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10/22/2020
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Course 271001- Ethics for Accountants
  Final Exam
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271001v - Ethics for Accountants

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Ethics
4 CPE Credit Hours

10/22/2020
Final Exam
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Read 'Chapter 1: Ethics And Ethical Reasoning' & answer the following question(s):
1. Ethics in business is influenced directly by: cultural differences, ability of leaders to motivate subordinates, and
2. Historically and traditionally ethics has been the domain of all the following except
3. Ethical problems that managers must deal with on a daily basis can include: potential conflicts of interest, wrongful use of resources and
4. Managing ethics in the workplace can be beneficial for substantially improving society, helping to maintain a moral course in turbulent times and
5. Which of the following statements best explains why the accounting profession has found it essential to promulgate ethical standards and to establish means for ensuring their observance?
6. The concept of materiality is least important to an auditor when considering the
7. According to the profession's ethical standards, an auditor would be considered independent in which of the following instances?
8. In which of the following circumstances would a CPA who audits XM Corporation lack independence?
9. On June 1, 2006, a CPA obtained a $100,000 personal loan from a financial institution client for whom the CPA provided compilation services. The loan was fully secured and considered material to the CPA's net worth. The CPA paid the loan in full on December 31, 2006. On April 3, 2007, the client asked the CPA to audit the client's financial statements for the year ended December 31, 2005. Is the CPA considered independent with respect to the audit of the client's December 31, 2007, financial statements?
10. According to the profession's ethical standards, which of the following events may justify a departure from a Statement of Financial Accounting Standards? New Legislation Evolution of a New Form of Business Transaction
11. Which of the following actions by a CPA most likely violates the profession's ethical standards?
12. The CPA firm of Lennon & Lennon has been subpoenaed to testify and produce its correspondence and working papers in connection with a lawsuit brought by a third party against one of its clients. Lennon considers the subpoenaed documents to be privileged communication and therefore seeks to avoid admission of such evidence in the lawsuit. Which of the following is correct?
13. Adams is the executive partner of Adams & Co., CPAs. One of its smaller clients is a large nonprofit charitable organization. The organization has asked Adams to be on its board of directors, which consists of a large number of the community's leaders. Membership on the board is honorary. Adams & Co. would be considered to be independent
14. Which of the following most completely describes how independence has been defined by the accounting profession?
15. In which of the following instances would the independence of the CPA most likely not be considered to be impaired? The CPA has been retained as the auditor of the financial statements of a
16. A violation of the profession's ethical standards would most likely have occurred when a CPA in public practice
17. Upon discovering irregularities in a client's tax return that the client would not correct, a CPA withdraws from the engagement. How should the CPA respond if asked by the successor CPA why the relationship was terminated?
18. Which action is not considered a discreditable act?
19. According to the ethical standards of the profession, which of the following acts is generally prohibited?
20. The profession's ethical standards most likely are violated when a CPA represents that specific services will be performed for a stated fee and it is apparent at the time of the representation that the
Read 'Chapter 2: Ethical Reasoning and Accountants' & answer the following question(s):
Read 'Chapter 3: Conclusions and Implications' & answer the following question(s):
Read 'Chapter 4: Definitions' & answer the following question(s):
Read 'Chapter 5: Historical Foundations of Law and Ethics' & answer the following question(s):
Read 'Chapter 6: Select Development of Law and Ethic' & answer the following question(s):
Read 'Chapter 7: Ethical Reasoning and Accountants' & answer the following question(s):
Read 'Chapter 8: Standards of Ethical Conduct for Practitioners' & answer the following question(s):
Read 'Chapter 9: Cash Flow Software' & answer the following question(s):
Read 'Chapter 10: Culture, Motivation, Power, and Business Ethics' & answer the following question(s):
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