ETHICS FOR ACCOUNTANTS - D550
(QUIZZES) WGU QUESTIONS WITH
COMPLETE SOLUTIONS!!
1 of 80
Definition
recovering compensation from CEOs who engage in financial
statement misconduct.
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Auditors are responsible to detect and correct errors when they are
, Kelly is the controller of a small company. One day the CFO comes in and tells
her to lower the estimate of uncollectible accounts receivable. Kelly insists her
numbers are correct as is. The CFO tells her it will mean her job at the company
if she doesn't go along with the smaller estimate. The primary virtue that would
enable Kelly to resist the pressure to manipulate the number is
A CPA would violate the Due Care Principle if he/she
The Clawback rule allows
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2 of 80
Definition
preparing source documents used to generate the client's financial
statements.
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An example of fraudulent financial
The anchoring tendency relates to statements is
In the Hertz fraud, the company
tried to explain its use of non-GAAP An example of a self-review
financial measures by threat is
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3 of 80
,Term
Which of the following is the most likely reason for an auditor to
issue a modified opinion with a qualification?
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misstatements that are only found
misstatements that are
in the notes to the financial
material but not pervasive
statements.
misstatements that are pervasive
and affect the entire financial misstatements that are trivial and do
statement. not affect the audit opinion.
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4 of 80
Term
What is the main fiduciary duty of the board of directors?
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safeguard the interests of
the corporation and its ensure compliance with all
shareholders government regulations.
, focus solely on employee maximize short-term profits at
welfare and benefits. any cost.
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5 of 80
Term
The Independence Principle in the AICPA Code applies to
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all CPAs who
render attestation only CPAs who provide tax services.
services.
all Accountants regardless of their only CPAs who work in corporate
certification. finance.
Don't know?
(QUIZZES) WGU QUESTIONS WITH
COMPLETE SOLUTIONS!!
1 of 80
Definition
recovering compensation from CEOs who engage in financial
statement misconduct.
Give this one a try later!
Auditors are responsible to detect and correct errors when they are
, Kelly is the controller of a small company. One day the CFO comes in and tells
her to lower the estimate of uncollectible accounts receivable. Kelly insists her
numbers are correct as is. The CFO tells her it will mean her job at the company
if she doesn't go along with the smaller estimate. The primary virtue that would
enable Kelly to resist the pressure to manipulate the number is
A CPA would violate the Due Care Principle if he/she
The Clawback rule allows
Don't know?
2 of 80
Definition
preparing source documents used to generate the client's financial
statements.
Give this one a try later!
An example of fraudulent financial
The anchoring tendency relates to statements is
In the Hertz fraud, the company
tried to explain its use of non-GAAP An example of a self-review
financial measures by threat is
Don't know?
3 of 80
,Term
Which of the following is the most likely reason for an auditor to
issue a modified opinion with a qualification?
Give this one a try later!
misstatements that are only found
misstatements that are
in the notes to the financial
material but not pervasive
statements.
misstatements that are pervasive
and affect the entire financial misstatements that are trivial and do
statement. not affect the audit opinion.
Don't know?
4 of 80
Term
What is the main fiduciary duty of the board of directors?
Give this one a try later!
safeguard the interests of
the corporation and its ensure compliance with all
shareholders government regulations.
, focus solely on employee maximize short-term profits at
welfare and benefits. any cost.
Don't know?
5 of 80
Term
The Independence Principle in the AICPA Code applies to
Give this one a try later!
all CPAs who
render attestation only CPAs who provide tax services.
services.
all Accountants regardless of their only CPAs who work in corporate
certification. finance.
Don't know?
