BA4 Ch1

93問 • 9ヶ月前

問題一覧

Which of the following statements best describes ethics? 1. A set of moral principles and values that guide behaviour. 2. A system of individual morality, often linked to religious conviction. 3. A set of principles enshrined in the law.

Professional accountants are expected to act according to particular standards. Which one from the list below is incorrect? Professional accountants should act:

In the best interests of the firm by whom they are employed

The CGMA Code of Ethics for Professional Accountants closely follows the Code laid down by which body?

International Ethics Standards Board for Accountants

Which of the following are not among the five fundamental principles of the Code?

Independence

Which of the following are not among the five fundamental principles of the Code?

Truth and Fairness

Under which of the coming circumstances would it be acceptable for a professional accountant to disclose confidential information?

To an industry regulator who requires information about a suspected malpractice in a client firm

Continuing professional development would fall under which fundamental principles of the Code?

Professional competence

To comply with the IESBA Code accountants must demonstrate certain personal qualities. Which of the following are not personal qualities started by the Code?

Reasonableness

To comply with the IESBA Code accountants must demonstrate certain personal qualities. Which of the following are not personal qualities started by the Code?

Numeracy

According to the IESBA code professional accountants should have a number of professional and personal qualities. All of the below are from the list of professional qualities except which one?

Reliability

Professional scepticism is needed to ensure all but which one of the following?

That the accountant doubts all information given to him until he can prove it's accuracy

Select from the relevant options to complete the sentence. In a rules (or compliance) based approach to introducing ethical standards into a company, [option 1] rules are applied [option 2]. Option 1: Perspective Flexible Option 2: from above at the company's own discretion

1. Perspective 2. From above

JG Ltd is introducing an ethical behaviour policy into the organisation. The manager concerned with the implementation wishes to do this by a framework based approach creating a supportive environment in which employees are free to make their own decisions. Which of the following will he be least concerned with?

Direct Support

The following behaviours are examples of a breach of which fundamental principles? 1. Using too many estimates in your work 2. Carrying out the annual audit for your father's firm at a discounted price in return for favours

Integrity

Which of the following Statements are true?

Organisations are not legally bound by codes of ethics

Which of the following statements are true?

Organisations are bound by the law

The most important objective of any business is the maximisation of the wealth of its shareholders. Therefore, the profit motive overrides any impulse towards ethical responsibility. Which response to this statement is incorrect?

Companies are legally bound to monitor their impact on their immediate environment and report on their environmental activities

The maximisation of shareholder wealth is relevant for every type of business

Amie, a junior accountant, is offered the use of a holiday apartment by the Finance Director of a client firm for whom she has been working for two years. She has been working long hours for the client and feels in need of a well-deserved break. In accepting the use of the apartment she is potentially in breach of which of the following fundamental principles?

Objectivity

Eymen has been leading a team advising TF Ltd on a bid for a rival company. When the deal goes through he is invited out to celebrate at a Michelin-starred restaurant by the Managing Director. Should he accept?

No, because it breaches the principle of objectivity

Nigel, a sole practitioner, has been offered a contract to undertake some taxation work for a new client. He worked as a junior on a similar transaction several years earlier when seconded to his former employer’s tax department but has not since done any tax work. What would be the best course of action?

Nigel should refuse the contract as he does not have sufficient technical expertise

Which would be the measure of last resort in resolving an ethical dilemma?

Resign

You are a CGMA member and have been asked to report on an important transaction at the next board meeting. The information you need is supplied with only three days to prepare the report. You raise the concern that this is insufficient time to do the work properly but are rebuked that if you can’t cope there will be no need for your services on any large deals in the future. Which of the following statements is correct?

There is a threat to the fundamental principle of professional competence and due care as you are not given sufficient information to perform the task with the care and attention required

In trying to solve an ethical dilemma your course of action should be:

Try to resolve the issue yourself; consider courses of action consistent with the CGMA Code, obtain professional advice if necessary; if all else fails resign

Which of the following would not constitute a conflict of interest?

An accountant owns shares in a supplier company

If the professional duty conflicts with the statutory duty of a professional accountant, which takes precedence?

Statutory duty

Select a possible risks to the accounting profession if unethical behaviour becomes widespread.

loss of the profession’s reputation

Select a possible risks to the accounting profession if unethical behaviour becomes widespread.

loss of chartered institute status

Legal and disciplinary frameworks provide all of the following except which one?

Financial compensation only to the affected parties

Which of the following statements is incorrect regarding Financial Reporting Council (FRC)?

It must always seek to ensure professional integrity of practising accountants

The following are four of ‘the seven principles of public life’ issued by the Committee of Standards in Public Life, and a brief explanation. Which explanation does not match with the principle?

