WGU D550 ETHICS FOR ACCOUNTANTS
STUDY GUIDE 2026 CORPORATE
GOVERNANCE AND INTEGRITY
QUESTIONS AND ANSWERS
◉ Social Media Criticism
Answer: Individual comments may not be protected speech.
◉ Concerted Effort
Answer: Group comments on social media are protected.
◉ Fiduciary Duty
Answer: Legal obligation of trust and confidence in management.
◉ Duty of Care
Answer: Act prudently as a reasonable person would.
◉ Duty of Loyalty
Answer: Prioritize corporation's interests over personal gain.
◉ Agency Costs
,Answer: Costs arising from conflicts between stakeholders'
interests.
◉ Stewardship Function
Answer: Managers' responsibility to act in stakeholders' interests.
◉ Independent Directors
Answer: Board members without material relationships to the
company.
◉ Executive Directors
Answer: Board members involved in daily management.
◉ Nonexecutive Directors
Answer: Board members not involved in daily management.
◉ Audit Committee
Answer: Group overseeing financial reporting and audit processes.
◉ Risk Management
Answer: Identifying and mitigating potential financial risks.
, ◉ Corporate Social Responsibility
Answer: Ethical obligations businesses have towards society.
◉ Sustainability
Answer: Maintaining systems for environmental and social balance.
◉ Triple Bottom Line
Answer: Framework measuring social, environmental, and economic
impacts.
◉ Millennials' Views
Answer: Preference for brands aligned with social causes.
◉ Conscious Capitalism
Answer: Business model prioritizing purpose alongside profit.
◉ Higher Purpose
Answer: Focus on mission beyond just making profits.
◉ Stakeholder Orientation
Answer: Balancing interests of all stakeholders, not just
shareholders.
STUDY GUIDE 2026 CORPORATE
GOVERNANCE AND INTEGRITY
QUESTIONS AND ANSWERS
◉ Social Media Criticism
Answer: Individual comments may not be protected speech.
◉ Concerted Effort
Answer: Group comments on social media are protected.
◉ Fiduciary Duty
Answer: Legal obligation of trust and confidence in management.
◉ Duty of Care
Answer: Act prudently as a reasonable person would.
◉ Duty of Loyalty
Answer: Prioritize corporation's interests over personal gain.
◉ Agency Costs
,Answer: Costs arising from conflicts between stakeholders'
interests.
◉ Stewardship Function
Answer: Managers' responsibility to act in stakeholders' interests.
◉ Independent Directors
Answer: Board members without material relationships to the
company.
◉ Executive Directors
Answer: Board members involved in daily management.
◉ Nonexecutive Directors
Answer: Board members not involved in daily management.
◉ Audit Committee
Answer: Group overseeing financial reporting and audit processes.
◉ Risk Management
Answer: Identifying and mitigating potential financial risks.
, ◉ Corporate Social Responsibility
Answer: Ethical obligations businesses have towards society.
◉ Sustainability
Answer: Maintaining systems for environmental and social balance.
◉ Triple Bottom Line
Answer: Framework measuring social, environmental, and economic
impacts.
◉ Millennials' Views
Answer: Preference for brands aligned with social causes.
◉ Conscious Capitalism
Answer: Business model prioritizing purpose alongside profit.
◉ Higher Purpose
Answer: Focus on mission beyond just making profits.
◉ Stakeholder Orientation
Answer: Balancing interests of all stakeholders, not just
shareholders.
