Chat with AIExam 1: The Development of Accounting Theory
Which of the following is a public sector accounting standard setter?
(41) 
VerifiedB
Discuss the role of ethics in accounting.
(34) VerifiedEthics are concerned with the types of behavior society considers right and wrong.Accounting ethics incorporate social standards of behavior as well as behavioral standards that relate specifically to the profession.The environment of public accounting has become ethically complex.The accountants' Code of Professional Ethics developed by the AICPA has evolved over time,and as business transactions have become more and more complex,ethical issues have also become more complex. The public accountant has a Ralph Nader-type overseer role in our society.This role was described by former Chief Justice of the United States Warren Burger: Corporate financial statements are one of the primary sources of information available to guide the decisions of the investing public.In an effort to control the accuracy of their financial data available to investors in the securities markets,various provisions of the federal securities laws require publicly held corporations to file their financial statements with the Securities and Exchange Commission.Commission regulations stipulate that these financial reports must be audited by an independent certified public accountant. By certifying the public reports that collectively depict a corporation's financial status,the independent accountant assumes a public responsibility transcending any employment relationship with the client.The independent public accountant performing this special function owes ultimate allegiance to the corporation's creditors and stockholders as well as the investing public.This "public watchdog" function demands that the accountant maintain total independence from the client at all times and requires complete fidelity to the public trust. The SEC requires the filing of audited financial statements in order to obviate the fear of loss from reliance on inaccurate information,thereby encouraging public investment in the nation's industries.It is,therefore,not enough that financial statements be accurate; the public must perceive them as being accurate.Public faith in the reliability of a corporation's financial statements depends upon the public perception of an outside auditor as an independent professional.
Which of the following companies was involved in an accounting failure that caused the public accounting firm Arthur Andersen to gout of business?
(38) VerifiedC
Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?
(31) Which of the following is the professional organization of university accounting professors?
(33) Considering and understanding how business decisions affect the financial statements is
(38) Some accountants maintain that accounting standards are as much a product of political action as they are of careful logic or empirical findings.This belief is an example of the concept of
(33) Which of the following committees recommended abolishing the Accounting Principles Board and replacing it with the Financial Accounting Board?
(44) Who has been given credit or developing the double-entry system of bookkeeping?
(34) What historical evidence of the business operations of the private estate of Apollonius was discovered early inthe20th century?
(38) Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States?
(38) The impact of accounting reports on various segments of our economic society is the definition of the concept of
(35) What controversy originally highlighted the need for standard setting groups to have more authority?
(33) Which of the following types of pronouncements are intended to establish the objectives and concepts that the FASB will use in developing standards of financial accounting and reporting?
(32) 
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