%

Institute of Internal Auditors - Code of Ethics - Correct Answer-1)
Integrity
2) Objectivity
3) Confidentiality
4) Competency

Corporate governance (definition) - Correct Answer-According to
AICPA definition
1) Those charged with governance
2) Has responsibility for overseeing the strategic direction
and the obligations (related to accountability)
of the entity
3) Oversees financial reporting process

Vendarsol

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 $20.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

83637 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$20.49
  • (0)
  Add to cart