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AICPA Ethics Code Exam Questions With
Correct Answers 100% Verified.
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 - 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 - 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?
A. AICPA
B. SEC
C. PCAOB
D. Your state CPA licensing board - 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
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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 - 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 - 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
C. Diligence
D. Speed - 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 - Answer✔C. Maybe. But more facts should be
considered
2|Page
AICPA Ethics Code Exam Questions With
Correct Answers 100% Verified.
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 - 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 - 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?
A. AICPA
B. SEC
C. PCAOB
D. Your state CPA licensing board - 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
1|Page
, . ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED
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 - 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 - 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
C. Diligence
D. Speed - 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 - Answer✔C. Maybe. But more facts should be
considered
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