Accounting Ethics Principles
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Questions and Answers

A professional Accountants should comply with relevant laws and regulations and should avoid any action that discredits the profession, this principle is known as:

  • 1. Professional Compliances and due care
  • 2. Professional Judgement
  • 3. Professional behave (correct)
  • 4. Professional Skepticism
  • 2 In which of the following circumstances, there exist a professional duty or right, to disclose the information acquired as a result of Professional relationship:

  • 1. To comply with requirements of peer review or Quality Review.
  • 2. To respond to on inquiry or investigation by regulatory body
  • 3. To comply with technical and ethical standards.
  • 4. All of the above. (correct)
  • Threats occur as a result of the financial or other interests of a professional accountant or as relative is known as:

  • 1. Self-interest Threats (correct)
  • 2. Self-review Threats
  • 3. Familiarity Threats
  • 4. Intimidation Threats
  • 4 Threats occur when professional accountant may be deterred from acting objectively by threats, actual or perceived is known as

    <ol start="4"> <li>Intimidation Threats (D)</li> </ol> Signup and view all the answers

    Mr. A, a practicing Chartered Accountant agreed to select and recruit personal, conduct training programmed for and on behalf of a client.

    <ol start="3"> <li>No misconduct arises on part of Mr. A (C)</li> </ol> Signup and view all the answers

    Mr. S, a practicing Chartered Accountant agreed to "Portfolio management services" to his client M/s D limited.

    <ol> <li>S, is guilty of Professional misconduct. (A)</li> </ol> Signup and view all the answers

    Flashcards

    Professional Behavior

    Accountants must follow laws, avoid actions that damage the profession's reputation.

    Professional Disclosure

    Accountants might need to reveal information gained from work, in specific circumstances.

    Self-Interest Threat

    Accountant's financial or personal ties influence professional judgment.

    Intimidation Threat

    Accountant’s objectivity is swayed by pressure, real or perceived.

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    Chartered Accountant's Training

    A Chartered Accountant training a client's personnel is not necessarily misconduct.

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    Chartered Accountant's Portfolio Management

    Providing portfolio management by a Chartered Accountant is professional misconduct.

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