D550 - Ethics for Accountants
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded A+
Ethics - Answer: Deals with standards of how people ought to act
Morals - Answer: Concerned with right and wrong
Values - Answer: Basic fundamental beliefs that govern our actions and represent intention
behind actions
Laws - Answer: Collection of rules and regulations that create a minimum set of standards but
cannot cover every situation
Virtue ethics - Answer: Certain ideas like excellence to common good we should strive for
Virtues - Answer: Attitudes, dispositions, or character traits that enable us to be and act in ways
that develop this potential
Integrity (in context of Trustworthiness) - Answer: Act on principle rather than expediency
Fairness - Answer: Balanced standard of justice without relevance to one's own feelings
, Reputation - Answer: Judgements made about one's character
Moral philosophies - Answer: Present guidelines to determine how conflicts in human interests
are to be settled for optimizing mutual benefit of people living together in groups
Teleology - Answer: An act is morally right if it produces some desired result such as pleasure,
realization of self interest
Consequentialism - Answer: Theory about outcomes, not motives or intentions
Egoism - Answer: Make decisions that maximize self interest, defined by each individual
Utilitarianism - Answer: Concerned with consequences, seeks to make decisions that bring
about the greatest good for the greatest number of people affected by a decision
Act-utilitarianism - Answer: Examine specific action itself, rather than the rules governing the
action to assess greatest utility.
Rule-utilitarianism - Answer: Claim we must choose the action that conforms to the general rule
that would have the best consequences.
Deontology - Answer: Focus on the rights of individuals and intentions associated with a
particular behavior, rather than consequences.
Moral norms - Answer: Based on reason, not outcomes; things we should not do, even to
maximize utility.
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded A+
Ethics - Answer: Deals with standards of how people ought to act
Morals - Answer: Concerned with right and wrong
Values - Answer: Basic fundamental beliefs that govern our actions and represent intention
behind actions
Laws - Answer: Collection of rules and regulations that create a minimum set of standards but
cannot cover every situation
Virtue ethics - Answer: Certain ideas like excellence to common good we should strive for
Virtues - Answer: Attitudes, dispositions, or character traits that enable us to be and act in ways
that develop this potential
Integrity (in context of Trustworthiness) - Answer: Act on principle rather than expediency
Fairness - Answer: Balanced standard of justice without relevance to one's own feelings
, Reputation - Answer: Judgements made about one's character
Moral philosophies - Answer: Present guidelines to determine how conflicts in human interests
are to be settled for optimizing mutual benefit of people living together in groups
Teleology - Answer: An act is morally right if it produces some desired result such as pleasure,
realization of self interest
Consequentialism - Answer: Theory about outcomes, not motives or intentions
Egoism - Answer: Make decisions that maximize self interest, defined by each individual
Utilitarianism - Answer: Concerned with consequences, seeks to make decisions that bring
about the greatest good for the greatest number of people affected by a decision
Act-utilitarianism - Answer: Examine specific action itself, rather than the rules governing the
action to assess greatest utility.
Rule-utilitarianism - Answer: Claim we must choose the action that conforms to the general rule
that would have the best consequences.
Deontology - Answer: Focus on the rights of individuals and intentions associated with a
particular behavior, rather than consequences.
Moral norms - Answer: Based on reason, not outcomes; things we should not do, even to
maximize utility.
