Question 1

The basic and fundamental beliefs that guide or motivate attitudes or actions are called:

Accepted Answer

A)  Relativism 
B)  Egoism 
C)  Morals 
D)  Values 
A)  Relativism 
B)  Egoism 
C)  Morals 
D)  Values D

Question 2

Why do you think potential employers of accounting graduates care about the ethical values of potential student hires?

Accepted Answer

Employers want trustworthy employees, which includes being honest, having integrity, being loyal and reliable. Employers want loyal employees who will respect the confidentiality of client information.
What makes a recent accounting graduate stand out to employers? Possessing not only general accounting knowledge, but also non-accounting skills. Whether it's written or oral communication skills, critical-thinking skills, problem-solving skills, or ethical-awareness skills, it's extremely important for accounting graduates to be well-rounded.
Critical-thinking, problem-solving, and ethical-awareness skills are important attributes to have when talking with a potential employer during an interview.
Employers want someone who can recognize a situation and understand what the ethical issues are, which paths to take, and know the difference between right and wrong, which is different from legal and illegal a lot of times. Something might be legal, but it may not necessarily be ethical.

Question 3

Internal rewards of accounting practice include:

Accepted Answer

A)  Wealth and prestige 
B)  Success and power 
C)  Integrity and Excellence 
D)  Achievement and notoriety 
A)  Wealth and prestige 
B)  Success and power 
C)  Integrity and Excellence 
D)  Achievement and notoriety C

Question 4

Your manager asks you to "cook the books" to support a loan application at the local bank. The manager insists it is a one-time request. What should you do?

Accepted Answer

A)  Go along with the manager's request 
B)  Talk to others in the company to determine how they handled such situations 
C)  Refuse to go along with the request 
D)  Inform the audit committee 
A)  Go along with the manager's request 
B)  Talk to others in the company to determine how they handled such situations 
C)  Refuse to go along with the request 
D)  Inform the audit committee

Question 5

What is the common characteristic of Aristotle's virtues and ethical standards for CPAs?

Accepted Answer

A)  Truthfulness 
B)  Integrity 
C)  Loyalty 
D)  Due care 
A)  Truthfulness 
B)  Integrity 
C)  Loyalty 
D)  Due care

Question 6

Steve is deep in debt due to a gambling problem. He is the bookkeeper for a family-owned business, Cal Poly Greenery. The company has only three employees - Steve, the husband, and the wife. All three have been friends for many years. One day the loan shark who lent Steve $20,000 comes knocking at his door asking for repayment of the loan. Steve convinces the loan shark to give him another day. The following day Steve writes a check on the company's books to himself for $20,000. Since he reconciles the bank accounts and prepares the financial statements, Steve knows it's unlikely the owners will ever know about what he has done. From an ethical perspective, Steve has:

Accepted Answer

A)  Violated the trust placed in him by the owners 
B)  Risked his reputation if the loan shark finds out 
C)  Risked his ability to continue working for Cal Poly Greenery 
D)  All of the above 
A)  Violated the trust placed in him by the owners 
B)  Risked his reputation if the loan shark finds out 
C)  Risked his ability to continue working for Cal Poly Greenery 
D)  All of the above

Question 7

What is the role of a code of professional conduct and standards of ethical behavior for accountants and auditors?

Accepted Answer

A code of conduct and standards of ethic

Question 8

Why is it important to consider cultural variables in the workplace?

Accepted Answer

Culture helps explain the priority of on

Question 9

Explain the steps that should be taken by an internal accountant/CMA when there is a difference of opinion with one's supervisor on an accounting or financial reporting manner.

Accepted Answer

Since the conflict is with the superviso

Question 10

The method of ethical reasoning that deals with making decisions after considering the interests of others is:

Accepted Answer

A)  Egoism 
B)  Enlightened Egoism 
C)  Utilitarianism 
D)  Rights Theory 
A)  Egoism 
B)  Enlightened Egoism 
C)  Utilitarianism 
D)  Rights Theory

Question 11

Greatest good for the greatest number of people is the theory of ________.

