D550 - Ethics for Accountants Exam
QUESTIONS AND CORRECT ANSWERS
Ethics - CORRECT ANSWER Deals with standards of how people ought to act
Morals - CORRECT ANSWER Concerned with right and wrong
Values - CORRECT ANSWER Basic fundamental beliefs that govern our actions and represent
intention behind actions
Laws - CORRECT ANSWER Collection of rules and regulations that create a minimum set of
standards but cannot cover every situation
Virtue ethics - CORRECT ANSWER Certain ideas like excellence to common good we should
strive for
Virtues - CORRECT ANSWER Attitudes, dispositions, or character traits that enable us to be
and act in ways that develop this potential
Integrity (in context of Trustworthiness) - CORRECT ANSWER Act on principle rather than
expediency
Fairness - CORRECT ANSWER Balanced standard of justice without relevance to one's own
feelings
Reputation - CORRECT ANSWER Judgements made about one's character
Moral philosophies - CORRECT ANSWER Present guidelines to determine how conflicts in
human interests are to be settled for optimizing mutual benefit of people living together in groups
Teleology - CORRECT ANSWER An act is morally right if it produces some desired result
such as pleasure, realization of self interest
, Consequentialism - CORRECT ANSWER Theory about outcomes, not motives or intentions
Egoism - CORRECT ANSWER Make decisions that maximize self interest, defined by each
individual
Utilitarianism - CORRECT ANSWER Concerned with consequences, seeks to make decisions
that bring about the greatest good for the greatest number of people affected by a decision
Act-utilitarianism - CORRECT ANSWER Examine specific action itself, rather than the rules
governing the action to assess greatest utility.
Rule-utilitarianism - CORRECT ANSWER Claim we must choose the action that conforms to
the general rule that would have the best consequences.
Deontology - CORRECT ANSWER Focus on the rights of individuals and intentions
associated with a particular behavior, rather than consequences.
Moral norms - CORRECT ANSWER Based on reason, not outcomes; things we should not do,
even to maximize utility.
Rights Principles - CORRECT ANSWER A right is a justified claim on others.
Kant's principle - CORRECT ANSWER Each of us has a worth that must be respected;
humanity must always be treated as an end, not merely as a means.
Justice - CORRECT ANSWER Giving each person what they deserve.
Justice as Fairness - CORRECT ANSWER John Rawls' two rules: 1. Each person is to have an
equal right to the most extensive basic liberty compatible with similar liberty for others. 2. Social and
economic inequalities are to be arranged so that they are both reasonably expected to be to everyone's
advantage.
QUESTIONS AND CORRECT ANSWERS
Ethics - CORRECT ANSWER Deals with standards of how people ought to act
Morals - CORRECT ANSWER Concerned with right and wrong
Values - CORRECT ANSWER Basic fundamental beliefs that govern our actions and represent
intention behind actions
Laws - CORRECT ANSWER Collection of rules and regulations that create a minimum set of
standards but cannot cover every situation
Virtue ethics - CORRECT ANSWER Certain ideas like excellence to common good we should
strive for
Virtues - CORRECT ANSWER Attitudes, dispositions, or character traits that enable us to be
and act in ways that develop this potential
Integrity (in context of Trustworthiness) - CORRECT ANSWER Act on principle rather than
expediency
Fairness - CORRECT ANSWER Balanced standard of justice without relevance to one's own
feelings
Reputation - CORRECT ANSWER Judgements made about one's character
Moral philosophies - CORRECT ANSWER Present guidelines to determine how conflicts in
human interests are to be settled for optimizing mutual benefit of people living together in groups
Teleology - CORRECT ANSWER An act is morally right if it produces some desired result
such as pleasure, realization of self interest
, Consequentialism - CORRECT ANSWER Theory about outcomes, not motives or intentions
Egoism - CORRECT ANSWER Make decisions that maximize self interest, defined by each
individual
Utilitarianism - CORRECT ANSWER Concerned with consequences, seeks to make decisions
that bring about the greatest good for the greatest number of people affected by a decision
Act-utilitarianism - CORRECT ANSWER Examine specific action itself, rather than the rules
governing the action to assess greatest utility.
Rule-utilitarianism - CORRECT ANSWER Claim we must choose the action that conforms to
the general rule that would have the best consequences.
Deontology - CORRECT ANSWER Focus on the rights of individuals and intentions
associated with a particular behavior, rather than consequences.
Moral norms - CORRECT ANSWER Based on reason, not outcomes; things we should not do,
even to maximize utility.
Rights Principles - CORRECT ANSWER A right is a justified claim on others.
Kant's principle - CORRECT ANSWER Each of us has a worth that must be respected;
humanity must always be treated as an end, not merely as a means.
Justice - CORRECT ANSWER Giving each person what they deserve.
Justice as Fairness - CORRECT ANSWER John Rawls' two rules: 1. Each person is to have an
equal right to the most extensive basic liberty compatible with similar liberty for others. 2. Social and
economic inequalities are to be arranged so that they are both reasonably expected to be to everyone's
advantage.