Objectivity – in carrying out public business, the holder of public office must ensure personal objectives behind public objectives

Knowledge, skills, diligent delivery, awareness of relevant issues etc are most related to the fundamental principle of ***** in CGMA’s Code of Ethics

Professional competence and due care

Which of the following statements is incorrect?

Professional accountants are always bound by the principle of confidentiality.

In whose interest should a professional accountant primarily act?

In the public interest

An accountant who acts with honesty and straightforwardness, bringing no discredit on the profession, is displaying which of the following is a fundamental principle?

Integrity

An accountant who acts with honesty and straightforwardness, bringing no discredit on the profession, is displaying which of the following is a fundamental principle?

Professional behaviour

Which of the following statements is correct?

Where there is a conflict between the interests of two or more of an accountant’s clients, the Code of Ethics requires the accountant to make disclosures to the clients

Rex, a CGMA Member, is facing the following ethical dilemma. Rex’s wife has just got a job as Managing Director of a successful organisation. The role rewards her with a great remuneration package. The company also happens to be one of Rex’s biggest clients. Which statement is correct?

Rex needs to address the ethical issues raised by this situation by working through the CGMA Code of Ethics to find guidance.

Which of the following is a Fundamental Principles of the CGMA Code of Ethics professional accountants are supposed to call upon to resolve ethical conflicts?

Integrity

The professional quality of ***** is described by the following definition. Being accountable for one’s actions and decisions.

Responsibility

Sadhika is a management accountant working in the finance department of AB Ltd. She went on secondment to the production department for 3 months to help them with their budgeting process. Sadhika returned from her secondment and is now back in the finance department. She has been tasked with approving the budgets submitted from the various departments within the company. She has found a large error within the budget from the production department which she helped to compile. Which of the following threats to objectivity is Sadhika exposed to?

Self-review

An organisation has its own code of ethical behaviour which aims to ensure it operates within the letter of the law. There is no discretion for employees in any given situation, and inspections are often carried out to observe that the minimum standards set out in the code are met. Which of the following most accurately describes the approach taken by this code?

A compliance approach

What is the definition of ethics?

A set of moral principles and values that guide behaviour

What is the definition of code of ethics?

A set of standards, e.g. the CGMA code, governing the conduct of members of a certain profession

The CGMA code of Ethics is based on the code of ethics for professional accountants published by which entity?

IESBA

What is the name of the entity, That represents all major accountancy bodies in the world?

IFAC

What is the acronym for the fundamental principles of the code?

CIPOP

What does the C represent in the fundamental principles of the code?

Confidentiality

What does the I represent in the fundamental principles of the code?

Integrity

What does the first P represent in the fundamental principles of the code?

Professional behaviour

What does the o represent in the fundamental principles of the code?

Objectivity

What does the second P represent in the fundamental principles of the code?

Professional competence and due care

What is the acronym for personal qualities required by an accountant?

CTR3

What does the C represents in the personal qualities required of an accountant?

Courtesy

What does the T represent in the personal qualities required of an accountant?

Timeliness

What does the first R represent in the personal qualities requires of an accountant?

Reliability

What does the second R stand for in the personal qualities required of an accountant?

Responsibility

What does the last R represent in the personal qualities requires of an accountant?

Respect

What is the acronym for the professional qualities required of an accountant?

SASI

What does the first S represents in the professional qualities required of an accountant?

Scepticism

What does the A represent in the professional qualities required of an accountant?

Accountability

What does the second S represent in the professional qualities required of an accountant?

Social responsibility

What does the I represent in the professional qualities required of an accountant?

Independence

What is the acronym for the development cycle?

DADARE

What does the first D represent in the development cycle?

Define

What does the first a represent in the development cycle?

Assess

What does the second D represent in the development cycle?

Design

What does the second a represent in the development cycle?

Act

What does the R represents in the development cycle?

Reflect

What is the e represent in the development cycle?

Evaluate

How long should you keep records of your CPD?

3 years

What is the name of the UK's professional oversight board for the accounting, audit and actuarial professions?

FRC

What is the acronym for the principles of public life, also known as the Nolan principles?

LISA HOO

What does the L represent in the 7 principles of public life, also known as the nolan principles?

Leadership

What does the I represent in the 7 principles of public life, also known as the nolan principles?

Integrity

What does the S represent in the 7 principles of public life, also known as the nolan principles?

Selflessness

What does the A represent in the 7 principles of public life, also known as the nolan principles?

Accountability

What does the H represent in the 7 principles of public life, also known as the nolan principles?

Honesty

What does the first O represent in the 7 principles of public life, also known as the nolan principles?

Objectivity

What does the second O represent in the 7 principles of public life, also known as the nolan principles?

