TEST BANK For Mintz, Ethical Obligations & Decision-Making in
Accounting Text & Cases 6th Edition
Integrity - ANSWER:An individual person acts on principle - a conviction that there is
a right way to act when faced with an ethical dilemma
Ethics - ANSWER:the principles of right and wrong that guide an individual in making
decisions
Morals - ANSWER:a person's standards of behavior or beliefs concerning what is and
is not acceptable for them to do.
Values - ANSWER:basic and fundamental beliefs that guide or motivate attitudes or
actions.
Values in Accounting: - ANSWER:independence, integrity, objectivity, professional
skepticism, and due care.
The Golden Rule in Business - ANSWER:wrong to think that separate standards of
behavior exist to guide our personal lives but that a different (lower) standard exists
in business.
Laws - ANSWER:a collection of rules and regulations that come with penalties and
punishments if not followed.
Ethical Legalism - ANSWER:if an intended action is legal, it is, therefore ethical.
Useful Questions to Asked by an Ethical Individual - ANSWER:What does the law
require of me?
What do ethical standards of behavior demand of me?
How should I act to conform to both?
Moral Point of View - ANSWER:requires that a decision maker be willing, at least
sometimes, to take an action that may not be in his/her best interest.
Moral Relativism - ANSWER:the view that moral or ethical statements, which vary
from person to person, are equally valid and no one's opinion of right and wrong is
actually better than any others.
Ethical Relativism - ANSWER:the philosophical view that what is right or wrong and
good or bad is not absolute but variable and relative, depending on the person,
circumstances, or social situation.
Relativists Points of Argument: - ANSWER:What's right for you may not be what's
right for me.
, What's right for my culture won't necessarily be what's right for your culture.
No moral principles are true for all people at all times and in all places.
Cultural Relativism - ANSWER:the same action may be morally right in on society but
be morally wrong in another.
Situation Ethics - ANSWER:recognizes the existence of normative principles but
question whether they should be applied as strict directives or, instead, as guidelines
that agents should use when determining a course of ethical conduct
The Six Pillars of Character - ANSWER:trustworthiness, respect, responsibility,
fairness, caring, citizenship
Virtue Ethics - ANSWER:certain ideals, such as excellence or dedication to the
common good, toward which we should strive and which allow the full development
of our humanity.
Virtues - ANSWER:attitudes, dispositions, or character traits that enable us to be and
to act in ways that develop this potential
Virtues in Aristotelian Ethics - ANSWER:courage, compassion, generosity, fidelity,
integrity, fairness, self-control, and prudence
Trustworthiness Dimensions: - ANSWER:honest, acting with integrity, being reliable,
and exercising loyalty in dealing with others.
Honesty - ANSWER:express the truth as we know is and without deception.
Reliability - ANSWER:ethical obligation for promise keeping includes avoiding bad
faith excuses and unwise commitments.
Loyalty in Accounting - ANSWER:keep financial and other information confidential
when it deals with our employer and client
Respect - ANSWER:treating all people with dignity
Responsibility for Accounting Professionals - ANSWER:To meet one's ethical and
professional obligations when performing services for an employer or client but
never forgetting that it is the public interest that trumps all other interests.
To act with due care by gathering and evaluating relevant evidence in an audit and
maintaining professional skepticism.
To accept responsibility of one's actions and be accountable for them.
Fairness in Accounting - ANSWER:requires objectivity; the financial and accounting
information needs to be presented free from bias, that is, consistent with the
Accounting Text & Cases 6th Edition
Integrity - ANSWER:An individual person acts on principle - a conviction that there is
a right way to act when faced with an ethical dilemma
Ethics - ANSWER:the principles of right and wrong that guide an individual in making
decisions
Morals - ANSWER:a person's standards of behavior or beliefs concerning what is and
is not acceptable for them to do.
Values - ANSWER:basic and fundamental beliefs that guide or motivate attitudes or
actions.
Values in Accounting: - ANSWER:independence, integrity, objectivity, professional
skepticism, and due care.
The Golden Rule in Business - ANSWER:wrong to think that separate standards of
behavior exist to guide our personal lives but that a different (lower) standard exists
in business.
Laws - ANSWER:a collection of rules and regulations that come with penalties and
punishments if not followed.
Ethical Legalism - ANSWER:if an intended action is legal, it is, therefore ethical.
Useful Questions to Asked by an Ethical Individual - ANSWER:What does the law
require of me?
What do ethical standards of behavior demand of me?
How should I act to conform to both?
Moral Point of View - ANSWER:requires that a decision maker be willing, at least
sometimes, to take an action that may not be in his/her best interest.
Moral Relativism - ANSWER:the view that moral or ethical statements, which vary
from person to person, are equally valid and no one's opinion of right and wrong is
actually better than any others.
Ethical Relativism - ANSWER:the philosophical view that what is right or wrong and
good or bad is not absolute but variable and relative, depending on the person,
circumstances, or social situation.
Relativists Points of Argument: - ANSWER:What's right for you may not be what's
right for me.
, What's right for my culture won't necessarily be what's right for your culture.
No moral principles are true for all people at all times and in all places.
Cultural Relativism - ANSWER:the same action may be morally right in on society but
be morally wrong in another.
Situation Ethics - ANSWER:recognizes the existence of normative principles but
question whether they should be applied as strict directives or, instead, as guidelines
that agents should use when determining a course of ethical conduct
The Six Pillars of Character - ANSWER:trustworthiness, respect, responsibility,
fairness, caring, citizenship
Virtue Ethics - ANSWER:certain ideals, such as excellence or dedication to the
common good, toward which we should strive and which allow the full development
of our humanity.
Virtues - ANSWER:attitudes, dispositions, or character traits that enable us to be and
to act in ways that develop this potential
Virtues in Aristotelian Ethics - ANSWER:courage, compassion, generosity, fidelity,
integrity, fairness, self-control, and prudence
Trustworthiness Dimensions: - ANSWER:honest, acting with integrity, being reliable,
and exercising loyalty in dealing with others.
Honesty - ANSWER:express the truth as we know is and without deception.
Reliability - ANSWER:ethical obligation for promise keeping includes avoiding bad
faith excuses and unwise commitments.
Loyalty in Accounting - ANSWER:keep financial and other information confidential
when it deals with our employer and client
Respect - ANSWER:treating all people with dignity
Responsibility for Accounting Professionals - ANSWER:To meet one's ethical and
professional obligations when performing services for an employer or client but
never forgetting that it is the public interest that trumps all other interests.
To act with due care by gathering and evaluating relevant evidence in an audit and
maintaining professional skepticism.
To accept responsibility of one's actions and be accountable for them.
Fairness in Accounting - ANSWER:requires objectivity; the financial and accounting
information needs to be presented free from bias, that is, consistent with the
