AICPA Ethics Code Exam 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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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
B. Yes. Directorships of relatives always result in conflicts of interest
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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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
B. Yes. Directorships of relatives always result in conflicts of interest
