WGU D550 Ethics for Accountants |OA| Objective Assessment|
Actual Questions and Answers Latest Updated
(Graded A+)
Correct
Incorrect
1 of 80
Term
The auditors' responsibility to communicate findings with respect to
fraud can best be summarized as
ignore immaterial amounts of fraud communicate only material amounts
that are detected. of fraud to external parties.
communicate to the
appropriate level of
report all fraud findings to regulatory
management both material and
authorities immediately.
immaterial amounts of fraud that
are detected.
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, 2 of 80
Term
Earnings management is likely to decrease when corporate
governance systems
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prioritize operational efficiency over
focus on short-term profitability.
ethics.
emphasize competitive market
set an ethical tone at the top.
strategies.
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3 of 80
Term
Accruals are potentially troublesome because
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they are always supported by they are recorded automatically
immediate cash transactions. without estimation.
, they provide an opportunity to
manage earnings through they are based on fixed contractual
aggressive or more agreements.
conservative estimations.
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4 of 80
Term
A CPA can accept a contingent fee in providing tax services for an
attest client if
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the CPA's tax services will be the CPA's tax services are for
reviewed by a taxing authority. personal use only.
the CPA's tax services are for internal the CPA's tax services are provided
review only. free of charge.
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, 5 of 80
Term
In the Hertz fraud, the company tried to explain its use of non-GAAP
financial measures by
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comparing the validity of the
contrasting the amounts with
amounts to pre-tax GAAP
historical data.
income.
comparing the amounts to industry aligning the amounts with tax
averages. regulations.
Don't know?
6 of 80
Term
The title of the PCAOB auditor's report is
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Report of Independent
Report of Independent Financial
Registered Public Accounting
Analyst.
Firm.
Actual Questions and Answers Latest Updated
(Graded A+)
Correct
Incorrect
1 of 80
Term
The auditors' responsibility to communicate findings with respect to
fraud can best be summarized as
ignore immaterial amounts of fraud communicate only material amounts
that are detected. of fraud to external parties.
communicate to the
appropriate level of
report all fraud findings to regulatory
management both material and
authorities immediately.
immaterial amounts of fraud that
are detected.
Don't know?
, 2 of 80
Term
Earnings management is likely to decrease when corporate
governance systems
Give this one a try later!
prioritize operational efficiency over
focus on short-term profitability.
ethics.
emphasize competitive market
set an ethical tone at the top.
strategies.
Don't know?
3 of 80
Term
Accruals are potentially troublesome because
Give this one a try later!
they are always supported by they are recorded automatically
immediate cash transactions. without estimation.
, they provide an opportunity to
manage earnings through they are based on fixed contractual
aggressive or more agreements.
conservative estimations.
Don't know?
4 of 80
Term
A CPA can accept a contingent fee in providing tax services for an
attest client if
Give this one a try later!
the CPA's tax services will be the CPA's tax services are for
reviewed by a taxing authority. personal use only.
the CPA's tax services are for internal the CPA's tax services are provided
review only. free of charge.
Don't know?
, 5 of 80
Term
In the Hertz fraud, the company tried to explain its use of non-GAAP
financial measures by
Give this one a try later!
comparing the validity of the
contrasting the amounts with
amounts to pre-tax GAAP
historical data.
income.
comparing the amounts to industry aligning the amounts with tax
averages. regulations.
Don't know?
6 of 80
Term
The title of the PCAOB auditor's report is
Give this one a try later!
Report of Independent
Report of Independent Financial
Registered Public Accounting
Analyst.
Firm.
