WGU D550 Ethics for Accountants Objective Assessment | OA | Questions and
Answers | 2026 Update | 100% Correct.
WGU D550 – Ethics for Accountants
FULL OA Question & Answer Bank (80 Questions)
Section 1: Foundations of Ethics (1–10)
1. Ethics is best defined as:
A. Personal opinions about right and wrong
B. Laws enforced by government
C. Moral principles governing behavior
D. Company policies
✅ Answer: C
2. Professional ethics differ from personal ethics because they:
A. Are optional
B. Apply only outside work
C. Are governed by professional standards
D. Are based on religion
✅ Answer: C
3. The primary goal of accounting ethics is to:
A. Protect accountants
B. Increase profits
C. Protect the public interest
D. Reduce regulation
✅ Answer: C
4. Ethical behavior requires accountants to act with:
A. Aggressiveness
B. Integrity
C. Profit maximization
D. Secrecy
✅ Answer: B
5. Ethical dilemmas arise when:
A. Laws are clear
B. Choices conflict with moral principles
C. Policies are written
D. No harm exists
✅ Answer: B
6. Ethical standards are most important because accountants:
A. Handle sensitive financial information
,B. Are audited often
C. Want promotions
D. Must avoid lawsuits only
✅ Answer: A
7. Ethical reasoning focuses primarily on:
A. Outcomes only
B. Intentions only
C. Both actions and consequences
D. Obedience to authority
✅ Answer: C
8. Ethical conduct in accounting supports:
A. Investor trust
B. Market efficiency
C. Financial transparency
D. All of the above
✅ Answer: D
9. Ethics codes primarily serve to:
A. Eliminate judgment
B. Provide guidance for behavior
C. Replace laws
D. Guarantee success
✅ Answer: B
10. The public interest is best described as:
A. Shareholder wealth
B. Employer benefit
C. Society’s collective well-being
D. Government interest
✅ Answer: C
Section 2: AICPA Code of Professional Conduct (11–25)
11. The AICPA Code applies to:
A. All accountants
B. Only CPAs
C. Only auditors
D. Only public firms
✅ Answer: B
12. The six principles of the AICPA Code include all EXCEPT:
A. Integrity
B. Objectivity
,C. Independence
D. Profitability
✅ Answer: D
13. Integrity requires accountants to:
A. Avoid conflicts only
B. Be honest and candid
C. Follow employer orders
D. Maximize revenue
✅ Answer: B
14. Objectivity requires accountants to:
A. Favor clients
B. Eliminate bias
C. Guarantee outcomes
D. Ignore risk
✅ Answer: B
15. Due care means accountants must:
A. Work quickly
B. Maintain competence and diligence
C. Avoid responsibility
D. Delegate all tasks
✅ Answer: B
16. Professional competence requires:
A. Initial education only
B. Continuing professional education
C. Employer approval
D. Government licensing
✅ Answer: B
17. Independence is MOST critical when:
A. Preparing taxes
B. Performing audits
C. Consulting
D. Budgeting
✅ Answer: B
18. A self-interest threat occurs when:
A. An accountant reviews their own work
B. Financial gain could influence judgment
C. Client pressures exist
D. Familiarity develops
✅ Answer: B
, 19. A self-review threat exists when:
A. Auditing prior work you performed
B. Accepting gifts
C. Family employed by client
D. Providing advice
✅ Answer: A
20. Familiarity threats arise from:
A. Long client relationships
B. Financial interests
C. Litigation
D. Regulation
✅ Answer: A
21. Advocacy threats occur when accountants:
A. Remain neutral
B. Promote a client’s position
C. Rotate staff
D. Disclose conflicts
✅ Answer: B
22. Undue influence threats involve:
A. External pressure affecting judgment
B. Accounting errors
C. Independence safeguards
D. Compliance reviews
✅ Answer: A
23. Safeguards are designed to:
A. Eliminate all risk
B. Reduce threats to acceptable levels
C. Replace ethical judgment
D. Increase profit
✅ Answer: B
24. Which is an example of a safeguard?
A. Fee dependence
B. Partner rotation
C. Gift acceptance
D. Advocacy
✅ Answer: B
25. If threats cannot be reduced, the accountant should:
A. Ignore them
B. Document and proceed
C. Decline or withdraw from engagement
Answers | 2026 Update | 100% Correct.
