AICPA Ethics Code Exam Questions with Correct
Answers.
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 - Correct 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 - Correct 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 - Correct 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 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 - Correct 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 - Correct 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 - Correct 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
Answers.
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 - Correct 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 - Correct 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 - Correct 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 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 - Correct 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 - Correct 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 - Correct 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
