Question 1

The IMA's Standards of Ethical Conduct for Members provide guidance for resolution of ethical conflict.

Accepted Answer

A) True 
 B)False  True

Question 2

All four participating organizations in the Seaview Symposium of 1970 had codes of ethics for their members.

Accepted Answer

A) True 
 B)False  False

Question 3

Are AICPA members in private industry obligated to comply with Code of Professional Conduct:

Accepted Answer

A)   
B)   
C)   
D)    
A)   
B)   
C)   
D)    C

Question 4

A requirement that is not common to the codes of ethics of the IMA, the FEI, and the AICPA is:

Accepted Answer

A)  Competence 
B)  Integrity and objectivity 
C)  Confidentiality 
D)  Compliance with generally accepted accounting principles 
A)  Competence 
B)  Integrity and objectivity 
C)  Confidentiality 
D)  Compliance with generally accepted accounting principles

Question 5

According to the National Commission on Fraudulent Financial Reporting, the responsibility for reliable financial reporting resides first and foremost:

Accepted Answer

A)  With the Securities and Exchange Commission 
B)  With independent auditors 
C)  With internal auditors 
D)  At the corporate level 
A)  With the Securities and Exchange Commission 
B)  With independent auditors 
C)  With internal auditors 
D)  At the corporate level

Question 6

The bylaws of the AICPA require AICPA members to comply with both the Principles and the Rules of the Code of Professional Conduct.

Accepted Answer

A) True 
 B)False

Question 7

According to the AICPA's Principles of Professional Conduct, clients' and employers' best interests are served when AICPA members:

Accepted Answer

A)  Fulfill their responsibility to clients and employers 
B)  Comply with requirements of the Securities and Exchange Commission 
C)  Fulfill their responsibility to the public 
D)  Comply with generally accepted accounting principles 
A)  Fulfill their responsibility to clients and employers 
B)  Comply with requirements of the Securities and Exchange Commission 
C)  Fulfill their responsibility to the public 
D)  Comply with generally accepted accounting principles

Question 8

There is general agreement that the first line of defense against improper financial reporting is provided by independent CPAs who audit financial statements of business enterprises.

Accepted Answer

A) True 
 B)False

Question 9

Cooking the books describes stretching the form of accounting standards to the limit, regardless of the substance of the underlying business transactions or events.

Accepted Answer

A) True 
 B)False

Question 10

Independence in fact and appearance is required of AICPA members:

Accepted Answer

A)  In all areas of employment 
B)  Who provide auditing and other attestation services 
C)  In order to maintain objectivity in all areas of employment 
D)  To comply with requirements of the Securities and Exchange Commission 
A)  In all areas of employment 
B)  Who provide auditing and other attestation services 
C)  In order to maintain objectivity in all areas of employment 
D)  To comply with requirements of the Securities and Exchange Commission

Question 11

The organization whose code of ethics provides guidance for resolution of ethical conflict is:

Accepted Answer

A)  The Institute of Management Accountants 
B)  The Financial Executives Institute International 
C)  The American Institute of Certified Public Accountants 
D)  None of the foregoing 
A)  The Institute of Management Accountants 
B)  The Financial Executives Institute International 
C)  The American Institute of Certified Public Accountants 
D)  None of the foregoing

Question 12

The SEC's Accounting and Auditing Enforcement Releases report SEC enforcement actions against accountants in private industry as well as in public accounting practice.

Accepted Answer

A) True 
 B)False

Question 13

The Public Company Accounting Oversight Board was established by the:

Accepted Answer

A)  Sarbanes-Oxley Act of 2002 
B)  Securities and Exchange Commission 
C)  American Institute of Certified Public Accountants 
D)  Financial Accounting Standards Board 
A)  Sarbanes-Oxley Act of 2002 
B)  Securities and Exchange Commission 
C)  American Institute of Certified Public Accountants 
D)  Financial Accounting Standards Board

Question 14

At the Seaview Symposium of 1970, the participating organization that did not have a code of ethics for its members was the:

Accepted Answer

A)  American Institute of Certified Public Accountants 
B)  Financial Executives Institute 
C)  Financial Analysts Federation 
D)  Robert Morris Associates 
A)  American Institute of Certified Public Accountants 
B)  Financial Executives Institute 
C)  Financial Analysts Federation 
D)  Robert Morris Associates

Question 15

All Rules of Professional Conduct of the AICPA's Code of Professional Conduct apply to AICPA members in private industry as well as in public accounting practice.

Accepted Answer

A) True 
 B)False

Question 16

Honesty and integrity in personal affairs were once required by the ethics code or codes of the:

Accepted Answer

A)  IMA only 
B)  FEI only 
C)  AICPA only 
D)  IMA, FEI, and AICPA 
A)  IMA only 
B)  FEI only 
C)  AICPA only 
D)  IMA, FEI, and AICPA

Question 17

The SEC accepts the "good soldier" defense of unethical conduct by corporate controllers.

Accepted Answer

A) True 
 B)False

Question 18

With respect to gifts, favors, or hospitality, the IMA's Standards of Ethical Conduct for Members require IMA members to:

Accepted Answer

A)  Refuse all such benefits 
B)  Report such benefits to their supervisors 
C)  Refuse such benefits that would, or would appear to, influence their actions 
D)  Accept such benefits but in turn donate them to a nonprofit enterprise 
A)  Refuse all such benefits 
B)  Report such benefits to their supervisors 
C)  Refuse such benefits that would, or would appear to, influence their actions 
D)  Accept such benefits but in turn donate them to a nonprofit enterprise

Question 19

The ethics codes of the IMA, FEI, and AICPA do not define discreditable acts.

Accepted Answer

A) True 
 B)False

Question 20

The AICPA's Rules of Professional Conduct prohibit advertising by an AICPA member in public practice.