WGU D550 – Ethics for Accountants
FULL OA Question & Answer Bank (80 Questions)
Section 1: Foundations of Ethics (1–10)
1. Ethics is best defined as:
A. Personal opinions about right and wrong
B. Laws enforced by government
C. Moral principles governing behavior
D. Company policies
✅ Answer: C
2. Professional ethics differ from personal ethics because they:
A. Are optional
B. Apply only outside work
C. Are governed by professional standards
D. Are based on religion
✅ Answer: C
3. The primary goal of accounting ethics is to:
A. Protect accountants
B. Increase profits
C. Protect the public interest
D. Reduce regulation
✅ Answer: C
4. Ethical behavior requires accountants to act with:
A. Aggressiveness
B. Integrity
C. Profit maximization
D. Secrecy
✅ Answer: B
5. Ethical dilemmas arise when:
A. Laws are clear
B. Choices conflict with moral principles
C. Policies are written
D. No harm exists
✅ Answer: B
6. Ethical standards are most important because accountants:
A. Handle sensitive financial information
,B. Are audited often
C. Want promotions
D. Must avoid lawsuits only
✅ Answer: A
7. Ethical reasoning focuses primarily on:
A. Outcomes only
B. Intentions only
C. Both actions and consequences
D. Obedience to authority
✅ Answer: C
8. Ethical conduct in accounting supports:
A. Investor trust
B. Market efficiency
C. Financial transparency
D. All of the above
✅ Answer: D
9. Ethics codes primarily serve to:
A. Eliminate judgment
B. Provide guidance for behavior
C. Replace laws
D. Guarantee success
✅ Answer: B
10. The public interest is best described as:
A. Shareholder wealth
B. Employer benefit
C. Society’s collective well-being
D. Government interest
✅ Answer: C
Section 2: AICPA Code of Professional Conduct (11–25)
11. The AICPA Code applies to:
A. All accountants
B. Only CPAs
C. Only auditors
D. Only public firms
✅ Answer: B
12. The six principles of the AICPA Code include all EXCEPT:
A. Integrity
B. Objectivity
,C. Independence
D. Profitability
✅ Answer: D
13. Integrity requires accountants to:
A. Avoid conflicts only
B. Be honest and candid
C. Follow employer orders
D. Maximize revenue
✅ Answer: B
14. Objectivity requires accountants to:
A. Favor clients
B. Eliminate bias
C. Guarantee outcomes
D. Ignore risk
✅ Answer: B
15. Due care means accountants must:
A. Work quickly
B. Maintain competence and diligence
C. Avoid responsibility
D. Delegate all tasks
✅ Answer: B
16. Professional competence requires:
A. Initial education only
B. Continuing professional education
C. Employer approval
D. Government licensing
✅ Answer: B
17. Independence is MOST critical when:
A. Preparing taxes
B. Performing audits
C. Consulting
D. Budgeting
✅ Answer: B
18. A self-interest threat occurs when:
A. An accountant reviews their own work
B. Financial gain could influence judgment
C. Client pressures exist
D. Familiarity develops
✅ Answer: B
, 19. A self-review threat exists when:
A. Auditing prior work you performed
B. Accepting gifts
C. Family employed by client
D. Providing advice
✅ Answer: A
20. Familiarity threats arise from:
A. Long client relationships
B. Financial interests
C. Litigation
D. Regulation
✅ Answer: A
21. Advocacy threats occur when accountants:
A. Remain neutral
B. Promote a client’s position
C. Rotate staff
D. Disclose conflicts
✅ Answer: B
22. Undue influence threats involve:
A. External pressure affecting judgment
B. Accounting errors
C. Independence safeguards
D. Compliance reviews
✅ Answer: A
23. Safeguards are designed to:
A. Eliminate all risk
B. Reduce threats to acceptable levels
C. Replace ethical judgment
D. Increase profit
✅ Answer: B
24. Which is an example of a safeguard?
A. Fee dependence
B. Partner rotation
C. Gift acceptance
D. Advocacy
✅ Answer: B
25. If threats cannot be reduced, the accountant should:
A. Ignore them
B. Document and proceed
C. Decline or withdraw from engagement
