Ethics for accounts Custom Essay

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1- Trends in business generally are related to changes in accounting practices. For example, the globalization of business lead to the plan to harmonize GAAP for providers of capital in world markets. Which of the following best describes the implications and consequences for standard setting for the accounting profession?
a- SOX emphasized the need for professional accounts to “tend to business” to ensure the viability of private CPA firms as profitable ventures.
b- Enron and WorldCom debacles lead to the creation of the securities and exchange commission
c- The influence of the international accounting standards board (iASB) and the international federation of accounts (IFAC) will be as influential (or more so ) than SOX on accounting practices.
d- Unfettered private enterprise seems to be able to manage itself in a way that leads to benefits for all stakeholders.
2- The special responsibility of the board of directors (BOD) is an issued in many of the recent corporate ethical failures. Which of the following statements is true regarding the BOD?
a- The board of directors sits at the bottom of the company’s governing structure.
b- The board of paramount duty is to safeguard the interests of the shareholders.
c- Directors must comply primarily with federal laws of corporate governance, since the federal government provides the corporate charter
d- The Enron board of directors could justify their actions primarily in terms of loyalty and obedience,, when they allowed aggressive reporting practices such as special purpose entities or exceptions to GAAP.
3- When considering professional codes of conduct as guidance in various states ,countries, and around the world, the author believes
a- The codes are essentially identical, so only one code needs to be learned
b- Regardless of various state or local codes, the national code will control its members.
c- Convergence of all organizations toward global ethical principles holds promise to improve ethical governance of the accounting profession.
d- The AICPA should set worldwide standards
4- In the case of sunbeam, the appliance company had a new CEO named AL. AL was under pressure to improve revenues and earnings. He used fraudulent techniques such as “channel stuffing” and failure to write entries necessary for sales allowances. The principle(s) being violated were:
a- The cost principle
b- The going concern assumption
c- The revenue recognition principle
d- None of the above
5- professional codes of conduct are designed to provide guidance about conduct expected of members so that
a- The reputation of the profession is maintained
b- Members who’ve offended the rules of the society can be sent to jail.
c- The public will learn to trust no one, but rely on their own findings
d- Extremely voluminous details are generated and professional judgment can be avoided
6- The code of professional conduct of the AICPA provides general standards and specifically enforceable standards. Which of the following are considered “enforceable “ ?
a- Principles
b- Rules of conduct
c- Interpretation of the rules
d- Ethical rulings
7- The professional accountant must use his or her judgment about which services to offer to a client. Critical value added by the professional accountant should include all of the following except
a- Credibility
b- Competence
c- Integrity
d- Conflicts of interest
8- In professional accounting practice, one of the most important decisions to consider is when to offer a service to a client. Which of the following statements is FALSE?
a- I should not offer a service when the client is unethical
b- I should not offer a series to an attest client when there is a conflict of interest
c- There are few guidelines in the profession to guide accounts in this decision
d- Profit should not be the only consideration in determining the services to offer a client
e- None of the above
9- Researchers have found that students in business evaluating ethical decisions are largely in cognitive stages 2 or 3 of moral reasoning. Based on the research, one might reasonably infer that
a- Most students are already prepared for the ethical decisions they will face
b- There is significant growth in moral reasoning that is possible and desirable
c- Educational materials need to be focused strictly on GAAP concepts and principles
d- Use of realistic cases are likely to be little use in providing students with a better understanding of oral reasoning
10- When ethical issues are solved philosophically, focusing on the outcomes (ends) of the decision of the instead of the origins or process creating the outcomes, we can say the logical approach is
a- Teleological
b- Deontological
c- Utilitarian
d- Consequentialist
11- When weighing ethical standards If doing business globally or when serving clients of widely varying social backgrounds
a- it is not really possible to do “the right thing” since from different points of view, alost any action can e criticized
b- one can benefit from the review of “ hypernorms” or moral standards which do span across groups.
c- One may need to rank the stakeholders’ interest and consider the norm of interest higher ranking group first.
d- All of the above are true
e- Only b and c are true
12- CSR (corporate social responsibility) has in recent times changed. Some of the tends in this area include
a- There is a paradigm shift towards accountability to stockholders versus stakeholders
b- Corporations should consider their strategic goals in their operations and reporting with concern for who they wish to appear as a corporate citizen
c- It is really not possible at this time to report on a company’s social responsibility
d- Social responsibility is best limited primarily to political donations and intervention in government processes through lobbyists.
13- Several important trends developed as a result of economic and competitive pressures that had and continue to have an effect on the ethics for business, and therefore on the professional accountant. These trends include
a- Expanding legal liability for corporate directors
b- A lack of advertising ability for accountants
c- Management assertions to shareholders on the adequacy of internal controls.
d- A stated intention to manage risk and protect reputation
14- The senate permanent subcommittee on investigations released its report. Based upon the evidence presented to it, the subcommittee made the following findings with regard to Enron’s board of directors. Which finding was not a part of the report?
a- Fiduciary failure
b- Inappropriate conflicts of interest
c- Lack of independence
d- Allowed the SPEs to be separate from Enron
15- The most common explanation for why individuals should be ethical is based on three various views points. Which of the following is not one of those viewpoints?
a- Our relationships with people of other lands
b- Our views about religion
c- Our perception about ourselves
d- Our relationship with others in our immediate environment

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