Accepted Answer

A)  Rights 
B)  Deontology 
C)  Utilitarianism 
D)  Justice 
A)  Rights 
B)  Deontology 
C)  Utilitarianism 
D)  Justice

Question 12

Sally is the only student from a foreign country in an Auditing class. On the day of the midterm exam, Sally asks the teacher whether she could use a dictionary to translate English words to her native tongue so she can better understand the questions. What do you think the instructor should do if she follows the ethical principle of justice?

Accepted Answer

A)  Allow Sally to use the dictionary since she is at a disadvantage 
B)  Not allow Sally to use the dictionary because she should know enough English to get by 
C)  Allow the other students to bring in some tool to give them an advantage 
D)  None of the above 
A)  Allow Sally to use the dictionary since she is at a disadvantage 
B)  Not allow Sally to use the dictionary because she should know enough English to get by 
C)  Allow the other students to bring in some tool to give them an advantage 
D)  None of the above

Question 13

Social networking is the norm for many workers, and some workers spend at least 30 percent of their workday linked up to one or more networks. The Ethics Resource Center conducted a survey in which social networkers admitted each of the following except:

Accepted Answer

A)  They think about risks before posting online. 
B)  They comment on their personal sites about their company if it was in the news. 
C)  They often comment on their personal sites about managers, coworkers, and even clients. 
D)  They always consider the consequences of their postings on others. 
A)  They think about risks before posting online. 
B)  They comment on their personal sites about their company if it was in the news. 
C)  They often comment on their personal sites about managers, coworkers, and even clients. 
D)  They always consider the consequences of their postings on others.

Question 14

Virtue ethics is:

Accepted Answer

A)  Doing what is right 
B)  One's duty to act in a socially acceptable manner 
C)  One's ability to meet or exceed their potential 
D)  What one ought to do when presented with an ethical dilemma 
A)  Doing what is right 
B)  One's duty to act in a socially acceptable manner 
C)  One's ability to meet or exceed their potential 
D)  What one ought to do when presented with an ethical dilemma

Question 15

Deontology deals with:

Accepted Answer

A)  Rights of others and duties toward them 
B)  Consequences of actions 
C)  Following prescribed virtue characteristics 
D)  Following the law as an element of ethical behavior 
A)  Rights of others and duties toward them 
B)  Consequences of actions 
C)  Following prescribed virtue characteristics 
D)  Following the law as an element of ethical behavior

Question 16

Ty is a rising star at Texas State Country & Western Stores. He is the controller of the company. His wife, Rosie, is the lead auditor of the CPA firm that examines Country & Western's financial statements and issues an audit opinion. Given the nature of the relationships, Rosie would violate what ethical standard if she is allowed to conduct the audit:

Accepted Answer

A)  Integrity 
B)  Due care 
C)  Independence 
D)  Responsibility 
A)  Integrity 
B)  Due care 
C)  Independence 
D)  Responsibility

Question 17

Which of the following situations would be considered ethical?

Accepted Answer

A)  The cashier at Wal-Mart gives you $5 more than you were supposed to receive and you don't do anything about it 
B)  You accidentally back into a car at Wal-Mart and leave your information for them to call 
C)  Receiving fake $20 bills and using them in a store while knowing they are fake 
D)  Finding a phone in a restaurant and keeping it 
A)  The cashier at Wal-Mart gives you $5 more than you were supposed to receive and you don't do anything about it 
B)  You accidentally back into a car at Wal-Mart and leave your information for them to call 
C)  Receiving fake $20 bills and using them in a store while knowing they are fake 
D)  Finding a phone in a restaurant and keeping it

Question 18

Which of the following elements is not an integral part of Rights Theory?

Accepted Answer

A)  Act based on the consequences of one's actions on others 
B)  Treat people as an end and not merely as a means to an end 
C)  Act in a way you would want others to act in similar situations 
D)  Act in a way that is universally accepted 
A)  Act based on the consequences of one's actions on others 
B)  Treat people as an end and not merely as a means to an end 
C)  Act in a way you would want others to act in similar situations 
D)  Act in a way that is universally accepted

Question 19

Is it ethical for Jerry to keep his smart phone on during the work day if:
(a) His daughter is sick and he needs to monitor messages from the baby sitter.
(b) His ID has been stolen and he is waiting for the credit card company to inform him of the damages.
(c) He likes to see what is posted about the company on social media so he can inform his bosses.
(d) He feels as though all employees should have the leeway to be involved in social networking on the job within reasonable limits.
Discuss each of the above using ethical reasoning.

