Ethics for Accountants - D550
(Chapter 1) Exam QUESTIONS
AND VERIFIED CORRECT
ANSWERS GRADED A+
[LATEST] 100% GUARANTEED
PASS
What contributes to ethical fading? - CORRECT ANSWER-Organizational goals, rewards,
compliance systems, and informal pressures
Basic and fundamental beliefs that guide or motivate attitudes or actions - CORRECT ANSWER-
Values
•Always tell the truth.
•Do not cheat.
•Treat others fairly.
•Be kind to others. - CORRECT ANSWER-Moral principles
•Truthfulness.
•Honesty.
•Integrity.
,•Fairness.
•Respect.
•Loyalty. - CORRECT ANSWER-Ethical principles
•Ethical decision making entails following norms of behavior.
•Does not describe the way people do act (descriptive).
•Deals with the way people should act (prescriptive/normative). - CORRECT ANSWER-Norms
•Basic beliefs that guide or motivate attitudes or actions.
•Values of a profession (that is Accounting) are embedded in codes of ethics.
•"Golden Rule" prescribes that we should treat others the way we want to be treated. -
CORRECT ANSWER-Values
Utilitarianism - CORRECT ANSWER-Bentham and Mill.
Consider impartially the interests of all persons affected by an action and pick the greater
benefit.
Act-Utilitarian - CORRECT ANSWER-•Examines the specific action itself versus rule.
•Sets aside the rule only if increase in net utility to all stakeholders.
Rule-Utilitarian - CORRECT ANSWER-•Basis behavior on rules designed to promote the greatest
utility.
•Maximizes intrinsic value.
Deontology - CORRECT ANSWER-•Based on rights of individuals and motivation rather than
consequences.
•Concerned with means rather than end result.
,Rights Principles - CORRECT ANSWER-Hobbes and Locke.
Kant (17 24-18 04).
Categorical Imperative.
•Motivated by sense of obligation.
•Universality of moral actions.
•People should never be treated as a means only, that is, a means to an end.
Justice - CORRECT ANSWER-John Rawls (19 21-2002).
"Original Position"—behind the "veil of ignorance".
Each permitted the maximum amount of basic liberty compatible with others.
Social and economic inequalities are allowed only if benefit all.
Cardinal virtues - CORRECT ANSWER-•Wisdom.
•Courage.
•Temperance.
•Justice.
Bad Character Traits (Vices) - CORRECT ANSWER-•Cowardice.
•Insensitivity.
•Injustice.
•Vanity.
Moral Relativism - CORRECT ANSWER-•View that ethical statements vary from person to
person.
•Each statement is equally valid.
, •No one's opinion of right vs wrong is better than another's.
•There is no ultimate standard of good or evil.
•Morals are based on one's culture, religion, place, and time where they occur.
Situation Ethics - CORRECT ANSWER-Theory that recognizes the existence of certain principles
but questions whether they should be strictly applied or used as guidelines in a particular
situation.
AICPA Code of Conduct - CORRECT ANSWER-•Principles: aspirational statements that form the
foundation for the Code's enforceable Rules of Professional Conduct. Principles are expectations
but are not legally binding. The principles of professional conduct include:
•Responsibilities.
•Public Interest.
•Integrity.
•Objectivity and Independence.
•Due Care.
•Nature and Scope of Services.
•Rules: enforceable applications of the Principles.
Institute of Management Accountants (IMA) Principles - CORRECT ANSWER-•Honesty.
•Fairness.
•Objectivity.
•Responsibility.
Institute of Management Accountants (IMA) Standards - CORRECT ANSWER-•Competence.
•Confidentiality.
•Credibility.
(Chapter 1) Exam QUESTIONS
AND VERIFIED CORRECT
ANSWERS GRADED A+
[LATEST] 100% GUARANTEED
PASS
What contributes to ethical fading? - CORRECT ANSWER-Organizational goals, rewards,
compliance systems, and informal pressures
Basic and fundamental beliefs that guide or motivate attitudes or actions - CORRECT ANSWER-
Values
•Always tell the truth.
•Do not cheat.
•Treat others fairly.
•Be kind to others. - CORRECT ANSWER-Moral principles
•Truthfulness.
•Honesty.
•Integrity.
,•Fairness.
•Respect.
•Loyalty. - CORRECT ANSWER-Ethical principles
•Ethical decision making entails following norms of behavior.
•Does not describe the way people do act (descriptive).
•Deals with the way people should act (prescriptive/normative). - CORRECT ANSWER-Norms
•Basic beliefs that guide or motivate attitudes or actions.
•Values of a profession (that is Accounting) are embedded in codes of ethics.
•"Golden Rule" prescribes that we should treat others the way we want to be treated. -
CORRECT ANSWER-Values
Utilitarianism - CORRECT ANSWER-Bentham and Mill.
Consider impartially the interests of all persons affected by an action and pick the greater
benefit.
Act-Utilitarian - CORRECT ANSWER-•Examines the specific action itself versus rule.
•Sets aside the rule only if increase in net utility to all stakeholders.
Rule-Utilitarian - CORRECT ANSWER-•Basis behavior on rules designed to promote the greatest
utility.
•Maximizes intrinsic value.
Deontology - CORRECT ANSWER-•Based on rights of individuals and motivation rather than
consequences.
•Concerned with means rather than end result.
,Rights Principles - CORRECT ANSWER-Hobbes and Locke.
Kant (17 24-18 04).
Categorical Imperative.
•Motivated by sense of obligation.
•Universality of moral actions.
•People should never be treated as a means only, that is, a means to an end.
Justice - CORRECT ANSWER-John Rawls (19 21-2002).
"Original Position"—behind the "veil of ignorance".
Each permitted the maximum amount of basic liberty compatible with others.
Social and economic inequalities are allowed only if benefit all.
Cardinal virtues - CORRECT ANSWER-•Wisdom.
•Courage.
•Temperance.
•Justice.
Bad Character Traits (Vices) - CORRECT ANSWER-•Cowardice.
•Insensitivity.
•Injustice.
•Vanity.
Moral Relativism - CORRECT ANSWER-•View that ethical statements vary from person to
person.
•Each statement is equally valid.
, •No one's opinion of right vs wrong is better than another's.
•There is no ultimate standard of good or evil.
•Morals are based on one's culture, religion, place, and time where they occur.
Situation Ethics - CORRECT ANSWER-Theory that recognizes the existence of certain principles
but questions whether they should be strictly applied or used as guidelines in a particular
situation.
AICPA Code of Conduct - CORRECT ANSWER-•Principles: aspirational statements that form the
foundation for the Code's enforceable Rules of Professional Conduct. Principles are expectations
but are not legally binding. The principles of professional conduct include:
•Responsibilities.
•Public Interest.
•Integrity.
•Objectivity and Independence.
•Due Care.
•Nature and Scope of Services.
•Rules: enforceable applications of the Principles.
Institute of Management Accountants (IMA) Principles - CORRECT ANSWER-•Honesty.
•Fairness.
•Objectivity.
•Responsibility.
Institute of Management Accountants (IMA) Standards - CORRECT ANSWER-•Competence.
•Confidentiality.
•Credibility.
