Accounting Principles: Integrity, Objectivity, Professional Competence
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Questions and Answers

What does 'integrity' in the context of accountants imply?

  • Not following professional standards
  • Allowing biases to influence decision-making
  • Being honest and straightforward in professional and business relationships (correct)
  • Being deceitful in business relationships

    • Which of the following is NOT a part of the principles mentioned for accountants?

  • Personal financial gain (correct)
  • Objectivity
  • Professional behaviour
  • Professional competence and due care

    • What does 'objectivity' require from accountants?

  • Allowing bias to influence decisions
  • Acting independently without bias or conflicts of interest (correct)
  • Following orders from others even if biased
  • Compromising professional judgement for personal gain

    • What is the duty of accountants regarding 'professional competence and due care'?

    <p>Maintain professional knowledge and skill to provide competent service</p> Signup and view all the answers

    Under the principle of 'confidentiality', accountants should:

    <p>Respect the confidentiality of acquired information</p> Signup and view all the answers

    What does 'professional behaviour' require accountants to do?

    <p>Follow all relevant laws and regulations</p> Signup and view all the answers

    Which factor distinguishes professionals from other occupations?

    <p>Accepting the responsibility of serving public interest</p> Signup and view all the answers

    What does 'public interest' mean in the context of accounting?

    <p>Serving the entire society rather than just shareholders</p> Signup and view all the answers

    How can individual accountants act in the best interest of the public?

    <p>Fair dealing with all stakeholders</p> Signup and view all the answers

    What is the basis of ACCA’s code of ethics?

    <p>International Ethics Standards Boards for Accountants (IESBA)</p> Signup and view all the answers

    What is a key role that the accountancy profession plays in upholding public interest?

    <p>Sound and factual reporting</p> Signup and view all the answers

    What was Ron's initial reaction to the plans proposed by Ann?

    <p>He resisted through delaying tactics</p> Signup and view all the answers

    How did Ron escalate his opposition to Ann's plans?

    <p>By tearing up her proposed organizational chart and budget</p> Signup and view all the answers

    Why did Ron say 'I regret the day I ever made that appointment'?

    <p>Due to his frustration with the appointment</p> Signup and view all the answers

    What was the outcome of Ron's actions towards Ann after six months?

    <p>He terminated her contract</p> Signup and view all the answers

    How did Ann respond to the termination of her contract at Frigate Ltd?

    <p>She returned to the tax authority as a tax inspector</p> Signup and view all the answers

    'Professionalism is a very fundamental skill or competence expected from professionals' - based on the text, which of the following falls under professionalism?

    <p>Possessing specialist knowledge through intense education and experience</p> Signup and view all the answers

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