Accepted Answer

A) True 
 B)False

The IMA's Standards of Ethical Conduct for Members provide guidance for resolution of ethical conflict.

All four participating organizations in the Seaview Symposium of 1970 had codes of ethics for their members.

Are AICPA members in private industry obligated to comply with Code of Professional Conduct:

A requirement that is not common to the codes of ethics of the IMA, the FEI, and the AICPA is:

According to the National Commission on Fraudulent Financial Reporting, the responsibility for reliable financial reporting resides first and foremost:

The bylaws of the AICPA require AICPA members to comply with both the Principles and the Rules of the Code of Professional Conduct.

According to the AICPA's Principles of Professional Conduct, clients' and employers' best interests are served when AICPA members:

There is general agreement that the first line of defense against improper financial reporting is provided by independent CPAs who audit financial statements of business enterprises.

Cooking the books describes stretching the form of accounting standards to the limit, regardless of the substance of the underlying business transactions or events.

Independence in fact and appearance is required of AICPA members:

The organization whose code of ethics provides guidance for resolution of ethical conflict is:

The SEC's Accounting and Auditing Enforcement Releases report SEC enforcement actions against accountants in private industry as well as in public accounting practice.

The Public Company Accounting Oversight Board was established by the:

At the Seaview Symposium of 1970, the participating organization that did not have a code of ethics for its members was the:

All Rules of Professional Conduct of the AICPA's Code of Professional Conduct apply to AICPA members in private industry as well as in public accounting practice.

Honesty and integrity in personal affairs were once required by the ethics code or codes of the:

The SEC accepts the "good soldier" defense of unethical conduct by corporate controllers.

With respect to gifts, favors, or hospitality, the IMA's Standards of Ethical Conduct for Members require IMA members to:

The ethics codes of the IMA, FEI, and AICPA do not define discreditable acts.

The AICPA's Rules of Professional Conduct prohibit advertising by an AICPA member in public practice.

Partnerships: Organization and Operation

Partnership Liquidation and Incorporation; Joint Ventures

Accounting for Branches; Combined Financial Statements

Business Combinations

Consolidated Financial Statements: on Date of Business Combination

Consolidated Financial Statements: Subsequent to Date of Business Combination

Consolidated Financial Statements: Intercompany Transactions

Consolidated Financial Statements: Income Taxes, Cash Flows, and Installment Acquisitions

Consolidated Financial Statements: Special Problems

International Accounting Standards; Accounting for Foreign Currency Transactions

Translation of Foreign Currency Financial Statements

Components; Interim Reports; Reporting for the Sec

Bankruptcy: Liquidation and Reorganization

Estates and Trusts

Nonprofit Organizations

Governmental Entities: General Fund

Governmental Entities: Other Governmental Funds and Account Groups

Governmental Entities: Proprietary Funds, Fiduciary Funds, and Comprehensive Annual Financial Report

Filters

Exam 1: Ethical Issues in Advanced Accounting

The IMA's Standards of Ethical Conduct for Members provide guidance for resolution of ethical conflict.

All four participating organizations in the Seaview Symposium of 1970 had codes of ethics for their members.

Are AICPA members in private industry obligated to comply with Code of Professional Conduct:

A requirement that is not common to the codes of ethics of the IMA, the FEI, and the AICPA is:

According to the National Commission on Fraudulent Financial Reporting, the responsibility for reliable financial reporting resides first and foremost:

The bylaws of the AICPA require AICPA members to comply with both the Principles and the Rules of the Code of Professional Conduct.

According to the AICPA's Principles of Professional Conduct, clients' and employers' best interests are served when AICPA members:

There is general agreement that the first line of defense against improper financial reporting is provided by independent CPAs who audit financial statements of business enterprises.

Cooking the books describes stretching the form of accounting standards to the limit, regardless of the substance of the underlying business transactions or events.

Independence in fact and appearance is required of AICPA members:

The organization whose code of ethics provides guidance for resolution of ethical conflict is:

The SEC's Accounting and Auditing Enforcement Releases report SEC enforcement actions against accountants in private industry as well as in public accounting practice.

The Public Company Accounting Oversight Board was established by the:

At the Seaview Symposium of 1970, the participating organization that did not have a code of ethics for its members was the:

All Rules of Professional Conduct of the AICPA's Code of Professional Conduct apply to AICPA members in private industry as well as in public accounting practice.

Honesty and integrity in personal affairs were once required by the ethics code or codes of the:

The SEC accepts the "good soldier" defense of unethical conduct by corporate controllers.

With respect to gifts, favors, or hospitality, the IMA's Standards of Ethical Conduct for Members require IMA members to:

The ethics codes of the IMA, FEI, and AICPA do not define discreditable acts.

The AICPA's Rules of Professional Conduct prohibit advertising by an AICPA member in public practice.

Partnerships: Organization and Operation

Partnership Liquidation and Incorporation; Joint Ventures

Accounting for Branches; Combined Financial Statements

Business Combinations

Consolidated Financial Statements: on Date of Business Combination

Consolidated Financial Statements: Subsequent to Date of Business Combination

Consolidated Financial Statements: Intercompany Transactions

Consolidated Financial Statements: Income Taxes, Cash Flows, and Installment Acquisitions

Consolidated Financial Statements: Special Problems

International Accounting Standards; Accounting for Foreign Currency Transactions

Translation of Foreign Currency Financial Statements

Components; Interim Reports; Reporting for the Sec

Bankruptcy: Liquidation and Reorganization

Estates and Trusts

Nonprofit Organizations

Governmental Entities: General Fund

Governmental Entities: Other Governmental Funds and Account Groups

Governmental Entities: Proprietary Funds, Fiduciary Funds, and Comprehensive Annual Financial Report

Filters