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12 Questions

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Professional Accountant Ethics Quiz

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Questions and Answers

What is the expectation for a professional accountant in business regarding ethics in their employing organization?

Maximize personal financial gains

Implement financial strategies

Ignore ethical considerations

Encourage an ethics-based culture (correct)

Which action would lead to a self-interest threat for an accountant in business?

Working on a professional development program

Volunteering for charity work

Holding a financial interest in the employing organization (correct)

Following the organization's code of conduct

What situation can create a self-review threat for a professional accountant in business?

Attending an ethics training session

Performing the feasibility study for an acquisition decision (correct)

Submitting a report for review by senior management

Participating in a team-building exercise

Which action could lead to an advocacy threat for a professional accountant in business?

Making false or misleading statements to support organizational goals Signup and view all the answers

Which safeguard is beneficial for a professional accountant in the work environment?

Leadership stressing ethical behavior Signup and view all the answers

What should a professional accountant avoid to maintain integrity, objectivity, and reputation?

Engaging in activities that impair good reputation Signup and view all the answers

What type of threat is most frequent for a professional accountant in business?

Self-interest threats Signup and view all the answers

Which situation could create a self-review threat for a professional accountant in business?

Determining the accounting treatment for a business combination after a feasibility study Signup and view all the answers

What is expected of a professional accountant in business with respect to integrity and reputation?

To avoid any activity that impairs integrity, objectivity, or the profession's good reputation Signup and view all the answers

Which safeguard is essential for a professional accountant in the work environment?

Leadership emphasizing ethical behavior and expecting ethical actions from employees Signup and view all the answers

What creates an advocacy threat for a professional accountant in business?

Making false statements to further organizational objectives Signup and view all the answers

Which activity could lead to an integrity threat for a professional accountant in business?

Making false statements about organizational goals Signup and view all the answers