ACC 421 Ch. 1, Exam Review Questions and answers/

ACC 421 Ch. 1, Exam Review Questions and answers/ The AICPA's Code of Professional Conduct establishes: a. The rules of conduct for structuring and conducting audits and other attestation engagements b. The rules of conduct for conducting audits, but no other forms of attestation c. The rules for resolving technical judgments in achieving a fair presentation of financial statements d. The normative rules of ethical behavior that guide professional accountants - D 2. The AICPA's Code of Professional Conduct expresses professional standards: a. That are mandatory minimum rules of behavior that all members of the AICPA must comply with b. That, when violated, constitute crimes under most, if not all, state accountancy licensing statutes c. That are aspirational goals, but yet are rarely achieved by most professional accountants d. That establish worldwide standards that all professionals accountants must, at minimum, comply with - A 3. The AICPA's Code of Professional Conduct expressly applies to: a. All CPAs who are compelled by state law to join the AICPA b. All CPAs who have valid CPA licenses in good standing c. All CPAs who have valid CPA licenses, even if their licenses temporarily are suspended due to misconduct d. All CPAs who voluntarily join the AICPA - D 4. Membership in the AICPA: a. Automatically makes a CPA a member of IFAC as well b. Automatically subjects a CPA to the ethical rules established by the IFAC Code as well c. Does not entitle a CPA to join IFAC d. Entitles a CPA to join IFAC upon payment of additional dues - c 5. The membership rules of IFAC: a. Prevent CPAs from joining it if they are not actively in practice b. Encourage CPAs from around the world to join it c. Deny membership to CPAs who are unwilling to abide by its rules of ethical conduct d. Deny membership to all individual CPAs - d