Openness

What type of ethics stance focuses on the consequences Any action might have?

Consequentialism

What ethic stance measures the quality of the outcome in terms of the greatest happiness for the greatest number? I.e. What's best for the majority?

Utilitarianism

Which ethical stance states that an act is ethically justified if any decision is based on the needs or interests of the individual making the decision(either in the short term of the long term) what's best for me?

Egoism

Which ethical stance relates to the concept that there are relative rights and relative wrongs rather than absolutes ?

Ethical relativism

Which ethical stance suggests there are fixed rights and wrongs which are unvarying?

Ethical absolutism

Which ethical stance relates the idea that there are several values which may be equally correct and fundamental yet in conflict with each other?

Pluralism

Which ethical stance holds that the virtues such as justice and generosity enables us to act in a way that benefits both person possessing them and the person's society?

Virtue ethics

Which ethical stance holds that humans are rational and have the duty to respect of the rational beings?

The deontological approach

Having shares in a company you are auditing is what type of threat compliance?

Self-interest threat.

Preparing and auditing the same set of financial statements is what type of threat to compliance?

Self review threat

Remaining with a supplier company because you introduced it to your employer originally is what type of threat to compliance?

Advocacy threat

Appointing a family member as a manager, even though they are not suitably qualified is what type of threat to compliance?

Familiarity threat

Giving way to a clients or employer threatening you with the sack so as to prevent you from acting ethically is what type of threat to compliance?

Intimidation threat

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問題一覧

Professional accountants are expected to act according to particular standards. Which one from the list below is incorrect? Professional accountants should act:

In the best interests of the firm by whom they are employed

The CGMA Code of Ethics for Professional Accountants closely follows the Code laid down by which body?

International Ethics Standards Board for Accountants

Which of the following are not among the five fundamental principles of the Code?

Independence

Which of the following are not among the five fundamental principles of the Code?

Truth and Fairness

Under which of the coming circumstances would it be acceptable for a professional accountant to disclose confidential information?

To an industry regulator who requires information about a suspected malpractice in a client firm

Continuing professional development would fall under which fundamental principles of the Code?

Professional competence

To comply with the IESBA Code accountants must demonstrate certain personal qualities. Which of the following are not personal qualities started by the Code?

Reasonableness

To comply with the IESBA Code accountants must demonstrate certain personal qualities. Which of the following are not personal qualities started by the Code?

Numeracy

According to the IESBA code professional accountants should have a number of professional and personal qualities. All of the below are from the list of professional qualities except which one?

Reliability

Professional scepticism is needed to ensure all but which one of the following?

That the accountant doubts all information given to him until he can prove it's accuracy

1. Perspective 2. From above

Direct Support

Integrity

Which of the following Statements are true?

Organisations are not legally bound by codes of ethics

Which of the following statements are true?

Organisations are bound by the law

Companies are legally bound to monitor their impact on their immediate environment and report on their environmental activities

The maximisation of shareholder wealth is relevant for every type of business

Objectivity

No, because it breaches the principle of objectivity

Nigel should refuse the contract as he does not have sufficient technical expertise

Which would be the measure of last resort in resolving an ethical dilemma?

Resign

There is a threat to the fundamental principle of professional competence and due care as you are not given sufficient information to perform the task with the care and attention required

In trying to solve an ethical dilemma your course of action should be:

Try to resolve the issue yourself; consider courses of action consistent with the CGMA Code, obtain professional advice if necessary; if all else fails resign

Which of the following would not constitute a conflict of interest?

An accountant owns shares in a supplier company

If the professional duty conflicts with the statutory duty of a professional accountant, which takes precedence?

Statutory duty

Select a possible risks to the accounting profession if unethical behaviour becomes widespread.

loss of the profession’s reputation

Select a possible risks to the accounting profession if unethical behaviour becomes widespread.

loss of chartered institute status

Legal and disciplinary frameworks provide all of the following except which one?

Financial compensation only to the affected parties

Which of the following statements is incorrect regarding Financial Reporting Council (FRC)?

It must always seek to ensure professional integrity of practising accountants

The following are four of ‘the seven principles of public life’ issued by the Committee of Standards in Public Life, and a brief explanation. Which explanation does not match with the principle?

Objectivity – in carrying out public business, the holder of public office must ensure personal objectives behind public objectives

Knowledge, skills, diligent delivery, awareness of relevant issues etc are most related to the fundamental principle of ***** in CGMA’s Code of Ethics

Professional competence and due care

Which of the following statements is incorrect?

Professional accountants are always bound by the principle of confidentiality.

In whose interest should a professional accountant primarily act?

In the public interest

An accountant who acts with honesty and straightforwardness, bringing no discredit on the profession, is displaying which of the following is a fundamental principle?