Accepted Answer

(a) Is there another way for the babysit

Question 20

The relationship between legal and ethical can best be expressed as:

Accepted Answer

A)  Always follow the law regardless of consequences for others 
B)  Ethical behavior requires less than legal behavior 
C)  Legal and ethical are the same thing 
D)  Ethical behavior requires us to do more than required by the law and less than the law allows 
A)  Always follow the law regardless of consequences for others 
B)  Ethical behavior requires less than legal behavior 
C)  Legal and ethical are the same thing 
D)  Ethical behavior requires us to do more than required by the law and less than the law allows

The basic and fundamental beliefs that guide or motivate attitudes or actions are called:

Why do you think potential employers of accounting graduates care about the ethical values of potential student hires?

Internal rewards of accounting practice include:

Your manager asks you to "cook the books" to support a loan application at the local bank. The manager insists it is a one-time request. What should you do?

What is the common characteristic of Aristotle's virtues and ethical standards for CPAs?

What is the role of a code of professional conduct and standards of ethical behavior for accountants and auditors?

Why is it important to consider cultural variables in the workplace?

Explain the steps that should be taken by an internal accountant/CMA when there is a difference of opinion with one's supervisor on an accounting or financial reporting manner.

The method of ethical reasoning that deals with making decisions after considering the interests of others is:

Greatest good for the greatest number of people is the theory of ________.

Social networking is the norm for many workers, and some workers spend at least 30 percent of their workday linked up to one or more networks. The Ethics Resource Center conducted a survey in which social networkers admitted each of the following except:

Virtue ethics is:

Deontology deals with:

Which of the following situations would be considered ethical?

Which of the following elements is not an integral part of Rights Theory?

The relationship between legal and ethical can best be expressed as:

Cognitive Processes and Ethical Decision Making in Accounting

Organizational Ethics and Corporate Governance

Ethics and Professional Judgment in Accounting

Fraud in Financial Statements and Auditor Responsibilities

Legal, Regulatory, and Professional Obligations of Auditors

Earnings Management

Ethical Leadership and Decision-Making in Accounting

Filters

Exam 1: Ethical Reasoning: Implications for Accounting

The basic and fundamental beliefs that guide or motivate attitudes or actions are called:

Why do you think potential employers of accounting graduates care about the ethical values of potential student hires?

Internal rewards of accounting practice include:

Your manager asks you to "cook the books" to support a loan application at the local bank. The manager insists it is a one-time request. What should you do?

What is the common characteristic of Aristotle's virtues and ethical standards for CPAs?

What is the role of a code of professional conduct and standards of ethical behavior for accountants and auditors?

Why is it important to consider cultural variables in the workplace?

Explain the steps that should be taken by an internal accountant/CMA when there is a difference of opinion with one's supervisor on an accounting or financial reporting manner.

The method of ethical reasoning that deals with making decisions after considering the interests of others is:

Greatest good for the greatest number of people is the theory of ________.

Social networking is the norm for many workers, and some workers spend at least 30 percent of their workday linked up to one or more networks. The Ethics Resource Center conducted a survey in which social networkers admitted each of the following except:

Virtue ethics is:

Deontology deals with:

Which of the following situations would be considered ethical?

Which of the following elements is not an integral part of Rights Theory?

The relationship between legal and ethical can best be expressed as:

Cognitive Processes and Ethical Decision Making in Accounting

Organizational Ethics and Corporate Governance

Ethics and Professional Judgment in Accounting

Fraud in Financial Statements and Auditor Responsibilities

Legal, Regulatory, and Professional Obligations of Auditors

Earnings Management

Ethical Leadership and Decision-Making in Accounting

Filters