WGU D550 TASK 1 ETHICS FOR
ACCOUNTANTS UPDATED QUESTIONS
AND COMPLETE SOLUTIONS STUDY
GUIDE
◉ Ethical dilemmas arise when
Answer: Correct Norms and values are in conflict
◉ Which corporate report discusses subjects that include
environmental, health and safety, philanthropic and other social
impacts?
Answer: Corporate social responsibility report
◉ Which of the following is not covered under the Sarbanes-Oxley
Act of 2002 (SOX)?
Answer: The responsibilities of shareholders
◉ The overall requirement of the Internal Revenue Service
Circular 230 is to ensure that tax professionals
Answer: Know their clients
◉ The Moral Standards Approach focuses on the following
dimensions of the impact of a proposed action
, Answer: Net benefit to society, fair to all stakeholders, whether it
is right
◉ A Ponzi scheme, such as Bernie Madoff ran, is
Answer: Hard to hide forever
◉ Ralph Nadar contributed to the lack of credibility of
corporations by exposing their
Answer: Poor car safety
◉ This philosophical approach requires that an ethical decision
depends upon the duty, rights, and justice involved
Answer: Deontology
◉ The following would be a key control function of the Board of
Directors
a. Set guidance and boundaries
b. Appoint CEO
c. Approve the sale of company's assets
d. Decide on the company's auditor
Answer: All of the above
◉ Which of the following is not a sign of an ethical collapse within
an organization, according to Marianne Jennings?
Answer: An open and candid organizational culture
ACCOUNTANTS UPDATED QUESTIONS
AND COMPLETE SOLUTIONS STUDY
GUIDE
◉ Ethical dilemmas arise when
Answer: Correct Norms and values are in conflict
◉ Which corporate report discusses subjects that include
environmental, health and safety, philanthropic and other social
impacts?
Answer: Corporate social responsibility report
◉ Which of the following is not covered under the Sarbanes-Oxley
Act of 2002 (SOX)?
Answer: The responsibilities of shareholders
◉ The overall requirement of the Internal Revenue Service
Circular 230 is to ensure that tax professionals
Answer: Know their clients
◉ The Moral Standards Approach focuses on the following
dimensions of the impact of a proposed action
, Answer: Net benefit to society, fair to all stakeholders, whether it
is right
◉ A Ponzi scheme, such as Bernie Madoff ran, is
Answer: Hard to hide forever
◉ Ralph Nadar contributed to the lack of credibility of
corporations by exposing their
Answer: Poor car safety
◉ This philosophical approach requires that an ethical decision
depends upon the duty, rights, and justice involved
Answer: Deontology
◉ The following would be a key control function of the Board of
Directors
a. Set guidance and boundaries
b. Appoint CEO
c. Approve the sale of company's assets
d. Decide on the company's auditor
Answer: All of the above
◉ Which of the following is not a sign of an ethical collapse within
an organization, according to Marianne Jennings?
Answer: An open and candid organizational culture