Integrity

An accountant who acts with honesty and straightforwardness, bringing no discredit on the profession, is displaying which of the following is a fundamental principle?

Professional behaviour

Which of the following statements is correct?

Where there is a conflict between the interests of two or more of an accountant’s clients, the Code of Ethics requires the accountant to make disclosures to the clients

Rex needs to address the ethical issues raised by this situation by working through the CGMA Code of Ethics to find guidance.

Which of the following is a Fundamental Principles of the CGMA Code of Ethics professional accountants are supposed to call upon to resolve ethical conflicts?

Integrity

The professional quality of ***** is described by the following definition. Being accountable for one’s actions and decisions.

Responsibility

Self-review

A compliance approach

What is the definition of ethics?

A set of moral principles and values that guide behaviour

What is the definition of code of ethics?

A set of standards, e.g. the CGMA code, governing the conduct of members of a certain profession

The CGMA code of Ethics is based on the code of ethics for professional accountants published by which entity?

IESBA

What is the name of the entity, That represents all major accountancy bodies in the world?

IFAC

What is the acronym for the fundamental principles of the code?

CIPOP

What does the C represent in the fundamental principles of the code?

Confidentiality

What does the I represent in the fundamental principles of the code?

Integrity

What does the first P represent in the fundamental principles of the code?

Professional behaviour

What does the o represent in the fundamental principles of the code?

Objectivity

What does the second P represent in the fundamental principles of the code?

Professional competence and due care

What is the acronym for personal qualities required by an accountant?

CTR3

What does the C represents in the personal qualities required of an accountant?

Courtesy

What does the T represent in the personal qualities required of an accountant?

Timeliness

What does the first R represent in the personal qualities requires of an accountant?

Reliability

What does the second R stand for in the personal qualities required of an accountant?

Responsibility

What does the last R represent in the personal qualities requires of an accountant?

Respect

What is the acronym for the professional qualities required of an accountant?

SASI

What does the first S represents in the professional qualities required of an accountant?

Scepticism

What does the A represent in the professional qualities required of an accountant?

Accountability

What does the second S represent in the professional qualities required of an accountant?

Social responsibility

What does the I represent in the professional qualities required of an accountant?

Independence

What is the acronym for the development cycle?

DADARE

What does the first D represent in the development cycle?

Define

What does the first a represent in the development cycle?

Assess

What does the second D represent in the development cycle?

Design

What does the second a represent in the development cycle?

Act

What does the R represents in the development cycle?

Reflect

What is the e represent in the development cycle?

Evaluate

How long should you keep records of your CPD?

3 years

What is the name of the UK's professional oversight board for the accounting, audit and actuarial professions?

FRC

What is the acronym for the principles of public life, also known as the Nolan principles?

LISA HOO

What does the L represent in the 7 principles of public life, also known as the nolan principles?

Leadership

What does the I represent in the 7 principles of public life, also known as the nolan principles?

Integrity

What does the S represent in the 7 principles of public life, also known as the nolan principles?

Selflessness

What does the A represent in the 7 principles of public life, also known as the nolan principles?

Accountability

What does the H represent in the 7 principles of public life, also known as the nolan principles?

Honesty

What does the first O represent in the 7 principles of public life, also known as the nolan principles?

Objectivity

What does the second O represent in the 7 principles of public life, also known as the nolan principles?

Openness

What type of ethics stance focuses on the consequences Any action might have?

Consequentialism

What ethic stance measures the quality of the outcome in terms of the greatest happiness for the greatest number? I.e. What's best for the majority?

Utilitarianism

Egoism

Which ethical stance relates to the concept that there are relative rights and relative wrongs rather than absolutes ?

Ethical relativism

Which ethical stance suggests there are fixed rights and wrongs which are unvarying?

Ethical absolutism

Which ethical stance relates the idea that there are several values which may be equally correct and fundamental yet in conflict with each other?

Pluralism

Which ethical stance holds that the virtues such as justice and generosity enables us to act in a way that benefits both person possessing them and the person's society?

Virtue ethics

Which ethical stance holds that humans are rational and have the duty to respect of the rational beings?

The deontological approach

Having shares in a company you are auditing is what type of threat compliance?

Self-interest threat.

Preparing and auditing the same set of financial statements is what type of threat to compliance?

Self review threat

Remaining with a supplier company because you introduced it to your employer originally is what type of threat to compliance?

Advocacy threat

Appointing a family member as a manager, even though they are not suitably qualified is what type of threat to compliance?

Familiarity threat

Giving way to a clients or employer threatening you with the sack so as to prevent you from acting ethically is what type of threat to compliance?

Intimidation threat