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Ethics Exam With 100% Correct And Verified Answers
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Ethics Exam With 100% Correct And Verified Answers
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Ethics Exam With 100% Correct AndVerified Answers
Steps to Ethical decision making model - Correct Answer-1.
Recognize the ethical issue
2. Gather the Critical Facts
3. Identify the stakeholders
4. Consider alternatives
5. Consider the effect on stakeholders
6. Consider your comfort level
7. Consider rules, regulations, and laws
8. Make a decision
9. Document your efforts
10. Evaluate the outcome
Which step in the decision making model is characterized by
asking the question, "Are these options 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.
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 stakeholders.
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,d. Consider rules, regulations, and laws. - Correct Answer-b.
Consider your comfort level.
Which body issues an individual's CPA license?
a. AICPA
b. SEC
c. PCAOB
d. State board of accountancy - Correct Answer-d. State board of
accountancy
Principles of Professional Conduct - Correct Answer-1.
Responsibilities
2. The public Interest
3. Integrity
4. Objectivity and Independence
5. Due Care
6. Scope ad Nature of Services
As a professional CPA, I willingly accept my responsibility to
serve
a. my clients.
b. my best interest.
c. the public interest.
d. my superior's interest. - Correct Answer-c. the public's best
interest
As a professional CPA, I willingly accept my 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
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, As a professional CPA, I willingly accept my
responsibility to maintain my objectivity and
be free of conflicts of interest, and to
discharge all my responsibilities with due
a. respect.
b. care.
c. diligence.
d. speed. - Correct Answer-b. care
Which is not a critical fact in this case study?
a. AOB might be booking revenue prematurely, which
results in misleading financial statements.
b. AOB might be booking expenses late, which results in
misleading financial statements.
c. Carl Adams is a long-time employee of AOB with many
years of experience.
d. Revenue recognition can be complex under generally
accepted accounting principles (GAAP). - Correct Answer-b.
AOB might be booking expenses late, which results in
misleading financial statements.
Self-interest threat - Correct Answer-The threat that a
member could benefit, financially or otherwise, from an
interest in, or relationship with, a client or persons
associated with the client.
Familiarity threat - Correct Answer-The threat that aspects
of a relationship with management or personnel of an
audited entity, such as a close or long relationship, or that of
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