Exam (elaborations)
AICPA Final Exam – Q&A - 100% Accurate
AICPA Final Exam – Q&A - 100% Accurate
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AICPA Final Exam – Q&A - 100% AccurateThe Principles state that a member has responsibility to colleagues, to
clients and to the profession. Correct Ans - (False)
Rules are the cornerstone of ethical behavior. Correct Ans - (False)
In performing an attest engagement, a member should only rely on the
AICPA rules of conduct regarding independence. Correct Ans -
(False)
The principles apply the rules of conduct and interpretations to particular
circumstances. Correct Ans - (False)
Professional services include all services performed by a member in
private practice. Correct Ans - (False)
The code, interpretations and rulings are not designed to impact your
behavior. Correct Ans - (False)
Objectivity relates to an auditor's honesty, while integrity is the ability to
be neutral during the conduct of the engagement and the preparation of the
auditor's report. Correct Ans - (False)
Compliance with the Code of Professional Conduct depends primarily on
public opinion and reinforcement by one's peers. Correct Ans -
(False)
Interpretations are issued by the AICPA to better explain the code of
professional conduct. Correct Ans - (True)
A code of ethics provides guidance for professional decision making
Correct Ans - (True)
A code of ethics serves as an official public statement by a profession of
ethical standards and expectations of members. Correct Ans -
(True)
,The Rules of Conduct does not extend to individuals who carry out tasks on
behalf of an AICPA member. Correct Ans - (False)
The Principles in the Code of Professional Conduct are enforceable under
their own terms Correct Ans - .(False)
AICPA members should accept the obligation to act in a way that will serve
their self interest. Correct Ans - (False)
A member of the AICPA should observe the profession's technical and
ethical standards, strive continually to improve competence and the quality
of services, and discharge professional responsibility to the best of the
member's ability. Correct Ans - (True)
A distinguishing mark of a profession is the esteem with which it is held by
the public. Correct Ans - (True)
All CPAs must observe the AICPA Rules of Professional Conduct.
Correct Ans - (False)
A member of the AICPA must observe all the Rules of Conduct. Correct
Ans - (False)
To maintain and broaden public confidence, members should perform all
professional responsibilities with the highest sense of integrity.
Correct Ans - (True)
According to the AICPA's Rules of Professional Conduct, the interests of
clients and employees of AICPA members are best served when the
members fulfill their responsibility to the public. Correct Ans -
(True)
Compliance with AICPA rules of conduct depends primarily on
reinforcement by peers and public opinion. Correct Ans - (False)
Texas State Board of Public Accountancy regulates the practice of public
accountancy in Texas. Correct Ans - (True)
,Members employed by others to prepare financial statements or to perform
auditing must adhere to the objectivity and independence principle in the
AICPA Code of Conduct. Correct Ans - (False)
Ethics Rulings summarize the application of rules and interpretations to a
particular set of factual circumstances. Correct Ans - (True)
PCAOB was created by the Sarbanes-Oxley Act of 2002. Correct Ans -
(True)
The AICPA Code of Professional Conduct provides assurance to clients and
to the public that the professional intends to maintain high standards.
Correct Ans - (True)
The AICPA bylaws require that members adhere to the rules in the Code.
Correct Ans - (True)
Members not in public practice must maintain the appearance of
independence. Correct Ans - (False)
AICPA Interpretations limit the scope and application of the rules.
Correct Ans - (False)
AICPA Code of Professional Conduct begins with a preface that applies to all
members. Correct Ans - (True)
Ethics Rulings summarize the application of Rules of Conduct and
Interpretations to a particular set of factual circumstances and AICPA
members cannot depart from such rulings. Correct Ans - (False)
Under the Rules of Professional Conduct promulgated under the Texas
Public Accountancy Act, all of the rules of professional conduct shall apply
to and must be observed by a certificate or registration holder engaged in
the client practice of public accountancy. Correct Ans - (True)
The Public Interest principle of the AICPA Code of Conduct highlights the
responsibilities of members to serve the client. Correct Ans -
(False)
, Members would be violating the Integrity principle if they have inadvertent
errors and have honest differences of opinion while performing their
duties. Correct Ans - (False)
The principles are positive statements of responsibility that provide the
framework for the rules which govern performance. Correct Ans -
(True)
Under the Due Care Principle members should observe the profession's
technical and ethical standards. Correct Ans - (True)
The State society of CPAs has authority to suspend or remove a CPA's
license to practice in that state. Correct Ans - (False)
CPAs who practice in public accounting are required to be members of
AICPA. Correct Ans - False)
The AICPA's Code of Professional Conduct contains principles, rules,
interpretations, and rulings. Correct Ans - (False)
The AICPA Rules of Conduct apply to all professional services performed.
Correct Ans - (False)
A member who has the authority but fails to correct financial statements or
records that are known to be false or misleading violates the Integrity and
Objectivity Rule to the same extent as a member who knowingly makes
false or misleading entries. Correct Ans - (True)
A member in business does not violate the Integrity and Objectivity Rule by
accepting a laptop computer from a vendor as a token of appreciation for
the work the member's company has provided his company. Correct
Ans - (False)
A member in business would not be in violation of the Integrity and
Objectivity Rule if they were directed by their supervisor to record
misleading entries in an entity's financial records but at the time did not
know the entries were misleading. Correct Ans - (True)
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