Ethics for Accountants – WGU D550
Newest Exam||Questions And Well
Verified Correct Answers||Graded A+
Jane finds a material misstatement while auditing a client's accounts receivables. Her
senior tells her to ignore the misstatement so that the client does not get upset. Jane
wants to be viewed as a team player in order to advance in the firm, so Jane follows her
senior's instructions and ignores the misstatement. Which ethical theory did Jane use to
make her decision? -CORRECT ANSWER egoism
Ethical relativism can best be described as -CORRECT ANSWER a point of view that
morality is relative to the norms of one's culture.
The Public Interest Principle in the AICPA Code of Professional Conduct recognizes -
CORRECT ANSWER the importance of integrity in decision making.
Objectivity requires that a CPA should -CORRECT ANSWER maintain a mental attitude
of intellectual honesty and impartiality.
The Independence Principle in the AICPA Code applies to -CORRECT ANSWER all
CPAs who render attestation services.
A CPA would violate the Due Care Principle if he/she -CORRECT ANSWER undertook
a professional engagement without having the requisite background, knowledge, and
experience.
Under the IMA's standards of ethical practice, an accounting professional can consider
informing authorities or individuals not employed by the organization when an ethical
dilemma occurs about an accounting or financial reporting matter that remains
unresolved if he/she -CORRECT ANSWER believes there is a clear violation of the law.
Kelly is the controller of a small company. One day the CFO comes in and tells her to
lower the estimate of uncollectible accounts receivable. Kelly insists her numbers are
correct as is. The CFO tells her it will mean her job at the company if she doesn't go
along with the smaller estimate. The primary virtue that would enable Kelly to resist the
pressure to manipulate the number is -CORRECT ANSWER integrity.
The most important duty of public accounting is to the -CORRECT ANSWER investing
public.
, Bob is being pressured by his superior to go along with improper accounting and told he
is expected to be a team player. Which of the following statements best characterizes
those expectations? -CORRECT ANSWER loyalty
The cognitive development approach refers to -CORRECT ANSWER the thought
process followed in one's moral development.
Kohlberg's model can best be described as -CORRECT ANSWER the various phases
in one's moral development and related levels of moral reasoning.
Which concept is thought of in terms of equal opportunity that fits a person's
circumstances and abilities? -CORRECT ANSWER equity
Thorne's "Integrated Model of Ethical Decision Making" can best be described as -
CORRECT ANSWER a model of the role of moral development and virtue in decision
making.
In organizations, the ethical environment that is created in the workplace by the
organization's leadership is commonly called the -CORRECT ANSWER tone at the top.
Which of the following connect the integrated ethical decision-making process with
Rest's framework? -CORRECT ANSWER reflect on the moral intensity and virtues that
enable action and ethical intent
Wanda is faced with an ethical dilemma. She knows her supervisor, the CFO, wants to
accelerate the recoding of revenue to an earlier period to "make the numbers," but
Wanda is convinced this would violate GAAP. If Wanda reasons at stage 4 of
Kohlberg's model, she is most likely to -CORRECT ANSWER refuse to record the
transaction as desired by the CFO.
Which bias involves a tendency to believe past outcomes were expected or known
before they occurred? -CORRECT ANSWER hindsight bias
Which bias involves a belief that theories about the world also suggest that we tend to
blame individuals for events, rather than their work environment, policies and
procedures, or incentive programs? -CORRECT ANSWER attribution bias
Assume your values conflict with what you are being asked to do. Under the Giving
Voice to Values methodology, which of the following statements reflects the thought
process you might have in developing a game plan to voice your values? -CORRECT
ANSWER Reflect on the objections that might be raised to your intended expressed
views.
Fraud can be defined as -CORRECT ANSWER a deliberate misrepresentation to gain
an advantage over another party.
Newest Exam||Questions And Well
Verified Correct Answers||Graded A+
Jane finds a material misstatement while auditing a client's accounts receivables. Her
senior tells her to ignore the misstatement so that the client does not get upset. Jane
wants to be viewed as a team player in order to advance in the firm, so Jane follows her
senior's instructions and ignores the misstatement. Which ethical theory did Jane use to
make her decision? -CORRECT ANSWER egoism
Ethical relativism can best be described as -CORRECT ANSWER a point of view that
morality is relative to the norms of one's culture.
The Public Interest Principle in the AICPA Code of Professional Conduct recognizes -
CORRECT ANSWER the importance of integrity in decision making.
Objectivity requires that a CPA should -CORRECT ANSWER maintain a mental attitude
of intellectual honesty and impartiality.
The Independence Principle in the AICPA Code applies to -CORRECT ANSWER all
CPAs who render attestation services.
A CPA would violate the Due Care Principle if he/she -CORRECT ANSWER undertook
a professional engagement without having the requisite background, knowledge, and
experience.
Under the IMA's standards of ethical practice, an accounting professional can consider
informing authorities or individuals not employed by the organization when an ethical
dilemma occurs about an accounting or financial reporting matter that remains
unresolved if he/she -CORRECT ANSWER believes there is a clear violation of the law.
Kelly is the controller of a small company. One day the CFO comes in and tells her to
lower the estimate of uncollectible accounts receivable. Kelly insists her numbers are
correct as is. The CFO tells her it will mean her job at the company if she doesn't go
along with the smaller estimate. The primary virtue that would enable Kelly to resist the
pressure to manipulate the number is -CORRECT ANSWER integrity.
The most important duty of public accounting is to the -CORRECT ANSWER investing
public.
, Bob is being pressured by his superior to go along with improper accounting and told he
is expected to be a team player. Which of the following statements best characterizes
those expectations? -CORRECT ANSWER loyalty
The cognitive development approach refers to -CORRECT ANSWER the thought
process followed in one's moral development.
Kohlberg's model can best be described as -CORRECT ANSWER the various phases
in one's moral development and related levels of moral reasoning.
Which concept is thought of in terms of equal opportunity that fits a person's
circumstances and abilities? -CORRECT ANSWER equity
Thorne's "Integrated Model of Ethical Decision Making" can best be described as -
CORRECT ANSWER a model of the role of moral development and virtue in decision
making.
In organizations, the ethical environment that is created in the workplace by the
organization's leadership is commonly called the -CORRECT ANSWER tone at the top.
Which of the following connect the integrated ethical decision-making process with
Rest's framework? -CORRECT ANSWER reflect on the moral intensity and virtues that
enable action and ethical intent
Wanda is faced with an ethical dilemma. She knows her supervisor, the CFO, wants to
accelerate the recoding of revenue to an earlier period to "make the numbers," but
Wanda is convinced this would violate GAAP. If Wanda reasons at stage 4 of
Kohlberg's model, she is most likely to -CORRECT ANSWER refuse to record the
transaction as desired by the CFO.
Which bias involves a tendency to believe past outcomes were expected or known
before they occurred? -CORRECT ANSWER hindsight bias
Which bias involves a belief that theories about the world also suggest that we tend to
blame individuals for events, rather than their work environment, policies and
procedures, or incentive programs? -CORRECT ANSWER attribution bias
Assume your values conflict with what you are being asked to do. Under the Giving
Voice to Values methodology, which of the following statements reflects the thought
process you might have in developing a game plan to voice your values? -CORRECT
ANSWER Reflect on the objections that might be raised to your intended expressed
views.
Fraud can be defined as -CORRECT ANSWER a deliberate misrepresentation to gain
an advantage over another party.
